Advertiser disclaimer

TRON (TRX) Struggles Sub $0.102 Amid Selling Pressure

author
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.
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 21, 2023 | 2 min
Updated on Nov 21, 2023
Advertiser disclaimer
  • TRX/USD dips below the $0.103 mark, highlighting current market challenges.
  • Key technical indicators suggest a bearish trend may continue in the short term.
  • The upcoming trading sessions are crucial for TRON as it approaches key resistance and support levels.

In the ever-evolving realm of cryptocurrencies, TRON (TRX) presents an intriguing case study. The digital asset, known for its vibrant ecosystem and commitment to decentralizing the web, has recently experienced downward pressure, as evidenced by its latest price dip to $0.101757. The slip represents a 1.59% decrease within the last 24-hour trading cycle, a minor but noticeable retreat for an asset ranked tenth by market capitalization, according to CoinMarketCap data.

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

TRON (TRX) Price Prediction: Technical Outlook

A closer inspection of TRX’s technical posture reveals a pivot point at $0.0995, a crucial juncture that may determine its short-term direction. Resistance levels at $0.1052, $0.1094, and $0.1151 stand tall, posing challenges to any potential bullish resurgence. Conversely, supports at $0.0954, $0.0898, and $0.0839 offer a safety net against further declines. These figures, while static, are the silent narrators of TRON’s market story, holding the keys to its immediate fate.

The technical indicators add layers to this narrative. The Relative Strength Index (RSI), currently at 42, strays from the bullish sentiment zone, pointing to a market that is neither oversold nor overextended. The MACD, hovering with a value of -0.0002 beneath the signal line, subtly underscores the prevailing bearish sentiment. However, the true tale of the tape lies in the 50-day Exponential Moving Average (EMA) at $0.1032. TRX’s current price below this mark whispers caution into the ears of bullish traders, signaling that confidence has yet to solidify.

As TRON’s chart unfurls a symmetrical triangle, a pattern often associated with indecision, a breakout to the downside further compounds the asset’s trials, suggesting strong selling activities in recent times. Yet, it’s this very volatility and the myriad of possible outcomes it brings that magnetize investors to the digital currency space.

In conclusion, while TRX/USD grapples with bearish currents below the $0.1030 level, the market’s inherent unpredictability leaves room for swift changes. The coming days are set to be a litmus test, potentially reaffirming the asset’s resilience or confirming the bearish bias. As TRON navigates these choppy waters, market participants are reminded that in the world of crypto, today’s resistance is tomorrow’s support, and vice versa.

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.
Other categories