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TRX Price analysis

TRON (TRX) Price Analysis: Bullish Structure Signals Possible 450% Surge Ahead

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Key Takeaways:

  • TRON continues to respect its long-term rising trendline, showing strong bullish structure since 2020.
  • A breakout above minor resistance hints at fresh support forming, often a sign of further upside.
  • TRX remains bullish as long as it stays above $0.21 and the trendline, limiting downside risk.
  • The path toward the $1.11 target stays on track, with potential for up to 450% more upside.

TRON (TRX) continues to build on its strong bullish foundation, respecting a rising trendline that has been intact since 2020. This long-term technical strength is now being reinforced by a recent attempt to break above a minor resistance level, a key move that could convert former resistance into fresh support. This classic breakout setup is often a precursor to significant upside momentum.

The bullish structure remains intact as long as the price stays above the critical support levels of $0.21 and the ascending trendline. Holding these zones keeps TRX on track for further gains and limits downside risk, strengthening the case for a sustained rally.

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TRON (TRX) Price Analysis: Bullish Structure Signals Possible 450% Surge Ahead 3

As of now, TRX is trading at $0.25617, up 3.92% in the past 24 hours. The asset has recorded a 24-hour trading volume of $1.76 billion, with a market capitalization of $24.33 billion. These figures reflect increasing interest and growing market confidence in TRON’s continued ascent.

TRON’s Path to $1.11 Gains Traction

Moreover, looking at the larger timeframe, Javon Marks recent technical insights highlighted that, TRON (TRX) still appears to be on a clear path toward its long-standing price target of $1.11. The analyst emphasized that TRX’s price action continues to align with the projected trajectory since its breakout.

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So far, TRX has already delivered nearly +300% gains from its earlier breakout levels. Yet, momentum shows no signs of slowing down, with technical projections suggesting there may still be up to +450% additional upside potential before reaching the $1.11 milestone. This bullish outlook adds further weight to TRON’s current trend, as investor sentiment remains firmly positive.

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TRON (TRX) Hits New High with Double-Top Pattern, Bearish Signals Emerge

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  • TRON’s double-top pattern and high selling volume suggest a potential reversal as it trades near all-time highs.
  • Spike in bearish volume on August 21 indicates mounting selling pressure, hinting at a possible price pullback.
  • Lack of strong buying volume dampens bullish momentum, signaling caution for near-term Tron (TRX) traders.

TRON (TRX) made a new price high and has formed a technical formation known as a double-top. This pattern familiar in technical analysis is usually used to predict a trend reversal when an asset reaches its top. The double-top has drawn the focus of the traders since Tron is currently trading near the all-time high level.

In the recent X post, Alan Santana revealed that on August 21, TRON had a significant spike in the selling volume, which is one of the most important signs of market pressure. Such an increase in trading volume with the prevailing bearish pressure suggests that TRX may be on its way to a retracement. 

Lack of Buyer Interest in Tron

Normally, a high price volume bearish indicates that the upward momentum may be losing steam and therefore a downward trend may be in the offing. While its timing is still unknown, experts believe this decline might be experienced in the coming weeks or months, and current trends appear to be trending downwards.

Compounding this fear is the absence of strong buying volume, which usually is a sign of buyer’s comfort and price rise. In a bullish market, a spike in green (buying) volume is usually seen before a long lasting increase which is not something that is reflected in TRX’s trading activity at the moment. 

Cautious Tron Market Outlook

The lack of significant buying interest add to this cautionary note and indicates that near term upside may be moderate. At the time of writing, TRX is trading at  $0.1641, which is a 2.02% drop in the last 24 hours.

Some of the traders have also chosen the short position given the recent situations around TRX and the current price movements. The experts warn that such trades, especially those with leverage, are extremely risky and should be approached only by professionals. As with most things, leveraging could magnify losses, so this type of trading is not suitable for beginners.

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Source: Chart by Alan Santana

In the last couple of days, TRX’s price action and technical chart have suggested that the market is at the moment cautious. Given the current formation of the double-top and high selling volume to reverse the trend, those who are in the TRX trading should be cautious and watch for a change in trends. While waiting for further improvements in the situation the following factors suggest a pull back.

TRON (TRX) Faces Price Correction Alert Despite USDT Surge & Tech Wins

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TRON blockchain has garnered attention for its recent positive performance in industry reports. However, despite the optimistic outlook, market indicators are signaling a potential price correction looming on the horizon.

According to crypto analyst Ali Martinez analysis, the TD Sequential indicator on the TRX 3-day chart has issued a sell signal, suggesting an impending bearish trend that could persist for three to twelve days. This sentiment is further reinforced by a notable divergence between the TRX price and RSI, indicating a weakening momentum aligning with an anticipated bearish trajectory.

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Source: X

While TRON’s market performance faces the prospect of a correction, recent data from Messari highlights the increasing prominence of USDT within the TRON network. In the fourth quarter, USDT volume on TRON surged by 11%, cementing the blockchain’s position as a major hub for stablecoins, with nearly half of all issued USDT circulating within its ecosystem.

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Moreover, reports from DefiLlama underscore TRON’s dominance in the stablecoin arena, with USDT accounting for 95.59% of the total stablecoin market cap on the network and commanding approximately 71% of global stablecoin circulation.

The resilience and progress of TRON stem from its continuous focus on infrastructure and technological enhancements, bolstering its standing in the blockchain landscape. Key features such as the Delegated-Proof-of-Stake (DPoS) mechanism and TRON Virtual Machine (TVM) contribute to its scalability and adaptability, while a substantial Token Value Locked (TVL) reinforces its position as a frontrunner in blockchain innovation.

Meanwhile, insights from Reflexivity Research highlight TRON’s leadership in active account metrics, including wallet and contract accounts, underscoring its widespread adoption and engagement. With an average of 1.9 million daily active accounts, TRON leads among layer-1 blockchains, affirming its significance in the crypto sphere.

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TRX Price: Potential Correction Amid Bullish Sentiment

Despite these positive developments, TRON’s native token, TRX, faces the prospect of a price correction, as indicated by the TD Sequential indicator and RSI divergence. Coincodex’s current TRON price prediction anticipates a decrease of -10.31% with TRX expected to reach $0.108775 by February 10, 2024. Nonetheless, current sentiment remains bullish, with a Fear & Greed Index reading of 64 (Greed).

Recent market activity reflects a tug-of-war between bulls and bears in the TRXUSD market. Following a bounce back from the intra-day low of $0.1179, bullish momentum propelled TRX to a 24-hour high of $0.1246, resulting in a 2.28% increase from the support level.

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TRON (TRX) 24-Hours Chart | Source: CoinMarketcap

Despite short-term fluctuations, TRON has demonstrated resilience and growth over time. Over the last 30 days, TRX has surged by 17.65%, while the medium-term trend witnessed a 25.05% increase in the last 3 months. Looking further ahead, TRON’s long-term trajectory remains positive, with a remarkable 91.49% price change over the past year, showcasing its enduring appeal to investors and enthusiasts alike.

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