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TRX Struggles To Break $0.0790; Time to Short?

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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 07, 2023 | 2 min
Updated on Sep 07, 2023
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  • TRX is exhibiting bullish tendencies on the four-hour chart, recently overcoming the 0.078 resistance and now approaching the 0.0790 barrier. A push beyond this could target the 0.080 mark.
  • Technical formations, specifically the “tweezers top”, hint at a possible slowdown in bullish momentum, suggesting sellers might dominate if prices decline below 0.0790.
  • The 50-day EMA supports the price at 0.078, while both RSI and MACD indicate a continuing bullish sentiment. However, traders should keep an eye on the 0.07950 level for pivotal buy or sell cues.

TRON’s native token, TRX, has recently encountered resistance at the $0.0790 mark, sparking speculation among traders and investors. As the digital asset repeatedly tests this price ceiling without a breakthrough, some market participants are contemplating whether it’s an opportune moment to adopt a short position. This analysis seeks to delve into the current market dynamics surrounding TRX and evaluate its potential trajectories in the coming days.

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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 $0.078816, registering a 24-hour trading volume of $204,370,289. Over the past 24 hours, TRON has appreciated by 1.60%. As per CoinMarketCap, TRON currently ranks 10th with a live market capitalization of $7,036,063,694 USD. The circulating supply encompasses 89,271,539,821 TRX coins, while the maximum supply details remain undisclosed.

 

Upon examining the four-hour timeframe, TRX appears to be trending bullishly after surpassing the notable resistance level at 0.078. Presently, it faces resistance near the 0.0790 mark. A decisive bullish movement past this 0.079 resistance could potentially lead to further gains, targeting the next resistance set around 0.080.

 

On a more detailed observation of the four-hour chart, there’s a formation known as the “tweezers top”, suggesting that bullish momentum might be waning and sellers could gain an upper hand if the price drops below 0.0790.

 

Concurrently, the 50-day exponential moving average stands some distance from the current market price of 0.079, with the 50-day EMA offering support at the 0.078 level. This acts as a significant support level for TRX. Furthermore, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators remain in the bullish zone, supporting an upward trend.

 

However, there’s potential for TRX to undergo a slight correction, retracing to the 0.078 or even the 0.07803 levels. Should there be a downward break, additional support is anticipated around the 0.0770 level. Conversely, traders should monitor the 0.07950 mark; levels below this could present buying opportunities, while levels above might signal potential selling positions.

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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