• Tron price is in a multi-year bullish pennant setup, hinting at a massive uptrend.
  • A decisive move above the setup at $0.096 could trigger a 90% upswing to $0.185.
  • If TRX produces a weekly candlestick close below $0.055, it will invalidate the bullish thesis.

Tron price has been in a massively bullish continuation pattern since the March 2020 crash. As TRX coils up between two trend lines, a breakout to the upside could trigger a money-doubling move.

Tron price maintains its bullish momentum

Tron price crashed 56% in a single weekly candlestick in the second week of March 2020, which was a black swan event due to COVID. The weekly candlestick, however, recovered and closed at 0.010 after recovering.

Since this point, TRX has rallied 2,615% up to its all-time high at $0.181 in the second week of April. This massive upswing forms a flag pole, which is the most integral part of the bullish pennant setup that it is forming.

After an all-time high, Tron price slid into consolidation between two converging trend lines that can be drawn along the higher lows and lower highs. This coiling up forms the pennant. This technical formation forecasts a 92% upswing, obtained by measuring the flag pole’s height and adding it to the breakout point.

Assuming Tron price breaches the pennant’s upper trend line at $0.096, the target would be $0.185, which would be a new all-time high. This outlook, however, is on a weekly time frame, so the crash that BTC just went through last week does not seem to have a strong effect.

TRX/USDT 1-week chart

TRX/USDT 1-week chart

While things are looking optimistic for the so-called “Ethereum killer”, a sudden spike in selling pressure and increase in correlation to BTC could spoil that.

If TRX produces a weekly candlestick close below $0.055, it will invalidate the continuation pattern’s bullish thesis by producing a lower low. In such a case, Tron price could crash 31% to revisit the $0.0383.

 


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


Recommended Content

Editors’ Picks

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?  

More Litecoin News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.

More Bitcoin News
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.

More Cryptocurrencies News
Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.

More Bitcoin News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP