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TRON (TRX/USD) Struggles at $0.106, Faces Key Resistance

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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 26, 2023 | 2 min
Updated on Dec 26, 2023
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  • TRON faces a minor decline at $0.106061, with a market cap of $9.37 billion.
  • RSI and MACD indicate a potential for a slight bearish sentiment, with key resistance ahead.
  • Fibonacci retracement offers support at $0.1045, suggesting a possible upward trend.

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.

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

TRON Price Prediction: Technical Outlook

In the 4-hour chart timeframe, TRON’s pivot point is identified at $0.10393. This level serves as a critical juncture, determining the potential direction of TRX’s price movement. On the upside, immediate resistance is found at $0.11023, followed by subsequent resistance levels at $0.11430 and $0.12060. On the flip side, immediate support for TRX is placed at $0.09997, with further support levels at $0.09357 and $0.08960. These key price levels are essential for traders and investors to monitor, as they could dictate the short-term price action of TRON.

 

The technical indicators offer a more nuanced view of TRX’s current market position. The Relative Strength Index (RSI) stands at 47, hovering just below the neutral 50 mark, indicating a slight bearish sentiment in the market. This suggests that sellers currently have a slight edge over buyers, but the market is not in a state of oversell. The Moving Average Convergence Divergence (MACD) presents a value of -0.00026 with a signal line at 0.00055, implying a potential for a change in momentum but still leaning towards a bearish sentiment.

 

One of the key technical factors in play is the 50-Day Exponential Moving Average (EMA), which is currently at $0.10504. TRX’s price is marginally above this level, indicating a potential for a bullish trend, albeit a fragile one. Additionally, the Fibonacci retracement level at $0.1045, corresponding to the 38.2% Fibo level, is providing support for TRX. This technical pattern suggests that TRX might have found a reliable support level, giving hope for a potential upward movement.

 

However, the broader context of the cryptocurrency market, known for its high volatility and susceptibility to global economic trends, cannot be ignored. TRON, with its unique position in the blockchain ecosystem, is not immune to these broader market influences. Its current price movement reflects a delicate balance between bullish and bearish sentiments, influenced by both internal project developments and external market factors.

 

In conclusion, the technical analysis for TRON suggests a cautiously optimistic outlook, with a bullish trend possible above the $0.1045 mark. In the short term, the resistance and support levels will play a crucial role in determining TRX’s price direction. As the cryptocurrency market continues to evolve, TRON’s resilience and adaptability will be key to its performance in this highly competitive landscape.

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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