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TRX/USD Eyes $0.13 Amid Market Optimism

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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 February 08, 2024 | 2 min
Updated on Feb 08, 2024
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  • TRX/USD shows robust growth, signaling bullish momentum above key support levels.
  • Immediate resistance and support levels highlight potential for further gains or retracements.
  • Technical indicators, including RSI and MACD, support a bullish outlook for TRX in the short term.

In the realm of Daily-Crypto discussions, TRON (TRX) has recently emerged as a notable player, showcasing a 1.30% increase in the last 24 hours, with its price reaching $0.124535. This upward movement is backed by a substantial trading volume of $311,810,717, underscoring a growing investor interest. TRON’s market cap stands impressively at $10,970,880,346, securing its position as the 12th ranked cryptocurrency in terms of market capitalization. The current circulating supply of TRON is an immense 88,094,724,357 TRX.

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

TRON Price Prediction: Technical Outlook

The TRX/USD pair’s technical landscape on the four-hour chart is at a decisive juncture, with a pivot point precisely marked at $0.12461. This critical level delineates the immediate path for TRX, offering insight into potential short-term movements. Resistance levels are clearly defined at $0.12986 and $0.13511, presenting notable hurdles that, if overcome, could signal a continuation of TRX’s bullish trajectory. A subsequent resistance at $0.12166 further outlines the zones where sellers might regain control, although this figure appears to be an oversight, as resistance levels should sequentially increase.

 

On the support side, $0.11641, $0.11346, and $0.10820 stand as essential barriers against potential pullbacks, ensuring that any bearish reversals are cushioned at these predefined points. These support levels are crucial for maintaining the current bullish momentum and preventing significant downturns.

 

The Relative Strength Index (RSI), positioned at 69, hovers near the threshold of overbought territory, suggesting an intensified buying pressure that could propel TRX’s price further. Concurrently, the Moving Average Convergence Divergence (MACD) indicator, with a positive value of 0.00026 against a signal line at -0.00021, echoes a bullish sentiment, forecasting an upswing in momentum.

 

An upward trendline, as indicated in the chart, robustly supports TRX above $0.12095. The appearance of a doji candlestick pattern around this level implies indecision but also the potential for a bullish reversal, given the prevailing trend. This bullish inclination is seemingly endorsed by the 50-Day Exponential Moving Average (EMA), erroneously noted at 0.01192, which in context suggests a foundational support for TRX’s price.

 

Conclusion: TRX’s market posture leans decidedly bullish, with a promising outlook if it sustains above key support thresholds. A close above the $0.12986 resistance could catalyze a rally towards $0.13511, marking a significant bullish breakout with a potential target figure of $0.13511 in the near term.

Stay tuned for more updates!

author
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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