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TRON (TRX/USD) Edges Up to $0.104, Faces Key Resistance Ahead

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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 09, 2024 | 2 min
Updated on Jan 10, 2024
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  • TRON (TRX) experiences a modest rise to $0.104228, marking a 1.30% increase amid fluctuating market conditions.
  • Facing a critical resistance at $0.1051; overcoming this level could indicate a shift towards a stronger bullish momentum.
  • The confluence of a downward trendline and the 50 EMA at $0.1050 serves as a pivotal barrier for TRON’s upward potential.

In the dynamic world of cryptocurrency, TRON (TRX), a blockchain-based decentralized platform, is showing modest gains. As of Tuesday, January 9, TRX is trading at $0.104228, witnessing a 1.30% increase in the last 24 hours. With a robust trading volume of $280,128,609 and a market capitalization of $9,200,792,952, TRON currently ranks as the 12th largest cryptocurrency, indicating its significant presence in the digital asset market.

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

TRON Price Prediction: Technical Outlook

The technical overview of TRON reveals a cautiously optimistic scenario. The pivot point for TRX/USD lies at $0.0993, which is instrumental in determining its short-term movement. The cryptocurrency faces immediate resistance at $0.1051, followed by higher levels at $0.1086 and $0.1144. These resistance points are critical in assessing the potential of TRON’s upward momentum. Conversely, support levels at $0.0961, $0.0902, and $0.0844 could provide a safety net against any downward price movement.

The Relative Strength Index (RSI) of TRX, standing at 48, indicates a neutral market sentiment, bordering on the bearish side. This is compounded by the Moving Average Convergence Divergence (MACD) indicator, which shows a slight inclination towards downward momentum, with a MACD value of 0.00021 and a signal level of -0.00041.

Additionally, the technical landscape is further complicated by TRON’s price fluctuation around the 50-Day Exponential Moving Average (EMA) of $0.1051. This proximity to the 50 EMA suggests that TRX is at a pivotal point, with potential for either upward or downward trend.

Chart patterns reveal a downward trendline and resistance around the 50 EMA at the $0.1050 mark, signifying that TRON might struggle to sustain its current gain. This resistance level is critical, as a breakout could signify a shift in the market sentiment towards a more bullish outlook.

In summary, the current state of TRON in the cryptocurrency market is one of cautious optimism. The digital currency’s ability to break above the $0.1051 resistance level will be a decisive factor in determining its short-term direction. Investors and traders should closely monitor these technical indicators, as they provide valuable insights into TRX’s potential trajectory in the volatile world of cryptocurrencies.

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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