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TRON (TRX/USD) Eyes $0.1037 Resistance Amid Market Flux

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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 19, 2023 | 2 min
Updated on Dec 19, 2023
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  • TRON (TRX/USD) is currently trading at $0.101166, showing a slight increase of 0.78%, with a significant market cap of $8.94 billion, ranking it 11th globally.
  • Key resistance and support levels are identified at $0.1037/$0.1068/$0.1112 and $0.0962/$0.0918/$0.0873, respectively, with a symmetrical triangle pattern indicating a potential bearish bias.
  • The current RSI at 45 and MACD readings suggest a neutral to slightly bearish sentiment, with TRON’s price action closely watched around the $0.10362 level for short-term directional cues.

In the ever-evolving landscape of digital currencies, TRON (TRX/USD) stands out as a noteworthy contender. As of the latest data, TRON is trading at $0.101166, marking a modest increase of 0.78% in the last 24 hours. The cryptocurrency currently holds the 11th spot in the global market ranking, boasting a live market capitalization of approximately $8.94 billion. This position is bolstered by its substantial circulating supply of over 88 billion TRX coins.

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TRON graph dec 19
TRX/USD Price Chart – Source: Tradingview

TRON Price Prediction: Technical Outlook

Delving into the 4-hour chart, TRON’s technical outlook reveals critical price levels that could dictate its short-term trajectory. The pivotal point for TRX currently lies at $0.0992. In terms of resistance, the coin faces immediate hurdles at $0.1037, followed by $0.1068 and $0.1112. These levels serve as significant barriers that TRON must overcome to maintain its upward momentum.

Conversely, support levels are situated at $0.0962, $0.0918, and $0.0873. These markers represent crucial zones where buying interest could potentially reinforce TRON’s price stability or even trigger a rebound in case of a downward movement.

The Relative Strength Index (RSI) for the coin is currently at 45, which points to a neutral market sentiment with a slight inclination towards bearishness. The Moving Average Convergence Divergence (MACD) further underscores this sentiment, with a reading close to the signal line, indicating a potential shift in momentum. Notably, the 50-Day Exponential Moving Average (EMA) stands at $0.1029, suggesting a delicate balance between bullish and bearish trends.

A symmetrical triangle pattern observed on the chart indicates a potential bearish bias, yet the coin seems to be finding support around the $0.09790 level. This pattern’s breakout could significantly influence TRON’s price action in the near term.

Taking into account these technical indicators, TRON’s current market stance appears bearish below the $0.10362 mark. In the short term, the coin is expected to test the resistance at $0.1037. However, the cryptocurrency’s ability to sustain above key support levels will be crucial in determining its potential to challenge higher resistance marks.

For investors and traders, the coin presents a dynamic scenario. The convergence of various technical indicators at key price levels makes it a subject of keen interest in the cryptocurrency market. As with all digital currencies, vigilance and careful analysis are recommended, given the inherent volatility of the crypto market.

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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