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TRX Double Bottom Support at $0.0855: Buy Now?

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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 October 10, 2023 | 2 min
Updated on Oct 10, 2023
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  • TRON (TRX/USD) is currently trading at approximately $0.0866 USD, marking a 1.92% decrease in the last 24 hours.
  • The pivot point is positioned at $0.0880, providing a reference point for potential price movements. Immediate resistance levels include $0.0911, followed by $0.0943 and $0.0974.
  • On the support side, immediate levels are observed at $0.0848, with subsequent support at $0.0817 and $0.0786. These levels represent critical areas where price action may encounter resistance or support.

In the world of cryptocurrency trading, timing is often crucial, and identifying key support levels can be the gateway to profitable opportunities. TRON (TRX/USD) is currently showing signs of a double bottom formation with support at $0.0855. This analysis explores whether this could be an opportune moment to consider a buy position for TRX.

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

TRON Price Prediction: Technical Outlook

TRON, represented as TRX/USD, is currently trading at approximately $0.0866 USD, marking a 1.92% decrease in the last 24 hours. This cryptocurrency holds the 10th position on CoinMarketCap, boasting a live market cap of $7,703,288,471 USD. With a circulating supply of 88,988,936,416 TRX tokens, TRON is a significant player in the crypto market. The 24-hour trading volume for TRX stands at $166,529,164 USD.

 

Analyzing the 4-hour chart timeframe for TRON, several key price levels are worth noting. The pivot point is positioned at $0.0880, providing a reference point for potential price movements. Immediate resistance levels include $0.0911, followed by $0.0943 and $0.0974. On the support side, immediate levels are observed at $0.0848, with subsequent support at $0.0817 and $0.0786. These levels represent critical areas where price action may encounter resistance or support.

 

Turning to technical indicators, the Relative Strength Index (RSI) currently registers at 42, indicating a relatively neutral sentiment in the market. The RSI value being below 50 suggests a leaning toward bearish sentiment, implying potential downward momentum.

The Moving Average Convergence Divergence (MACD) reveals a value of -0.00015, with the signal line at -0.00040. The MACD line is positioned below the signal line, indicating potential downward momentum.

 

The 50-Day Exponential Moving Average (50 EMA) is valued at $0.0876, suggesting a short-term bearish trend as the current TRON price is below the 50 EMA.

In terms of chart patterns, no specific pattern is observed in the provided data.

In conclusion, the overall trend for TRON appears to be bullish, particularly above the $0.0850 level. Traders should closely monitor this key level for potential buying opportunities in the coming days as TRON continues to navigate its current market dynamics.

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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