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TRX Steady Under $0.08920: Double Top Pattern 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 October 17, 2023 | 2 min
Updated on Oct 17, 2023
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  • TRON up 2.53% in the last 24 hours with a market cap of $7.90 billion.
  • Key resistances at $0.09076, $0.09294, and $0.09507; with RSI indicating overbought conditions at 73.
  • Short-term trend remains bullish unless it breaches below $0.08921.

TRON (TRX), a leading player in the crypto arena, is exhibiting remarkable stability, hovering just beneath the $0.08920 mark. As traders and analysts scrutinize its recent movements, a prominent double top pattern seems to be unfolding. This pattern, often considered a bearish reversal signal in technical analysis, may hold significant implications for TRX’s near-term trajectory. As market participants await the coin’s next significant move, the pattern offers a hint about the potential challenges and opportunities that lie ahead.

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

TRON Price Prediction: Technical Outlook

Today, a snapshot of the dynamic crypto market presents TRON (TRX) at a trading value of $0.088789. In the preceding 24 hours, it has not only experienced a 2.53% surge but has also witnessed an impressive trading volume of $239.65 million. Earning the 10th spot on CoinMarketCap’s esteemed list, TRX’s market prowess is evident with a market capitalization standing close to $7.90 billion, backed by a substantial circulating supply of almost 88.93 billion tokens.

 

Switching the lens to a 4-hour chart perspective brings into focus some pivotal price thresholds. The pivot point is firmly set at $0.08883. In terms of resistance, the first notable barrier is marked at $0.09076, succeeded by subsequent ceilings at $0.09294 and $0.09507. On the flip side, should TRX face a downtrend, an immediate cushion awaits at $0.08676. Further slippages might be buffered at support zones of $0.08478 and $0.08270.

 

Shifting gears to the analytical tools, the RSI is notably high at 73. In traditional technical parlance, an RSI above 70 typically flags an overbought territory, suggesting that traders tread with discretion. The MACD, another revered indicator, currently shows its line at 0.000332, trailing beneath its signal counterpart at 0.000788, hinting at a possible downward swing in the offing.

 

One can’t overlook the 50 EMA, which at $0.08671, sits a notch below TRX’s current trading price, implying a prevailing short-term bullish sentiment for the digital asset. However, the cryptic nature of chart patterns necessitates a deeper dive to unearth any significant formations that might impact TRX’s future movement.

 

In wrapping up, TRON’s trajectory appears to be at a crucial juncture. While a descent below $0.08921 would tilt the scales bearish, maintaining its stance above this marker keeps the bullish sentiment alive. With the existing metrics, it would be prudent for traders to keep a keen eye on the $0.09076 resistance level, as TRX seems poised to challenge it in the imminent future.

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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