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TRX/USD Eyes $0.13, Bullish Momentum Builds

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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 13, 2024 | 2 min
Updated on Feb 13, 2024
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  • TRX’s current price of $0.125242 shows a 0.92% increase, with a trading volume of $277 million in the past 24 hours.
  • Key resistance and support levels indicate a bullish trend, supported by a 50-day EMA and an RSI of 60.
  • The market cap of TRX is approximately $11.03 billion, ranking it 12th, with a circulating supply of nearly 88.08 billion tokens.

In the ever-evolving landscape of cryptocurrency markets, TRON (TRX) has recently caught the eye of investors, showcasing a modest yet promising increase in its value. With a current trading price of $0.125242, TRX has experienced a 0.92% uptick in the last 24 hours, suggesting a burgeoning interest among the Daily Crypto trading community. This interest is not unfounded, as the asset’s technical indicators and market dynamics hint at a potential upward trajectory.

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

TRON Price Prediction: Technical Outlook

As of today, TRON’s market presence is significant, holding the 12th spot in the CoinMarketCap rankings with a live market capitalization of approximately $11.03 billion. This valuation stems from a circulating supply nearing 88.08 billion tokens, underscoring TRON’s substantial footprint in the crypto market. With a trading volume surpassing $277 million in just 24 hours, the liquidity and investor engagement with TRX are palpable.

Delving into the technical analysis, TRX is currently finding support just above the $0.1250 level, a crucial threshold that is bolstered by an emerging trendline observable on the four-hour chart. This support is further reinforced by the 50-day exponential moving average (EMA) at $0.12276, indicating a solid buying trend. Resistance levels are mapped out at $0.12916, $0.13351, and $0.13936, with each barrier representing a potential pivot point for TRX’s price action.

The Relative Strength Index (RSI) stands at 60, a figure that signifies growing momentum without veering into overbought territory. This balance suggests that there is room for upward movement before TRX encounters significant selling pressure. Additionally, the observed chart patterns, including an outward trendline and supportive EMA dynamics, hint at a bullish outlook for TRX in the near term.

In conclusion, TRX’s current technical posture is cautiously optimistic, with key indicators and market dynamics suggesting a continuation of its upward trajectory. As it stands, TRX’s bullish momentum is conditional on maintaining support above the $0.12276 mark, a critical juncture that could dictate its short-term direction.

Conclusion: TRX’s outlook remains bullish, contingent on support above $0.12276.

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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