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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Why Tron’s 20% One-Week Climb Is Just The Start Of Extended Uptrend

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
tron start trx crypto altcoin

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Bitcoin and major altcoins have been breaking out all across the crypto space. Several other top altcoins across the top 100 by market cap also saw strong rallies, but a handful of top altcoins like Tron and Litecoin have lagged behind.

Chart patterns had shown similar price action as other alts ahead of major breakouts, and finally, Tron has followed suit and surged by 20% over the last week. Indicators are confirming the breakout, and potentially signaling that the asset’s uptrend is only just getting started. Will Tron continue to climb from here and catch up to the rest of the altcoin space?

Tron Rallies 20% Week-Over-Week, But Can Bulls Keep The Momentum Going?

Tron was one of the big winners of the crypto hype bubble in 2017, much like many other top altcoins. The polarizing token fronted by Justin Sun is both loved and hated by the crypto community, but still shocked the world when it suddenly rallied 15,000% in a single month

The altcoin grew from just a fraction of a penny per TRX token to well over 30 cents a token at the high. Like all altcoins, Tron fell by 90% or more when the crypto bubble popped and capital began pouring back out of these illiquid assets.

trx tron usd

TRXUSD Monthly Price Chart | Source: TradingView

A bear market followed, keeping Tron from ever revisiting those highs, and falling deeper and deeper toward its eventual bottom – currently set at back under a penny per TRX.

Since the Black Thursday collapse, Tron has recovered back to nearly 3 cents but has a long way to go before it returns to all-time high prices.

But after a 20% gain this week, Tron may be gearing up for an extended recovery, and a trend measuring tool gives that theory plenty of credence.

Average Directional Index Says Altcoin’s Uptrend Has Legs, Ready To Run

Brutal selling and even worse sentiment took Tron down to lows, but as positivity and profits return to the crypto market in a major way, even Tron, XRP, and other lagging altcoins are starting to perform.

The cryptocurrency market as a whole is up over 80% in 2020, and starting to trend upwards in Google once again.

Related Reading | Crypto Is Up Over 80% in 2020—and Google Users Are Taking Notice

The positive momentum and uptrend are now spilling into Tron, according to the Average Directional Index. The trend strength measuring indicator says that trends are becoming strong enough to sustain once they reach a level of 20 or higher.

Ahead of Black Thursday, even though Tron was trading at a similar level, the ADX wasn’t ready to back up the momentum. Bulls have since regained control, as indicated by the green Directional Movement Indicator passing above the red line.

tron trend strength indicator

TRXUSD Monthly Price Chart | Source: TradingView

The black line represents the ADX itself, breaking above the key level of 20 and getting ready to rise. High timeframe resistance is being penetrated just as the uptrend is picking up steam, suggesting that the resistance will soon break, and Tron will propel higher.

How high it will go is anyone’s guess. The asset will have resistance to deal with around ten cents, then again at its former all-time high. If Tron can break those, price discovery and a new record are possible.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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