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TRX Maintains $0.0800 Stand: 50 EMA Signals Buy Ahead?

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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 14, 2023 | 2 min
Updated on Sep 18, 2023
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  • TRX coin exhibits bullish momentum on a four-hour chart, with a significant focus around the $0.080 support and challenges at the $0.0820 resistance.
  • Both RSI and MACD indicators suggest a bullish phase, highlighting potential targets at $0.0856 should the coin break past the $0.0828 and $0.0840 levels.
  • Conversely, a dip below the $0.0801 level might push TRX towards support at $0.0780 and $0.0769.

In the ever-fluctuating world of cryptocurrency, TRX presents a noteworthy stance, consistently holding above the $0.0800 benchmark. As market enthusiasts and investors monitor its trajectory, the 50-day Exponential Moving Average (EMA) casts a promising light. Could this technical indicator be signaling an impending buy opportunity? Let’s delve into the intricate dynamics of TRX’s current market position.

 

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

TRON Price Prediction: Technical Outlook

Today, TRON’s real-time price stands at $0.081171, with transactions over the past 24 hours amounting to $177,829,230. Witnessing a 0.79% increase in the last day, TRON currently occupies the #10 spot on CoinMarketCap’s rankings. Its live market capitalization is assessed at $7,241,463,708 USD, backed by a circulating volume of 89,212,771,411 TRX coins. Information regarding its maximum supply is presently undisclosed.

 

Examining the four-hour time frame, the TRX coin is trading with a hint of bullish momentum, evident by a slight upward tick, after successfully surpassing the $0.080 support level. The $0.0820 resistance level has posed a significant challenge for the asset today. In the past, TRX  demonstrated bullish tendencies. However, after struggling to breach the $0.0828 barrier, it completed approximately a 38.2% Fibonacci retracement around the $0.080 mark. A candle close above this specific threshold, particularly above $0.0801, amplifies the likelihood of a continued bullish trend.

 

That being noted, the $0.081 level remains pivotal as a potential resistance. Investors may be eyeing a long position, targeting the $0.0828 mark. A successful breakout beyond this could propel the TRX price toward the $0.0840 mark. Concurrently, both the RSI and MACD indicators are reflecting a bullish phase, which brings the $0.0856 target into focus. On the flip side, should the price suffer a decline below the $0.0801 threshold, TRX could encounter support at $0.0780 or even the $0.0769 level.

 

Later today, significant economic events such as USD Core Retail Sales m/m (estimated at 0.4%, previous 1.0%), PPI m/m (estimated at 0.4%, previous 0.3%), Retail Sales m/m (estimated at 0.1%, previous 0.7%), and Unemployment Claims (current 226K, previous 216K) will be under the spotlight. These events could potentially influence crypto market sentiments.

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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