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TRX Near $0.0863: Descending Triangle Takes Shape

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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 12, 2023 | 2 min
Updated on Oct 15, 2023
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  • TRON (TRX/USD) currently trades around $0.086199, experiencing a modest 0.49% rise in the past 24 hours, with a trading volume of approximately $166.15 million.
  • Holding the 10th position on CoinMarketCap, TRON boasts a market capitalization of roughly $7.67 billion and a circulating supply of about 88.97 billion coins.
  • A descending triangle pattern is evident in TRON’s technical charts, hinting at a potential breakout near the support level of $0.08545.

In recent trading sessions, TRON (TRX) has garnered attention as it hovers around the $0.0863 mark. The cryptocurrency’s price movement is shaping up to reveal a potentially significant descending triangle pattern. This pattern, often seen as a bearish formation, could determine TRX’s trajectory in the upcoming days. As traders and investors keep a close eye on this development, the broader market dynamics and underlying fundamentals will play a pivotal role in influencing TRON’s next move.

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

TRON Price Prediction: Technical Outlook

As of October 12, the TRON (TRX/USD) cryptocurrency is drawing significant attention in the trading community. TRON currently trades at approximately $0.086199. Over the past 24 hours, its value has risen by a modest 0.49%, marking some activity in the market. Data indicates that TRON has generated a 24-hour trading volume of roughly $166.15 million.

 

Its standing in the cryptocurrency hierarchy, according to CoinMarketCap, places it at a commendable 10th position, with a total market capitalization hovering around $7.67 billion. The circulating supply at the moment is estimated at 88.97 billion coins.

 

From a technical perspective, the 4-hour chart provides a clearer view of TRON’s current trajectory. The coin’s pivot point stands at $0.08487. On the higher side, immediate resistance looms at $0.09396, followed by subsequent barriers at $0.09913 and $0.10838. Conversely, support levels are positioned at $0.07954, $0.07029, and $0.06512.

 

Analyzing technical indicators, the Relative Strength Index (RSI) reads at 45. Generally, an RSI above 70 indicates overbought conditions, and anything below 30 suggests oversold territory. The current RSI suggests a neutral to slightly bearish sentiment. Presently, the Moving Average Convergence Divergence suggests a bearish crossover may be imminent. Moreover, the 50-day Exponential Moving Average (EMA) is priced at $0.08377, slightly below the current price, indicating a potential short-term bullish trend.

 

In terms of chart patterns, a descending triangle is forming, with a crucial breakout support near $0.08545. This pattern, coupled with the Triple bottom pattern at the same level, signifies that traders should be vigilant for an impending breakout.

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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