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TRX Consolidates Near $0.0850: Brace for a Breakout

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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 19, 2023 | 2 min
Updated on Sep 21, 2023
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  • TRON maintains a neutral stance, trading between the tight range of $0.082 support and $0.085 resistance. The 4-hourly chart reveals an upward channel, hinting at a possible bullish tilt.
  • This dichotomy is emphasized by TRON’s fluctuating price around the 50-day EMA at $0.085.
  • On the flip side, a downward breach of $0.082 might steer TRX towards supports at $0.0810 and, subsequently, $0.0790.

Tron (TRX) seems to be in a holding pattern, consolidating its position close to the $0.0850 mark. After a series of volatile movements in recent weeks, this period of relative calm might be the proverbial calm before the storm. Traders and investors alike are keeping a close eye on TRX, speculating on its next major move. With the cryptocurrency hovering around this key level, a breakout – whether bullish or bearish – might be imminent.

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

TRON Price Prediction: Technical Outlook

Today’s TRON price stands at $0.084297, backed by a 24-hour trading volume of $172,093,027. Over the past 24 hours, TRON has experienced a slight increase of 0.39%. It currently ranks #11 on CoinMarketCap, boasting a market capitalization of $7,516,913,636 USD. There are 89,171,486,316 TRX coins in circulation, while its maximum supply has not been specified.

 

TRON is currently exhibiting a neutral trading bias, confined within a tight trading band. Its upper resistance stands at the $0.085 mark, while the support hovers around the $0.082 level. When observed on the 4-hourly timeframe, TRON appears to have carved out an upward channel, suggesting a potential bullish inclination among its investors.

 

However, a closer look at prominent technical indicators paints a more mixed picture. For instance, the Relative Strength Index (RSI) indicates a buying momentum, positioning itself in a buying zone. In contrast, the Moving Average Convergence and Divergence (MACD) indicator leans towards a selling sentiment, signifying some inconsistency in investor sentiment. Further corroborating this mixed sentiment is the 50-day Exponential Moving Average (EMA), which is stationed around the $0.085 level. TRON’s price action, which alternates between closing candles above and below this EMA, underscores the prevailing neutral stance among investors.

 

For TRON to sustain or amplify its bullish trajectory, it would need to breach the $0.085 resistance. Should this materialize, the subsequent resistance benchmarks to watch would be at $0.0877, followed by the $0.089 mark.

Conversely, if TRON were to undergo a bearish downturn below the $0.082 mark, it could encounter its next support level at $0.0810. Delving deeper, the $0.0790 level would likely serve as a substantial bulwark, providing significant support 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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