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TRX/USD Targets $0.0990: Technicals 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 November 02, 2023 | 2 min
Updated on Nov 02, 2023
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  • TRX/USD has marked a 3.54% increase, trading at $0.100846 with bullish indicators.
  • Technical analysis reveals immediate resistance at $0.1026, and potential upward movement.
  • Short-term outlook remains bullish above $0.0990, with targets set at $0.1062 and $0.1096.

As TRX/USD navigates the ever-evolving digital currency landscape, it sets its sights on a key target of $0.0990. Current technical indicators align to signal a bullish trend, painting an optimistic forecast for the asset’s trajectory. Investors and traders alike are closely monitoring the momentum, anticipating a decisive move that could reinforce TRX’s position in the cryptocurrency market.

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

TRON Price Prediction: Technical Outlook

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.

 

In the dynamic world of digital currencies, TRX/USD has emerged as a focal point for investors and traders alike. As of November 02, TRON’s (TRX) valuation has witnessed a commendable upswing, with the current price perched at $0.100846. The cryptocurrency has registered a 3.54% increase within the last 24 hours, catching the attention of market participants. The present CoinMarketCap ranking at #10, backed by a live market cap of $8,953,366,802 and a circulating supply of 88,782,197,079 TRX, is indicative of the asset’s robust standing in the crypto ecosystem.

 

On a 4-hour chart timeframe, key price levels have been meticulously delineated. The pivot point stands at $0.0990, with immediate resistance observed at $0.1026. Further resistance points are identified at $0.1062 and $0.1096, while immediate support hovers around $0.0968, followed by subsequent support levels at $0.0933 and $0.0911.

 

Delving deeper into the technical indicators, the Relative Strength Index (RSI) presents an intriguing picture with a reading of 84. This suggests that the asset is in overbought territory, often a precursor to a potential price pullback. The Moving Average Convergence Divergence (MACD), another crucial indicator, is showing a bullish trend without divulging specific values. The 50-Day Exponential Moving Average (EMA) is at $0.0954, with the price floating above it, signifying a short-term bullish trend.

 

The chart patterns reveal a narrative of their own. A specific pattern, such as a symmetrical triangle or an upward channel, coupled with candlestick analysis, points towards a bullish momentum as the asset has broken above the pattern.

In conclusion, the overall trend for TRX/USD can be characterized as bullish, especially if the price remains steadfast above the pivot point of $0.0990. In the short term, market participants can anticipate TRX testing the resistance at $0.1026, with a potential to scale even higher towards $0.1062 and $0.1096 in the ensuing days.

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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