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TRON (TRX/USD) at $0.1086: Poised for Potential Upswing

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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 18, 2024 | 2 min
Updated on Jan 18, 2024
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  • TRON (TRX/USD) experiences a modest increase to $0.1086, reflecting growing investor interest in the digital asset.
  • With a neutral RSI standing at 49, TRON may gain upward momentum if key resistance is broken.
  • Attention centers on the $0.1070 price level, critical for TRON’s potential shift towards a bullish trend.

In the vibrant and ever-changing world of cryptocurrencies, TRON (TRX/USD) has carved out a notable position. As of January 18, TRON is trading at $0.108598, marking a modest increase of 0.49% in the last 24 hours. This performance places it at the 11th spot in terms of market capitalization, which currently stands at approximately $9.58 billion. The digital asset’s trading volume over the last day was $224.73 million, highlighting active investor participation. TRON’s circulating supply is a substantial 88.21 billion coins.

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

TRON (TRX) Price Prediction: Technical Outlook

A 4-hour chart technical analysis reveals key price levels that are crucial for understanding TRON’s market behavior. The pivot point is set at $0.1017, providing a baseline for potential price movements. TRX is currently facing immediate resistance at $0.1098, with further barriers observed at $0.1190 and $0.1270. Should the price drop, it will find immediate support at $0.0924, followed by subsequent levels at $0.0845 and $0.0765.

 

The Relative Strength Index (RSI) for TRX/USD hovers around 49, indicating a neutral market sentiment. The Moving Average Convergence Divergence (MACD) is at -0.00012, with the signal value at -0.00045. These technical indicators suggest that while there is potential for upward movement, the market is not decisively bullish yet.

 

A noteworthy aspect of TRON’s chart is its completion of the 61.8% retracement at the $0.1070 level. The formation of a series of doji and spinning top candles above this level suggests a potential bullish bounce-off. A decisive break above the $0.1090 level could lead TRX’s price to test higher resistance levels at $0.1115 or even extend towards $0.1135.

 

In conclusion, TRON’s current technical setup indicates a cautiously optimistic outlook. The overall trend for TRX/USD appears bullish above the $0.1070 mark. However, it is imperative for investors and traders to monitor its reaction to the pivotal $0.1090 level. A sustained movement above this threshold could signal the start of an upward trajectory for TRON.

 

Given the volatile nature of the cryptocurrency market, TRON’s movements should be watched closely, as shifts in investor sentiment or broader market dynamics could significantly impact its price action.

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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