Advertiser disclaimer

TRON (TRX/USD) Steady at $0.1076, Eyeing Key Resistance Levels

author
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.
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 02, 2024 | 2 min
Updated on Jan 02, 2024
Advertiser disclaimer
  • TRON (TRX/USD) trades at $0.107632, holding steady despite slight decrease.
  • Key resistances at $0.1108 and $0.1139; RSI and MACD indicate bullish potential.
  • Chart patterns and position above 50 EMA suggest possible upward momentum.

As the cryptocurrency landscape continues to ebb and flow, TRON (TRX/USD) presents a unique case study in resilience and market dynamics. On December 26, the live price of TRON stands at $0.106061, experiencing a slight downturn of 1.69% in the last 24 hours. Currently ranked #12 on CoinMarketCap, TRON boasts a substantial market capitalization of approximately $9.37 billion. The circulating supply of TRX is notably high, with over 88 billion coins in circulation.

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

TRON (TRX) Price Prediction: Technical Outlook

As the digital currency landscape continues to evolve, TRON (TRX/USD) has maintained a steady position in the market. On January 2nd, TRON was trading at $0.107632, experiencing a slight decline of 0.26%. Despite this minimal drop, TRX maintains a strong position in the cryptocurrency market, ranking #13 on CoinMarketCap with a significant market capitalization of approximately $9.5 billion and a circulating supply of over 88 billion TRX coins.

 

The technical analysis of TRON on a 4-hour chart reveals pivotal price levels that could influence its near-term market movement. The current pivot point is at $0.1063, with immediate resistance levels identified at $0.1108, $0.1139, and $0.1184. Should TRX break through these barriers, it could signal a shift towards a more robust bullish trend. Conversely, support levels at $0.1032, $0.0986, and $0.0956 serve as potential floors, guarding against further price declines.

 

The Relative Strength Index (RSI) of TRX/USD is at 64, suggesting a bullish sentiment without reaching overbought conditions. This indicates that there is still room for upward movement before the market becomes saturated. Additionally, the Moving Average Convergence Divergence (MACD) is showing a value of 0.00008, surpassing its signal line at 0.00057. This positive MACD differential supports the potential for continued upward momentum in TRON’s price.

 

Another key factor in the bullish bias for TRX is its positioning slightly above the 50-Day Exponential Moving Average (EMA) of $0.1063. This positioning often acts as a critical determinant in confirming the ongoing market trend’s strength and reliability.

 

The observed chart patterns, particularly the upward trendline, further reinforce the buying trend in the coin. This technical formation suggests that the asset is poised for potential bullish momentum, supported by increasing buying interest in the market.

 

In summary, the technical outlook for the coin appears cautiously optimistic. As long as TRX/USD maintains its stance above the pivotal $0.1063 level, it could be poised to test higher resistance levels in the coming days. However, the volatile nature of the cryptocurrency market calls for continuous monitoring of these technical indicators and market trends. Investors and traders in the digital currency space should remain vigilant, adapting their strategies to the ever-changing dynamics of the 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.
Other categories