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TRON (TRX) Hovers at $0.1035, Poised for Breakout

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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 November 30, 2023 | 2 min
Updated on Nov 30, 2023
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  • TRON (TRX/USD) shows stability, trading near $0.1035.
  • Key resistance and support levels identified at $0.1044 and $0.0898, respectively.
  • Technical indicators imply a potential breakout from the current consolidation range.

In the dynamic and ever-evolving world of cryptocurrency, TRON (TRX) has emerged as a digital asset to watch closely. As of November 30, TRON’s live price stands at $0.103511, reflecting a subtle 0.18% increase within the last 24 hours. This performance is backed by a substantial trading volume of $233.76 million, reinforcing TRX’s presence in the market. With its current market capitalization of approximately $9.17 billion, TRX is ranked as the 10th largest cryptocurrency, boasting a circulating supply of 88.55 billion coins.

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

TRON (TRX) Price Prediction: Technical Outlook

From a technical standpoint, TRON is navigating through a crucial phase. The asset is currently trading around a pivot point of $0.0987, which serves as a foundation for its short-term market trajectory. Immediate resistance levels are seen at $0.1044, $0.1133, and $0.1190, each representing potential hurdles that TRX needs to overcome to sustain its bullish momentum. On the downside, support levels at $0.0898, $0.0841, and $0.0782 provide safety nets, safeguarding against any abrupt market downturns.

The Relative Strength Index (RSI) for TRX is at 45, suggesting a slightly bearish market sentiment but not yet reaching oversold conditions. This indicates that while selling pressures are currently prevalent, they may not be strong enough to push the price significantly lower. The Moving Average Convergence Divergence (MACD) values, with a MACD of -0.00000097 and a signal line of -0.00027958, signal a bearish trend; however, the closeness of these values implies that the market could shift direction with relative ease.

A pivotal development in TRON’s chart is its consolidation within a narrow range of $0.1042 to $0.1026. This pattern suggests that TRX is currently in a phase of accumulation, typically followed by a breakout. The 50-Day Exponential Moving Average (EMA) at $0.10354 reinforces this scenario, as the price is hovering around this crucial average, indicating a potential for a decisive move in the near future.

In conclusion, the technical outlook for TRON is cautiously optimistic, with a bias towards bullishness, especially if it sustains above the $0.0985 level. The immediate focus for TRON should be the breakout of its current narrow range, which could set the stage for a test of the $0.1044 resistance. Investors and traders should watch these levels closely, as a breakout could signify a strong bullish phase, whereas failure to surpass these levels might lead to a retest of lower support points.

Stay tuned for more updates!

author
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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