Can Tron price buck the bearish trend with its bullish setup
- Tron's price is on the multi-year bull pendulum, indicating a huge uptrend.
- A decisive move above the 9 0.096 setup could lead to a 90% increase to $ 0.185.
- If TRX makes a weekly candle around $ 0.055, it will discard the bullish thesis.
Price Tron has been on a massive uptrend since the collapse in March 2020. When the TRX curls up between two trendlines, a flash can double the money.
Tron costs maintain bullish momentum
In the second week of March 2020, the price of Tron dropped by 56% in a weekly candlelight vigil , which was a black swan incident due to COVID. However, the weekly candlestick closed at 0.010 after the rebound.
Since then, the TRX has risen a maximum of 2.615 % to 0.181 in the second week of April. This unprecedented emergence forms the flagpole, the most integral part of the bull pennant that forms it.
After the daily high, the price of the tron slips into a merger between two downward lines that can be drawn along the high low and low high. This fold forms a pennant. This technical structure predicts a 92% increase, which is obtained by measuring the height of the flagpole and adding to the break point.
Tron price crosses the top penny trendline at $ 0.096, targeting $ 0.185 which will be a new all time high. However, this forecast is calculated on a weekly basis, so the fall that BTC experienced last week does not seem to have a strong impact.
TRX / USDT 1 week chart
While things may seem optimistic for the so-called "etherium killer", a sudden increase in selling pressure and an increase in the BTC ratio could ruin it.
If the TRX produces a weekly candlestick of around $ 0.055, it will discard the bullish thesis of the continuity model and create a lower minimum. In this case, the price of the tron can be reduced by 31% and the correct 0.0383.
The information on this site contains far-sighted statements involving risk and uncertainty. The markets and materials profiled on this page are for informational purposes only and should not be construed as a recommendation to buy or sell these assets in any way. You must do your own thorough research before making any investment decision. FXStreet does not in any way guarantee that this information is free from errors, omissions or significant distortions. It does not guarantee that this information is timely. Investing in the open market involves a high level of risk, including complete or partial loss of your investment and emotional distress. You are responsible for all risks, losses and costs related to the investment, including the total loss of capital. The opinions and opinions expressed in this article do not reflect the official policy or position of the authors and not necessarily those of FXStreet or its advertisers. The author is not responsible for the information found below the link on this page.
Unless otherwise stated in the article, the author has no interest in the stocks mentioned in this article at the time of writing and has no business relationship with any of the companies mentioned. The author did not receive any compensation for writing this article except FXStreet.
FXStreet and the author do not make any personal recommendations. The author makes no representations about the accuracy, completeness or appropriateness of this information. FXStreet and the author are not responsible for any errors, omissions or damages, injuries or damages arising from the display of this information and its use. Errors and omissions.
The author and FXStreet are not registered investment advisors and nothing in this article is intended as investment advice.