Advertiser disclaimer

TRX/USD Sets Sights on $0.13 Amid Optimistic Trends

author
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.
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 06, 2024 | 2 min
Updated on Feb 06, 2024
Advertiser disclaimer
  • TRX’s notable market cap and volume highlight its robust presence in the cryptocurrency sector.
  • Technical analysis suggests TRX is primed for a potential rally towards the $0.13 mark.
  • Crucial $0.12131 price point identified as pivotal for determining TRX’s immediate bullish trajectory.

In the bustling arena of daily crypto trading, TRON (TRX) emerges with a subtle yet noteworthy performance, marking a slight increase of 0.09% in the last 24 hours to reach a price of $0.119491. With a trading volume that speaks volumes about its market presence — $235,582,315 to be exact — TRON stands as the twelfth largest cryptocurrency by market capitalization, amounting to $10,527,928,580. Its extensive circulating supply of over 88 billion TRX coins underscores its widespread adoption and liquidity in the crypto ecosystem.

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

TRON Price Prediction: Technical Outlook

In the ever-evolving landscape of cryptocurrency, TRON (TRX) price stands out in the latest 4-hour technical analysis, showcasing a pivotal movement with a current pivot point at $0.11642. This level not only signifies a foundation for TRX’s price action but also sets the stage for its next potential moves. The designated resistance levels at $0.12168, $0.12454, and $0.12990 delineate the critical thresholds that TRX aims to surpass in pursuit of bullish momentum. In contrast, the support levels at $0.11355, $0.10820, and $0.10534 are vital in buffering the asset against the inherent volatility of the crypto market, ensuring a degree of stability amidst fluctuating market sentiments.

 

The Relative Strength Index (RSI indicator), positioned at 67, edges close to overbought conditions, highlighting a robust buying interest that could push TRX’s value upward. However, investors are advised to proceed with caution, as this also signals the potential for a retracement. Meanwhile, the Moving Average Convergence Divergence (MACD indicator) presents a neutral outlook with its value at 0.00000 and a signal line at 0.00100, leaving room for a shift toward bullish momentum.

 

A noteworthy observation is the formation of a bullish engulfing candle pattern above the $0.12131 level on the 4-hour chart, suggesting a strengthening buying trend. This, along with the 50-day Exponential Moving Average (EMA indicator) at $0.11623, underscores a critical juncture for TRX. The alignment of these technical indicators points to a possible uptrend, particularly if TRX can maintain its position above the significant $0.12131 mark, offering a promising outlook for its near-term trajectory.

 

Conclusion: TRON (TRX) is poised for potential growth, with technical analysis indicating a readiness to challenge and possibly breach higher resistance levels, marking an optimistic phase for its market journey.

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.
Other categories