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TRX Breaks Upward Channel, Holds Near $0.0850

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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 21, 2023 | 2 min
Updated on Sep 21, 2023
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  • TRON (TRX) displays a neutral trading posture within a confined range, contending with a disrupted upward channel yet exhibiting intermittent price movements.
  • Technical indicators present a mixed bag: The RSI leans bullish, the MACD suggests potential selling pressures, and the coin’s price consistently flirts with the 50-day EMA at the $0.085 mark, highlighting investor uncertainty.
  • While a bullish scenario sees TRON potentially challenging resistances at $0.0877 and $0.089, a bearish turn may drive it towards substantial supports at $0.0810 and further at $0.0790.

TRX has recently disrupted its upward trajectory, breaking out of a previously established channel. Despite this shift, the digital currency remains resilient, consolidating its position around the $0.0850 mark. Investors and market watchers are closely monitoring this development, contemplating the potential implications and future movements of TRX in the broader cryptocurrency landscape.

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

TRON Price Prediction: Technical Outlook

Today, TRON is trading at $0.083591, having experienced a 24-hour trading volume of $158,919,994. Over the last 24 hours, TRON has decreased by 1.32%. According to CoinMarketCap, TRON is currently ranked #11, boasting a live market capitalization of $7,452,379,177. Presently, there are 89,152,889,645 TRX coins in circulation.

 

TRON (TRX) currently navigates within a narrow trading range, demonstrating a neutral trading stance. Despite violating its upward channel, the coin continues to trade with a choppy demeanour. Its upper barrier is defined at the $0.085 threshold, whereas the base support is situated near $0.082. A 4-hourly timeframe analysis of TRON reveals a previously established upward channel, hinting at an underlying bullish sentiment among market participants.

 

Diving into the nuances of leading technical indicators, the narrative becomes less straightforward. While the Relative Strength Index (RSI) skews towards a buying trend, the Moving Average Convergence and Divergence (MACD) points to a potential sell-off, underscoring the fragmented investor sentiment. Further reflecting this ambivalence is the 50-day Exponential Moving Average (EMA), anchored near the $0.085 pivot. TRON’s alternating price patterns, oscillating above and below this EMA, elucidate the prevalent investor indecision.

 

For TRON to endorse its bullish undertones, it must successfully navigate beyond the $0.085 resistance. A successful breach could pave the way to subsequent resistances at $0.0877 and potentially the $0.089 bracket.

 

On the other hand, a bearish retracement submerging below $0.082 might challenge the coin’s support near $0.0810. A deeper descent would likely find robust support at the $0.0790 level, marking a critical defence line for TRX.

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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