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The TRON price boldly overcomes trend line resistance

  • The TRON price is just 5% off its 2018 all-time high of $ 0.100.
  • The volume is more than twice as high as the daily average.
  • A delicate decision that traders are faced with today.

TRON price is putting pressure on the bulls to decide whether to make a 50% profit today or wait and see if it has the momentum to test the all-time high. Just risk a reversal for an additional 5%?

TRON price in the blow-off phase

In the following weeks of this month, TRX failed to break the resistance of the topside trendline from August 2020 to the February high of $ 0.067. This week is a different story as the digital token quickly cleared the displayed trendline and rebounded through the 0.786 Fibonacci retracement of the 2018-2020 bear market at $ 0.080 and the highest weekly closing price in 2018 at $ 0.088.

At the time of writing, TRX is showing no signs of exhaustion and could hit all-time highs today or this week. However, it is important to emphasize that this is the blow off process for the 2021 rally and traders should prepare to make a profit.

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

TRX / USD weekly chart

As with all trading opportunities, downside protection is vital and traders should plan the 2018 highest weekly closing price at $ 0.088 to get started. If not, TRX will fall back to the 0.236 Fibonacci retracement of the 2021 rally at $ 0.074. The topside trendline is the next level of support, currently at $ 0.068, followed by the retracement level of 0.382 at $ 0.065.

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