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Tron (TRX/USD) Eyes Gains, Trades at $0.1043

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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 14, 2023 | 2 min
Updated on Dec 14, 2023
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  • TRON’s (TRX) price increase positions it at a potential turning point, with key resistances in close sight.
  • Technical indicators like the RSI and MACD suggest a market in balance, with possible bullish undertones.
  • The symmetrical triangle pattern indicates a consolidation phase, hinting at a breakout that could define the short-term trend for TRX.

In the dynamic arena of digital currencies, TRON (TRX/USD) asserts a modest advance, trading at $0.104350 on December 14. Over the past day, the asset has witnessed a 1.77% increase in value, signaling a growing investor interest. TRON’s stature in the crypto market is not insignificant, with its rank at #12 on CoinMarketCap and a live market cap just over $9.22 billion. The circulating supply of TRX has reached an impressive 88.44 billion, reflecting its abundant distribution and utility in the digital ecosystem.

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

TRON Price Prediction: Technical Outlook

The four-hour chart reveals a pivot point at $0.1038, serving as a magnet for the price action observed. TRON’s resistance levels are within reach, with $0.1065 seen as the immediate hurdle, followed by $0.1108 and $0.1135, which may test the resilience of the bulls. Support levels are a step below, at $0.0994, $0.0967, and $0.0941, setting the stage for potential buying zones should the asset experience pullbacks.

Technical indicators provide a nuanced view of TRX’s trajectory. The RSI, hovering near the neutral 50 mark at 48, suggests an equilibrium between buying and selling pressures. The MACD’s current value, although marginal at 0.00009, floats above its signal line at -0.00046, potentially indicating an embryonic bullish trend.

Notably, TRX’s dance around the 50 EMA at $0.1046 underscores the asset’s struggle for direction, marking a pivotal inflection point that could dictate the short-term trend. The symmetrical triangle pattern observed on the chart points to a consolidation phase, implying that a breakout could be imminent. This chart formation, often a precursor to a significant price move, has kept traders on their toes, anticipating the next major price swing.

TRON’s market narrative is one of cautious optimism. The asset’s current positioning above the $0.1020 threshold paints a picture of underlying bullishness. Yet, the market’s sentiment is not without its hesitations, as mirrored by the RSI and the close proximity of TRX’s price to its 50 EMA.

In summary, TRON’s technical landscape suggests a poised asset at a critical juncture. The market is tuned in to see if TRX can muster the strength to ascend beyond the immediate resistance levels. As it stands, the short-term forecast is guardedly positive, with expectations leaning towards TRX testing its resistance at $0.1065 in the upcoming sessions. Nonetheless, given the ever-present volatility of the cryptocurrency market, investors and traders should remain vigilant, monitoring the technical indicators and chart patterns for signs of the asset’s future direction.

 

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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