- 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
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.
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.