- TRON price seems to be avoiding the descending triangle’s bearish setup as it bounces off a stable support level.
- Investors can expect a bullish week with at least a 20% run-up to $0.072.
- A daily candlestick close below $0.0581 will invalidate the bullish outlook for TRX.
TRON price has been hovering inside a bearish setup that forecasts a massive crash. However, due to the latest developments, things are starting to flip bullish. One such significant move was TRON founder Justin Sun’s acquisition of a 60% stake in Huobi exchange.
After the collapse of the Terra-LUNA ecosystem, many founders like FTT’s Sam Bankman-Fried and TRON’s Justin Sun have been on a shopping spree, bailing out failing platforms or acquiring stakes in the industry.
This move from Justin Sun seems to have triggered a reversal for the TRX token, as it is up 6% from the recent encounter with a stable support level. Going forward, investors can expect a continuation of this outlook as crypto markets flip bullish.
TRON price turns over a new leaf
TRON price has dropped roughly 65% from its 2021 high around $0.1800 and is currently hovering $0.0623. In roughly one and a half years that took TRX to come to this level, it has set up four lower highs and four equal highs, which reveals a descending triangle setup when connected using trend lines.
This technical formation forecasts a 59% drop for TRON price if it breaks below the $0.0581 support level. The target is obtained by measuring the distance between the first swing high and the swing low to the breakout point.
However, TRON price seems to have found sidelined buyers as it retests the $0.0581 foothold, resulting in a 6% upswing over the last two weeks. Going forward, market participants can expect TRX to rally 20% and sweep the equal highs at $0.0720 for buy-stop liquidity.
TRX/USDT 1-day chart
On the other hand, if TRON price fails to stay continue its bullish ascent, things could suggest that the bears are in control. If TRX produces a daily candlestick close below $0.0581, it will invalidate the bullish outlook for TRX and trigger a 59% crash.
However, this sell-off could slowdown around the $0.0450 support level, allowing buyers to give the run-up another go.
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.
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.
Recommended Content
Editors’ Picks
Ethereum attempts recovery following first rate cut in four years
Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.
Bitcoin offers diversity for traditional investors: BlackRock
Bitcoin (BTC) is trading above $60,000 on Wednesday following the release of BlackRock's latest white paper, which addresses some of the top crypto assets' unique advantages to investors compared to traditional asset classes.
XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD
Ripple (XRP) shared details of its stablecoin project Ripple USD (RUSD) in a blog published on Tuesday. The cross-border payment remittance firm discusses relevant legislation and plans to support the digital asset economy through RLUSD.
Bitcoin traders keep powder dry ahead of Fed decision on interest rates
Bitcoin retraces slightly, trading above $59,000 on Wednesday, as crypto markets brace for the upcoming interest-rate decision by the US Federal Reserve, which is expected to lower interest rates for the first time in more than four years.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.