|

TRON Price Prediction: TRX buyers hold off the bears but not for long

  • TRON price shows a descending triangle formation on the weekly chart with the possibility of a 60% move.
  • A minor rally seems plausible before TRX bears take control and kick-start a 23% crash.
  • A daily candlestick close above $0.0720 will invalidate the bearish thesis.

TRON price is in a multi-year pattern with serious bearish implications. This pessimistic outlook, however, is not written in stone and could change if buyers come in at the right time.

TRON price fends off bear attacks

TRON price seems to be holding up well over the last three weeks as it has rallied 6%. This outlook is far better than most altcoins which have followed Bitcoin’s footsteps and crumbled. As mentioned in previous articles, a bounce off the descending triangle’s lower trend line at $0.0581 could result in a TRX price rally to $0.0720.

This move would constitute a 24% upswing and allow market makers to collect liquidity above $0.0720. So far, this outlook seems to be going well and investors can expect TRX price to continue its ascent toward equal highs.

A rejection is highly likely if the market outlook does not improve. But a decisive weekly candlestick close above the hypotenuse of the descending triangle at roughly $0.0720 could trigger an extension of the bullish move to the immediate hurdle at $0.0879. 

TRX/USDT 1-day chart

TRX/USDT 1-day chart

While things are looking up for TRON price, a breakdown of the $0.0581 support floor will invalidate the bullish thesis and trigger the descending triangle’s bearish outlook. In such a case, TRX could slide lower and retest the $0.0450 support level. A spike in selling pressure could knock TRON price down to $0.0237.

Note:

The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence TRON price.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.
Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations
Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.
Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets
Crypto traders betting on higher prices had about $1.29 billion in positions forcibly closed over the past 24 hours, as the selloff following Binance’s security breach pushed bitcoin, ether and smaller tokens lower. Total liquidations reached $1.53 billion by Friday morning in Asia, according to CoinGlass. Long positions, bets that prices would rise, accounted for 83.8% of the total.
Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach
Cryptocurrency prices are on edge on Friday, with Bitcoin (BTC) delicately holding onto a short-term $78,000 support, Ethereum (ETH) edging lower near $2,200 and Ripple (XRP) attempting a recovery above support established at $1.20. The cooldown follows Binance, the largest crypto exchange, after it reported a hack that impacted about $6.3 billion.
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.