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TRON (TRX) Eyes Recovery Post Dip, Trading at $0.108

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on January 16, 2024 | 2 min
Updated on Jan 16, 2024
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  • TRON’s market cap remains robust at $9.56 billion despite a 3.82% drop, trading at $0.108366.
  • Technicals suggest mixed signals with neutral RSI and a MACD hinting at bearishness, countered by a supportive 50 EMA.
  • The pivot point at $0.1018 and resistance at $0.1098 will be crucial in determining TRON’s short-term price direction.

In the volatile world of digital currencies, TRON (TRX) is navigating challenging waters with its recent price reduction to $0.108366, reflecting a 3.82% decline over the past day. Despite this setback, TRON sustains a market capitalization of close to $9.56 billion, securing its place as the twelfth-ranked asset on CoinMarketCap and highlighting its entrenched position in the cryptocurrency ecosystem.

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TRX/USD Price Chart
TRX/USD Price Chart – Source: Tradingview

TRON Price Prediction: Technical Outlook

The 4-hour chart analysis reveals a pivot point at $0.1018, a critical threshold that could dictate TRON’s short-term market direction. If TRON maintains above this level, it may signal a shift towards bullish momentum, whereas a dip below could intensify selling pressure. Resistance levels are situated at $0.1098, $0.1191, and $0.1270, each representing a potential hurdle for price recovery. Conversely, support levels at $0.1017, $0.0924, and $0.0845 stand as key defenses against further price erosion.

 

The technical landscape offers a balanced view, with the Relative Strength Index (RSI) at a neutral 46, signaling neither overbought nor oversold conditions. The Moving Average Convergence Divergence (MACD) echoes this sentiment, with a current value just below its signal line, suggesting a bearish undercurrent. Nevertheless, the proximity of the 50-Day Exponential Moving Average (EMA) at $0.10932 lends credence to the possibility of a bullish reversal.

 

Notably, TRON’s chart pattern indicates a 50% Fibonacci retracement at the $0.1090 mark. A consistent trade below this pivot could lead to the testing of the 61.8% Fibonacci level near $0.1070, yet the 50 EMA may provide the necessary impetus for price consolidation or an upward shift.

As the cryptocurrency market continues to exhibit swift and unpredictable changes, TRON’s current bearish phase is not necessarily indicative of a prolonged trend. The asset’s capability to rebound and sustain levels above $0.1090 will

 

be crucial in determining its future trajectory. The market is watching for any signs of consolidation or a possible uptick that could signal a shift in investor sentiment and market dynamics.

Investors and traders may look for stabilization above the $0.1090 threshold as a sign of strength, while a drop below this level could indicate a need for a strategic reassessment. In summary, TRON’s immediate future hinges on its ability to withstand market pressures and capitalize on positive shifts in sentiment.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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