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TRX Gain Support Near at $0.08695700; Quick Outlook

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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 04, 2023 | 1 min
Updated on Oct 04, 2023
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  • TRON (TRX) currently trades at $0.088003, with a 1.87% drop over the last 24 hours and holds the 10th rank on CoinMarketCap.
  • Key resistances are set at $0.09310396, $0.09612369, and $0.1011155, while support levels lie at $0.08509241, $0.0801006, and $0.07708087.
  • The MACD suggests a possible upward momentum, but the price remains close to the 50 EMA, indicating short-term bearish sentiments.

The TRON market is currently experiencing subtle fluctuations. As of today, TRON is trading at a price of $0.088003 USD, marking a decrease of 1.87% over the past 24 hours. This price movement has resulted in a trading volume of approximately $195.92 million in the same period. According to CoinMarketCap, TRON is ranked 10th in the crypto market, boasting a significant market capitalization of roughly $7.84 billion. This valuation is backed by a circulating supply of around 89.05 billion TRX tokens.

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

TRON Price Prediction: Technical Outlook

Analyzing the crucial price levels for TRON, the asset’s pivot point is currently set at $0.08811215. On the bullish front, TRON faces its initial resistance at $0.09310396. Should the asset overcome this hurdle, the next resistance levels are positioned at $0.09612369 and $0.1011155, respectively. Conversely, for potential retracements, the immediate support level for TRON is $0.08509241. If this level fails to hold, subsequent support levels to watch are $0.0801006 and then $0.07708087.

 

From the lens of technical indicators:

  • The RSI (Relative Strength Index) for TRON stands at 48.63, indicating a near-neutral market sentiment. The current value, being below the 50 threshold, suggests a minor bearish inclination.
  • The MACD (Moving Average Convergence Divergence) reflects a value of 0.0002994, with its corresponding signal line at 0.0002531. The present positioning of the MACD line just above the signal indicates budding upward momentum.
  • TRON’s 50-Day Exponential Moving Average (EMA) is pegged at $0.08833429. The price’s proximity to this value underscores a short-lived bearish trend. Nonetheless, a decisive move above this EMA could be a precursor to a bullish reversal.

 

In summary, while TRON’s current market stance leans slightly bearish, certain technical indicators, like the MACD, hint at potential upward shifts. Investors and traders should keep these pivotal resistance and support zones in their radar as they navigate their investment decisions in the TRON market.

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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