- TRX is showing a bullish flag pattern on the daily chart, a strong continuation signal that often precedes significant upward movement.
- Analysts highlight a key trade setup and targets at $0.41, $0.44, and $0.50.
- A confirmed breakout above resistance could trigger renewed investor interest and strong buying pressure in the altcoin market.
Tron (TRX) has just given a signal of a bullish reversal, and this has raised the interest of investors. Analysts at X highlighted that this signal appears when the environment reaches new highs; as TRX does not reach the highest levels yet, a strong reversal is expected. Both trader and investors are closely watching this coin for a recovery from the recent losses due to market volatility.
At the time of writing, TRX is trading at $0.2677 with a trading volume of $633.12M in 24 hours and a market capitalization of $25.39B. The TRX price over the last 24 hours and the last week is exhibiting a decline in price, but over the last month, its price is up by 9.67% and serves to form a sturdy foundation for the next major bull run.
Source: CoinMarketCap
TRX Eyes $0.50 as Bull Flag Takes Shape
A prominent crypto analyst highlighted that TRX is on the radar of technical analysts as it appears to be printing a bullish flag pattern on the daily time frame, which generally precedes a significant upward price movement. According to ChartMind analyst @Neurashi, this pattern denotes consolidation after a strong rally and may be coiling for another move higher.
The recent rise formed the flagpole, with price action marking time in a constricting range that mimics flag formation. A bull flag is a continuation pattern, and when formed on higher time frames such as the daily chart, it can really support the move of the prevailing trend.
Source: X
ChartMind believes that $TRX is already at its upper boundary of the flag, with a breakout above resistance probably inducing a wave of buying pressure. The trade setup is quite simple: enter at the market price, place a stop-loss at $0.35, this would control downside risk, and have multiple price targets priced at $0.41, $0.44, and finally $0.50, which represents another key psychological level.
However, traders must remain cautious and apply great risk management strategies. If $TRX moves below its key support level, then the bull flag would be invalidated and should lead to further downside, presumably. As always, it is very important to use a stop-loss and size positions according to individual risk tolerance. For now, TRX is being watched, and if the flag breaks as expected, the move could be swift and substantial.
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