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TRON (TRX) Navigates Uncertainty, Eyes $0.1045 Pivot Point

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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 December 05, 2023 | 2 min
Updated on Dec 05, 2023
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  • TRON (TRX/USD) hovers near $0.103394, with a marginal decline and $9.15 billion market cap.
  • Technical indicators show neutral to bearish signals, pivotal at $0.1035 EMA.
  • TRX’s market expected to challenge immediate resistance at $0.1038; consolidation observed.

As the cryptocurrency market continues to evolve, TRON (TRX/USD) presents an intriguing case for analysis. As of December 5, TRON is trading at $0.103394, reflecting a subtle 0.23% decline over the last 24 hours. Despite this marginal decrease, TRON’s market position remains robust, ranked tenth by CoinMarketCap, with a live market cap of approximately $9.15 billion. The circulating supply of TRON is a staggering 88.5 billion coins, highlighting its significant presence in the crypto landscape.

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

TRON (TRX) Price Prediction: Technical Outlook

A detailed technical outlook on a 4-hour chart timeframe sheds light on TRON’s immediate future. The pivot point at $0.0993 marks a crucial juncture for TRX, serving as a key support level. In terms of resistance, TRX faces immediate barriers at $0.1038, $0.1077, and $0.1122. If the price were to decline, support levels at $0.0953, $0.0909, and $0.0864 would be critical in halting further decreases.

The Relative Strength Index (RSI) currently stands at 48, indicating a neutral to slightly bearish sentiment. The RSI’s position below the midpoint of 50 suggests that selling pressure might slightly outweigh buying momentum. However, it is not in the oversold territory, which could imply the potential for either direction. The Moving Average Convergence Divergence (MACD) offers a mildly positive signal, with its value at 0.00001655 and the signal line at -0.00008586, indicating possible upward momentum.

Additionally, TRON’s price hovers around the 50-day Exponential Moving Average (EMA) of $0.1035, a critical level that is currently acting as a borderline between bullish and bearish trends. An observed sideways channel formation in the price movement keeps TRX within a narrow range of $0.1045 to $0.1025, suggesting a phase of consolidation without clear directional bias.

In conclusion, the overall trend for TRON (TRX/USD) is cautiously bearish, especially if it continues to trade below $0.1035. The market is expected to test the immediate resistance at $0.1038 in the near term. However, the proximity of TRX’s price to its 50-day EMA and the neutral RSI reading indicate a potential for breakout in either direction. The key will be the asset’s response to its immediate resistance and support levels, which could set the tone for its short-term market trajectory.

Investors and traders should closely monitor these technical indicators and market dynamics to navigate the volatile landscape of cryptocurrency effectively.

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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