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TRON (TRX) Up 1.27% to $0.0935: A Technical Insight

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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 October 26, 2023 | 2 min
Updated on Oct 26, 2023
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  • Tron (TRX) showcases a bullish sentiment, currently priced at $0.092313.
  • Technical indicators suggest overbought conditions, with RSI at 71.
  • Trendline resistance potentially at $0.09400, a key level for traders to monitor.

Amidst the capricious cryptocurrency arena, TRON (TRX) has managed to hold its own, showcasing noteworthy price movements. As of October 26th, TRON’s valuation stands at $0.093533, experiencing a modest uptick of 1.27% over the last day. With its market capitalization securing the 10th rank on CoinMarketCap and a commendable trading volume to its name, TRX remains an asset of intrigue for both traders and analysts. As we delve deeper into its technicalities, the question arises: Is TRON poised for further growth?

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

TRON Price Prediction: Technical Outlook

TRON’s price trajectory, when observed on the 4-hour chart, reveals some key price levels that traders would do well to monitor. The pivot point is currently demarcated at $0.09294. On the upside, TRX faces immediate resistance at $0.09567. If the bullish sentiment endures, we might see the asset aiming for subsequent resistances at $0.09891 and $0.10221. Conversely, should the market sentiment sway bearish, TRX may find support at $0.08970, with further safety nets at $0.08703 and $0.08379.

 

Analyzing the technical indicators, the narrative becomes multifaceted. The Relative Strength Index (RSI) sits at 60, suggesting neither a heavily overbought nor oversold condition. However, given that it’s above the midline of 50, it hints at a slight bullish tilt. The MACD offers a different insight. With a value of -0.00000523 and a signal value of 0.00070030, it implies that while the momentum has been slightly bearish, there’s a potential pivot towards bullishness if the MACD breaches the signal line. Moreover, with TRON’s price currently in tandem with the 50-day Exponential Moving Average (EMA) at $0.09294, it’s indicative of a balanced, short-term trend.

 

From a chart patterns perspective, an upward channel is evident, further backed by the 50 EMA buttressing the buying trend. This pattern suggests a continuation of the upward trajectory, especially given its consistent higher lows and higher highs.

 

TRON’s prevailing trend can be described as cautiously bullish, especially if it sustains above the $0.09290 mark. While the technical indicators and chart patterns seem to echo this sentiment, it’s crucial for investors to keep a vigilant eye, given the unpredictable nature of the crypto market.

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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