[](/u/altFINS/)
TRX: Bullish Flag
[BINANCE:TRXUSDT](/symbols/TRXUSDT/)TRON / TetherUS
TRON (TRX) technical analysis:
Trade setup: A rare asset that’s remained in an uptrend despite the overall market correction, signaling robust demand from buyers.Price broke bullishly out of an Ascending Triangle pattern, which is a sign of an Uptrend.Price got overbought RSI ~ 80 and pulled back near $0.073-$0.075 support, which could be a potential swing entry with upside potential to $0.09.After a sharp move up, price is consolidating in a Bullish Flag pattern, which typically resolves with a breakout in the direction of existing uptrend.
Pattern: Bullish Flag pattern.
Short term small rectangle trading range between diagonal parallel lines.
It moves counter to the prevailing price trend observed in a longer time frame on a price chart.It forms typically following a sharp advance and often indicates a small change in direction (or areas of consolidation) before the previous trend resumes.Flag pattern is among the most reliable continuation patterns that traders use because it generates a setup for entering an existing trend that is ready to continue.
Trade is initiated on a breakout, if it is in the same direction as the prevailing trend.Also, with bullish flag patterns, traders prefer a breakout with an increase in volume but it isn’t a must.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish).
Support and Resistance: Nearest Support Zone is $0.073, (previous resistance) then $0.065.
The nearest Resistance Zone is $0.080, then $0.090.
Trade setup: A rare asset that’s remained in an uptrend despite the overall market correction, signaling robust demand from buyers.Price broke bullishly out of an Ascending Triangle pattern, which is a sign of an Uptrend.
Price got overbought RSI ~ 80 and pulled back near $0.073-$0.075 support, which could be a potential swing entry with upside potential to $0.09.After a sharp move up, price is consolidating in a Bullish Flag pattern, which typically resolves with a breakout in the direction of existing uptrend.
Pattern: Bullish Flag pattern.Short term small rectangle trading range between diagonal parallel lines.
It moves counter to the prevailing price trend observed in a longer time frame on a price chart.
It forms typically following a sharp advance and often indicates a small change in direction (or areas of consolidation) before the previous trend resumes.Flag pattern is among the most reliable continuation patterns that traders use because it generates a setup for entering an existing trend that is ready to continue.
Trade is initiated on a breakout, if it is in the same direction as the prevailing trend.Also, with bullish flag patterns, traders prefer a breakout with an increase in volume but it isn’t a must.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish).
Support and Resistance: Nearest Support Zone is $0.073, (previous resistance) then $0.065.
The nearest Resistance Zone is $0.080, then $0.090.
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