In 2024, the cryptocurrency Tron (TRX) has reached a significant milestone, climbing to its highest price point in more than 1,000 days. Demonstrating an exceptional growth trajectory, TRX has doubled its rate of growth compared to the past two years. In the current year alone, it has witnessed an impressive 30% increase, prompting questions about the sustainability of its upward trend.
Breaking Through Resistance
The bullish pattern is evident as TRX has recently formed four weekly bullish candles, propelling it beyond the long-standing horizontal resistance to a peak of $0.132. The cryptocurrency now confronts a solitary barrier en route to surpassing its historic maximum value. The climbing pattern of the weekly Relative Strength Index (RSI), a key momentum indicator, suggests continued dominance by buyers in the market.
RSI Signaling Strength
The RSI’s climb above the 70 mark and its continued ascent imply a robust bullish trend. Market analysts observe that an RSI above 50, coupled with an ascending direction, is a clear signal of a market in control of the bulls. This perspective is bolstered by the cryptocurrency community’s positive sentiment regarding TRX’s potential future movements.
Analysts Forecast Further Gains
A prominent analyst from MammonnTrading has highlighted TRX’s promising chart patterns, indicating an ongoing uptrend backed by the daily time frame and wave count. The price trajectory of TRX has been on an incline since December 2022, further steepening in September 2023. This pattern aligns with the Elliott Wave theory, suggesting the potential for a further increase to $0.140, inching closer to the peak of $0.181 seen back in 2021.
The momentum behind TRX appears to be building, with technical indicators and expert analysis predicting that the digital asset could approach record highs. As investor interest continues to grow, many are closely monitoring whether the current surge will propel TRX to new heights or if market corrections may emerge.