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TRX/USD’s Tentative Ascent to 0.08920: A Technical Outlook

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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 19, 2023 | 2 min
Updated on Oct 19, 2023
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  • TRON witnesses a 1.00% rise, currently priced at $0.089178 with a market cap of nearly $7.93 billion.
  • Technical indicators lean bullish, with RSI at 61 and price above the 50 EMA; MACD suggests bearish undertones.
  • A looming double top at $0.08921 poses potential resistance, capping TRX’s upward potential.

In the ever-evolving sphere of cryptocurrency, TRON (TRX/USD) has recently been an emblem of subtle resilience. As of October 19, the digital asset exhibited a marginal but noteworthy uptick. While such transient movements are typical in the cryptoverse, the analytical depths reveal underlying patterns and indicators that can potentially foreshadow upcoming trajectories. This piece will delve into a comprehensive technical analysis of TRX/USD, scrutinizing key price levels, chart formations, and technical indicators.

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

TRON Price Prediction: Technical Outlook

A snapshot of TRON’s current position paints a detailed picture. Priced at $0.089178, it has observed a 1.00% increase over the past 24 hours, stemming from a trading volume of approximately $181.4 million. As it secures its place at rank #10 on CoinMarketCap, TRON boasts a market capitalization nearing $7.93 billion, propelled by an extensive circulating supply of almost 88.91 billion TRX coins. The exact total supply remains undisclosed.

 

Inspecting the 4-hour chart, we identify a slew of pivotal thresholds. The established pivot point for TRON resides at $0.08884. On its potential ascension, resistances await at $0.09077, $0.09289, and a more formidable one at $0.09509. Meanwhile, on the downside, the immediate bulwark stands at $0.08672, succeeded by further defenses at $0.08480 and a substantial one at $0.08264.

 

Venturing into technical indicators:

The Relative Strength Index (RSI) registers at 61, placing itself above the neutral 50 mark, signaling a bullish sentiment.

 

The MACD’s reading indicates a bearish trend, given the MACD line’s position below its signal counterpart.

Complementing this is the 50-Day Exponential Moving Average (50 EMA) which, with a value of $0.08754, positions TRON’s price above, thus underlining a bullish trend in the short-term context.

 

From a chart pattern perspective, a discernable double top at $0.08921 is currently capping TRON’s upward thrust.

In its entirety, TRON’s immediate trajectory leans bullish, contingent on it sustaining above the $0.08754 benchmark. However, the evident double top could pose as a potential impediment, warranting investor caution. A close eye will be essential in the coming days, as TRON may be gearing to contest its imminent resistance levels.

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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