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TRX/USD Climbs to $0.1098: Daily Crypto’s Market Watch

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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 January 25, 2024 | 2 min
Updated on Jan 25, 2024
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  • TRON (TRX/USD) rises to $0.109883, up 2.64%; market cap at $9.69 billion, ranked #11.
  • Key resistance levels at $0.11015, $0.11369; Support at $0.10203, $0.09745 crucial for price stability.
  • TRX’s upward momentum hinges on breaking $0.1110; Fibonacci levels critical for future buying activity.

Today’s daily crypto analysis spotlights TRON (TRX/USD) Coin, a cryptocurrency that’s gaining attention in the digital asset space. Currently trading at $0.109883, the coin has seen a 2.64% rise over the last 24 hours, with a trading volume reaching $221.79 million. This notable increase in value places TRON at the #11 spot on CoinMarketCap, boasting a live market capitalization of approximately $9.69 billion. The circulating supply of the coin stands at a significant 88.17 billion TRX coins, underpinning its robust market presence.

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

TRON TRX Price Prediction: Technical Outlook

TRON’s market dynamics are currently orbiting a pivot point at $0.10546. This level is crucial as it acts as a juncture, determining the asset’s short-term directional bias. The immediate resistance for TRX is pegged at $0.11015, followed by higher resistance levels at $0.11369 and $0.11827. The ability of TRON to breach these levels will be instrumental in sustaining its recent bullish trend. On the flip side, the support levels at $0.10203, $0.09745, and $0.09286 are equally significant, as they provide crucial buffers that could prevent potential declines in its value.

 

The Relative Strength Index (RSI chart) for TRX/USD, currently at 56, suggests a moderate bullish sentiment, steering clear of the overbought zone. This is indicative of a growing positive momentum without reaching extremes that often signal a reversal. The Moving Average Convergence Divergence (MACD chart) also reinforces this sentiment, with a value of 0.00002606 compared to its signal line at -0.00005336, hinting at a potential shift towards upward momentum.

 

An important aspect of TRON’s current trajectory is its recovery from the 61.8% Fibonacci retracement level near $0.1070. This rebound is a significant indicator of TRX’s resilience. However, TRON now faces a major challenge at the 38.2% Fibonacci level, which has transformed from a support to a resistance level. Crossing this threshold at $0.1110 is vital for TRX, as it could catalyze further buying interest and solidify its upward trend.

 

In summary, TRX is showing signs of a bullish trend, especially if it manages to stay above the critical level of $0.1110. The interplay of the RSI, MACD, and key Fibonacci levels presents a complex yet optimistic picture for TRON. Its ability to break through the current resistance levels will be crucial in determining its market movement in the near future. Traders and investors in TRX will have to keep a close eye on these technical indicators and market patterns, as they will play a significant role in shaping TRON’s journey in the volatile world of cryptocurrencies.

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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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