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TRX Holds Strong with Ascending Triangle at $0.0760

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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 05, 2023 | 2 min
Updated on Sep 05, 2023
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  • TRX displays a bearish trend, navigating below essential supports like the double-bottom and ascending trendline at 0.0763, with indicators like RSI and MACD highlighting oversold zones.
  • Despite prevailing bearish sentiments, a hold above 0.0760 could see TRX aiming for 0.0786 and beyond, supported by bullish targets at 0.0805 and a potential peak of 0.0825.
  • The 4-hourly chart reveals an ascending triangle pattern, a promising bullish indication, suggesting potential for an upcoming reversal.

In the dynamic realm of cryptocurrency, TRX showcases resilience, distinguishing itself with a pronounced ascending triangle formation, firmly rooted at the $0.0760 mark. This technical pattern, often viewed as a harbinger of potential upward movements, underscores TRX’s tenacity in an otherwise fluctuating market.

As investors and traders keep a vigilant eye on this emerging trend, many are pondering whether this could signal the commencement of a bullish phase for the digital currency.

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

TRON Price Prediction: Technical Outlook

Today’s live TRON price stands at $0.077491, recording a trading volume of $140,164,357 over the past 24 hours. TRON has seen a 0.54% increase in the same period. Currently, CoinMarketCap ranks TRON at the #10 position with a real-time market capitalization of $6,919,247,890 USD. The circulating number of TRX coins is 89,290,667,235.

In a refined analysis of TRX’s technical landscape, the cryptocurrency showcases a sophisticated bearish inclination, having recently navigated below the crucial double-bottom and the ascending trendline support, anchored at 0.0763. An unfolding bearish engulfing candlestick pattern below the 0.0765 mark further underscores potential movement towards the imminent support level of 0.0760.

 

Advanced indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) signal oversold conditions, while the 50-day Exponential Moving Average (EMA) projects potential resistance near the 0.0806 region, a marked shift from TRX’s current market rate.

This assessment highlights predominant bearish undertones. However, discerning traders sense potential in these oversold conditions, potentially leveraging opportunities therein. If TRX maintains its stance above the 0.0760 benchmark, an ascent towards 0.0786, and potentially further, becomes increasingly feasible, with ensuing bullish milestones positioned at 0.0805 and an ambitious zenith around 0.0825.

 

Furthermore, the 4-hourly timeframe unveils an ascending triangle pattern, a revered bullish signal, enhancing optimism for a potential reversal.

Contrastingly, a decisive breach below the 0.0760 threshold might pave the way for augmented setbacks, potentially propelling TRX to levels around 0.074 or even deeper valleys near 0.071.

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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