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TRX Faces Resistance at $0.08530; Double Top In-Play

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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 27, 2023 | 2 min
Updated on Oct 01, 2023
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  • TRON (TRX) displays a balanced trading stance within a confined range, with notable resistance at $0.085 and support near $0.084.
  • Key technical indicators offer a mixed narrative: the RSI signals a buying trend, whereas the MACD hints at potential sales. The 50-day EMA, centered around the $0.085 pivot, further amplifies the prevailing investor ambivalence.
  • TRON’s future hinges on pivotal levels: breaking the $0.085 resistance might open paths to $0.0877 and $0.089 while falling beneath $0.082 places the focus on supports at $0.0810 and the crucial $0.0790 boundary.

In the swiftly evolving world of cryptocurrencies, TRX is currently grappling with a significant resistance level at $0.08530. Technical analysts and market enthusiasts have identified a double top formation, a pattern typically associated with potential bearish reversals. This classic chart pattern, visible in TRX’s recent price movements, can be a crucial indicator for traders and investors alike, suggesting a potential change in the asset’s momentum. As the market continues to digest this information, all eyes remain on the subsequent price actions to determine the trajectory of TRX in the near future.

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

TRON Price Prediction: Technical Outlook

Today, TRON is priced at $0.084953, boasting a 24-hour trading volume of $133,001,786. Over the past 24 hours, TRON has seen an increase of 0.38%. It currently ranks #10 on CoinMarketCap, with a real-time market capitalization of $7,569,652,434 USD. The circulating amount of TRX coins stands at 89,104,431,975, while details regarding its maximum supply remain undisclosed.

 

Currently, TRON (TRX) operates within a tight trading spectrum, showcasing a balanced trading posture. Even though it has broken its upward trend, the coin’s trajectory remains inconsistent. The resistance for TRON lies at the $0.085 mark, while the foundational support is close to $0.084. An analysis on the 4-hour chart brings to light an earlier upward channel, suggesting an inherent bullish inclination among traders.

 

However, a deeper dive into key technical indicators presents a more complex picture. The Relative Strength Index (RSI) indicates a purchasing trend, while the Moving Average Convergence and Divergence (MACD) alludes to potential selling pressures, highlighting the split in market sentiment. This mixed sentiment is further echoed by the 50-day Exponential Moving Average (EMA) positioned around the $0.085 pivot. TRON’s fluctuating price behaviors around this EMA make the existing investor uncertainty clear.

 

For TRON to validate its bullish hints, it needs to successfully break past the $0.085 barrier. Overcoming this could lead the way to the next resistance levels at $0.0877 and potentially up to $0.089.

Conversely, a downturn that dips below $0.082 could test TRON’s support at around $0.0810. A steeper decline might be cushioned by strong support at the $0.0790 mark, representing a vital threshold 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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