TRON reaches a milestone as it hits a 1000-day high
In 2024, TRX price has surged by nearly 30% on the weekly chart, showing four consecutive bullish weekly candles.
This upward movement led to a breakthrough of the resistance level and the price reached a high of $0.132 today. This marks the highest price in over 1000 days, precisely since May 2023. However, TRX still has one more resistance level to overcome before reaching its all-time high.
Source: TradingView
The Weekly Relative Strength Index (RSI) is giving bullish signals, with an upward trend and a recent rise above 70. These indicators suggest a continued uptrend.
Analysts optimistic about TRON’s future
Traders and analysts on Platform X are expressing positive sentiments about TRON’s prospects.
MammonnTrading posted a TRX chart, stating that it is one of the most promising cryptocurrencies and predicting further growth:
TRX/USDT weekly chart. Source: X
“It’s interesting how there is little to no mention of Trx despite this graph being incredibly impressive. It has been performing exceptionally well since November 22 while the rest of the market was struggling. There’s only a 40% increase left to reach its historical peak,” writes Mammon.
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TRX forecast: anticipating new highs
The daily timeframe aligns with the coin’s upward trajectory.
Price dynamics reveal that TRX has been consistently rising along an ascending support line since December 2022. Furthermore, a steeper ascending support line formed on the chart in September 2023.
Elliott wave analysis suggests that this steeper line may represent the third wave in a five-wave upward movement.
Based on a projected first to third wave ratio of 1:1.61, the price could potentially reach $0.140, which is 10% above the current price. This would bring TRX closer to its 2021 peak of $0.181.
Source: TradingView
Despite the bullish outlook, a sudden pullback from the current levels could result in a 15% drop to the rising support line at $0.110.
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