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TRX/USD Holds Steady at $0.1048, Awaits Breakout

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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 December 12, 2023 | 2 min
Updated on Dec 12, 2023
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  • TRON’s market cap nears $9.28 billion, ranking 11th as it trades at $0.104859.
  • Technicals show TRX at a critical juncture with neutral RSI and slight bearish MACD signals.
  • A symmetrical triangle pattern hints at a potential breakout as TRX tests pivotal support and resistance levels.

TRON (TRX/USD), the digital asset that has been garnering attention for its ambitious blockchain infrastructure projects, is currently trading at $0.104859. With a 24-hour trading volume that’s north of $305 million, TRX has nudged up by 0.54%. It now holds the 11th spot in the cryptocurrency market rankings, with a live market cap just shy of $9.28 billion, supported by a circulating supply of over 88 billion coins.

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TRX coin
TRX/USD Price Chart – Source: Tradingview

TRON Price Prediction: Technical Outlook

The 4-hour chart timeframe provides a granular look at TRON’s performance, revealing critical price levels that could dictate the asset’s short-term future. The pivot point is at $0.1038, a level that’s holding as a foundational price for TRX/USD. The asset faces immediate resistance at $0.1064, and should momentum build, it could challenge further resistance at $0.1108 and even $0.1135. Conversely, should the bears wrest control, Tron could slide to immediate support at $0.0994, with further downside supports waiting at $0.0967 and $0.0940.

The Relative Strength Index (RSI) for TRON sits at 47, reflecting a neutral market that is neither overbought nor oversold. This suggests that investors and traders are on the lookout for a decisive move that could set the direction for TRX’s next significant trend. The Moving Average Convergence Divergence (MACD) offers a slight bearish signal with a value of -0.0003624, just below the signal line, indicating that downward pressure has been the recent theme, albeit with a minimal edge.

The 50-Day Exponential Moving Average (EMA), at $0.1053, flirts with the current price, suggesting a tussle between bulls and bears. The chart showcases a symmetrical triangle pattern, with Tron finding support at $0.1019 and facing resistance at $0.1085. This pattern is typically indicative of a consolidation phase that precedes a breakout.

With these technical signals in mind, the forecast for TRON remains cautiously bearish below $0.10604 but neutral to bullish above it. The proximity of the RSI and the MACD to their respective threshold levels, along with the price’s dance around the 50 EMA, indicate a market on the verge of making a more definitive move.

In the days ahead, market participants will be closely monitoring TRX/USD as it teeters on the edge of this technical precipice. The asset’s ability to sustain above the symmetrical triangle’s support level might encourage bulls to aim for the immediate resistance levels. However, a drop below could confirm the bearish outlook and press Tron to seek lower support levels. The crypto market’s inherent volatility underscores the need for vigilance as these scenarios play out.

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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