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TRX Bounces-off Over $0.077; 61.8% Fibo to Drive Buying?

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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 September 12, 2023 | 2 min
Updated on Sep 12, 2023
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  • TRX showcases bullish momentum on the four-hour chart, breaking the $0.078 resistance and bouncing off the 61.8% Fibonacci retracement at $0.076, now eyeing the $0.0790 and $0.080 resistances.
  • The “three white soldiers” pattern suggests a potential bullish trend, with $0.0790 as a pivotal price point.
  • Diverging indicators highlight market uncertainty: the RSI is bullish while the MACD skews bearish, with short-term movements potentially retreating to $0.078 or seeking support at $0.0770.

Tron (TRX) has recently shown a remarkable rebound, bouncing off just above the $0.077 mark. This movement is particularly significant as it aligns with the 61.8% Fibonacci retracement level, a commonly watched technical indicator by traders. The proximity to this key Fibonacci level raises the question: Could this be the catalyst that sparks increased buying interest in TRX in the coming sessions? As investors and traders closely monitor the crypto’s next moves, this pivotal point offers both intrigue and potential in the market’s dynamics.

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

TRON Price Prediction: Technical Outlook

Today’s live price for TRON stands at $0.078502, backed by a 24-hour trading volume of $181,839,027. Over the last 24 hours, TRON has seen a minor decline of 0.04%. Currently, it holds the #10 position on CoinMarketCap with a market capitalization of $7,004,908,176 USD. The circulating supply for TRX is 89,231,724,878 coins.

 

In an astute analysis of TRX on the four-hour chart, it’s evident that the cryptocurrency is riding a bullish wave after breaking through a key resistance at $0.078. This bullish momentum, fortified by a bounce-off after achieving a 61.8% Fibonacci retracement at the $0.076 level, suggests a prospective upturn in trading. At the moment, it confronts a hurdle at the $0.0790 region. A firm push beyond this level might pave the way for an advancement toward the subsequent resistance near $0.080.

 

A noteworthy “three white soldiers” pattern on the same timeframe hints at bullish vigor, hinting that bulls could assert dominance should the value cross above $0.0790. Parallelly, the 50-day exponential moving average remains slightly detached from the prevailing price of $0.079, with this EMA serving as a potent resistance at the $0.078 bracket.

 

Indicator-wise, the Relative Strength Index (RSI) leans bullish, whereas the Moving Average Convergence Divergence (MACD) signals a bearish undertone, highlighting potential divergence in market sentiment.

 

In the short term, a minor correction may see TRX retreating to levels around $0.078 or possibly $0.07803. If a downward trajectory ensues, a sturdy support is anticipated at $0.0770. On the flip side, the crucial benchmark stands at $0.07950; values beneath might beckon buyers, while surpassing this threshold could cue sell-offs.

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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