• TRON price only 5% away from the 2018 all-time high at $0.100.
  • Volume running more than double the daily average.
  • Delicate decision facing traders today.

TRON price putting pressure on the bulls to decide between capturing a 50% gain today or waiting to see if it has the momentum to test the all-time high. Simply, risk a reversal for an extra 5%?

TRON price in the blow-off phase

For consecutive weeks this month, TRX failed to overcome the topside trend line’s resistance from August 2020 through the February high at $0.067. This week is a different story as the digital token has quickly cleared the displayed trend line and rallied through the 0.786 Fibonacci retracement of the 2018-2020 bear market at $0.080 and the highest weekly close in 2018 at $0.088. 

At the time of writing, TRX is not showing signs of exhaustion, and it MAY hit the all-time high today or this week. However, it is essential to underscore that this is the blow-off move for the 2021 rally, and traders should be preparing to lock in gains.

The only clear upside target is the all-time high at $0.100.

TRX/USD weekly chart

TRX/USD weekly chart

As with all trading opportunities, downside protection is critical, and traders should plot the highest weekly close of 2018 at $0.088 to start. If that fails to hold, TRX will crumble to the 0.236 Fibonacci retracement of the 2021 rally at $0.074. The topside trendline is the next support level, currently at $0.068, followed by the 0.382 retracement level at $0.065.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu enters 96% bull run as whales continue accumulating SHIB

Ethereum whale bought $11.5 million worth of SHIB tokens on Tuesday. Shiba Inu token has reached 783,739 holders, large wallet investors accumulate SHIB tokens through the dip. SHIB was briefly the cryptocurrency with the largest turnover on exchanges Binance and Coinbase on Monday.

More Shiba Inu News

Three reasons why MATIC price will breakout to a new all-time high at $4.5

MATIC price breached a crucial resistance level that has prevented it from rallying four times over the past four months. The recent attempt seems to have an extra oomph behind it, hinting that this run-up could trigger a massive move.

More Polygon News

XLM price eyes 55% breakout if Stellar bulls can flip one crucial barrier

XLM price has been stuck trading under a crucial blockade for nearly five months. The situation is set to change soon, however, as Stellar coils up for an explosive breakout.

More Stellar Lumens News

Terra's Do Kwon files lawsuit against SEC while analysts turn bullish on LUNA

Do Kwon, Terraform Labs CEO, was served a subpoena by the SEC while appearing at Messari's Mainnet conference. According to Do Kwon and Terraform Labs' lawsuit against the SEC, the regulatory agency lacks jurisdiction over the plaintiffs. 

More Terra News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast