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TRX/USD Targets $0.0990: Technical Signal Bullish Trend

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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 October 31, 2023 | 2 min
Updated on Oct 31, 2023
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  • TRX/USD hovers at $0.096141, with a bullish trend evident in the 4-hour chart.
  • Technicals like RSI and MACD corroborate the bullish sentiment, despite RSI nearing overbought conditions.
  • An upward channel pattern hints at continued bullish momentum, with eyes set on the $0.0990 resistance level.

In recent trading sessions, TRON (TRX) has showcased a remarkable resilience, with its price currently hovering at $0.096141. The digital currency has seen a modest uptick of 1.87% within the last 24 hours, and as of this moment, it commands a trading volume of approximately $198.6 million. Holding the 10th spot on the CoinMarketCap rankings, TRON’s live market cap stands at an impressive $8.54 billion, backed by a circulating supply of nearly 88.8 billion.

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

TRON Price Prediction: Technical Outlook

The 4-hour chart serves as an insightful window into the short-term movements of TRX/USD. A critical metric to observe is the pivot point, currently located at $0.0933. This level acts as a barometer, delineating between the bullish and bearish realms. The immediate resistance level to watch is $0.0968, followed by $0.0990 and then $0.1026. On the flip side, should the bears gain an upper hand, immediate support is found at $0.0911, with subsequent floors at $0.0876 and $0.0854.

 

From a technical standpoint, the Relative Strength Index (RSI) paints an intriguing picture. Currently valued at 72, the RSI is slightly above the 70 mark, which traditionally indicates overbought conditions. However, it’s essential to remember that an RSI above 50 typically signifies bullish sentiment, while anything below 50 leans bearish. In TRON’s case, the current RSI leans more towards a bullish sentiment, albeit with caution given its proximity to the overbought territory.

 

The Moving Average Convergence Divergence (MACD) further solidifies the bullish narrative. While the exact values of MACD may not be the focal point, its trend certainly is. The MACD line’s recent crossover above the signal line indicates potential upward momentum, a sign that the bulls are firmly in control for now.

 

Another pivotal indicator is the 50-Day Exponential Moving Average (50 EMA). With TRX’s price slightly above the 50 EMA, currently at $0.0935, it hints at a short-term bullish trend. This affirmation is significant as it often serves as a dynamic support or resistance level, influencing the asset’s price movements.

 

In the world of chart patterns, an upward channel has been identified, further suggesting that TRX remains in a bullish phase. This pattern indicates that TRX has been making higher highs and higher lows, a classic sign of an upward trajectory. The implication of this pattern is clear: TRON has maintained its bullish momentum, at least in the short term.

To wrap up, the overarching trend for TRX/USD remains bullish, especially as long as it stays above the pivotal $0.0933 mark. In the short term, traders and investors can reasonably expect TRON to test the resistance at $0.0990, given the confluence of bullish indicators and patterns.

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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