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TRON’s Push to $0.10: Navigating a Tight Market

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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 November 23, 2023 | 2 min
Updated on Nov 23, 2023
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  • TRON (TRX) trades at $0.101403, up 3.52%, above its pivot point.
  • Neutral RSI at 49, with a flat MACD indication.
  • 50 EMA and Doji candles suggest resistance and market indecision.

In the diverse and ever-changing landscape of cryptocurrency, TRON (TRX) has been making notable strides. As of November 23, TRX is trading at $0.101403, reflecting a 3.52% increase in the last 24 hours. This upward movement has propelled TRX to the 10th position in the CoinMarketCap rankings, with a live market cap of approximately $8.98 billion and a substantial circulating supply of over 88 billion TRX coins. These figures not only highlight TRON’s growing market presence but also underscore its potential as a significant digital asset in the crypto space.

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

TRON (TRX) Price Prediction: Technical Outlook

Analyzing TRON’s performance on a 4-hour chart timeframe provides a deeper insight into its market dynamics. The coin has recently crossed its pivot point of $0.0994, indicating a bullish trend. The immediate resistance levels at $0.1052, $0.1094, and $0.1151 are critical markers for TRON’s short-term price trajectory. These levels represent potential challenges and profit-taking points for traders and investors.

 

Conversely, the support levels at $0.0953, $0.0897, and $0.0839 offer a safety net against market downturns. These levels are essential for understanding the potential floor for TRON’s price movements, especially in a market known for its volatility.

 

The Relative Strength Index (RSI) for TRX is currently at 49, indicating a neutral market sentiment. This suggests that the market is neither overly bullish nor bearish on TRX at the moment. The Moving Average Convergence Divergence (MACD) presents a more nuanced picture, with a value of 0.000 and a signal line at -0.001. This indicates a potential for upward momentum, albeit not strongly pronounced.

 

However, the 50-Day Exponential Moving Average (EMA) at $0.10206 poses a challenge. The EMA is currently acting as a resistance level, limiting TRON’s upward movement. This is further evidenced by the presence of Doji candles below the 50 EMA, suggesting a potential sell signal and indicating market indecision.

 

In conclusion, the overall trend for TRX is cautiously optimistic. Investors and traders might consider a buying strategy if TRON’s price remains above the pivot point, with a close watch on the immediate resistance levels for potential profit-taking opportunities. However, the proximity of the 50 EMA and the presence of Doji candles suggest that traders should be prepared for potential resistance and market indecision near the $0.1020 level. In the short term, TRON is expected to test the resistance at $0.1052, with the possibility of reaching higher levels if it can break through the EMA resistance.

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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