Will Tron (TRX) break past the short-term resistance trendline for an explosive end to 2024?
With a bullish recovery in the crypto market, Tron’s price action showcases a potential breakout rally ahead. It has seen a price jump of 22% over the past 30 days and the short-term correction hints at a massive reversal rally.
Will the potential momentum surge from the falling channel pattern breakout drive Tron to a new all-time high? Let’s find out.
TRX Price Analysis
The TRX price trend in the 4-hour chart showcases a falling channel pattern. With two parallel trend lines dictating Tron prices, the ongoing recovery marks a positive cycle within the channel.
As TRX recovers, buyers are on the verge of challenging the resistance trend line to give a breakout rally. The recovery run has broken above the 200 EMA line and the $0.25 mark. Currently, Tron is trading at $0.2568, with an intraday gain of 1.94%.
Furthermore, the recovery run has limited the chances of a death cross between the 50 and 200 EMA lines. Meanwhile, the 4-hour RSI line has exceeded the halfway level, signaling improved bullish momentum.
Tron Stablecoin Supply Hits $62B
Adding to the ecosystem’s bullish narrative, TRON’s stablecoin supply, led by USDT, stabilized at $62 billion. This reflects a balanced market and ecosystem maturity.
While USDT maintained a consistent supply with minimal fluctuations, other stablecoins like USDC, USDD, TUSD, and USDJ showed steady growth, highlighting the network’s stability and diversity. This suggests a mature market with fewer disruptions and stronger investor confidence.
Tron Price Targets
In case of a bullish breakout of the falling channel pattern, the TRX price trend will likely re-challenge its recently-formed 52-week high at $0.45. This reveals an upside potential of 75%. Meanwhile, for 2025 targets, the trend-based Fibonacci levels paint $0.54 as an optimistic target in January 2025.
On the flip side, a bearish reversal within the falling channel pattern could retest the $0.2251 support level.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/12/25/trx-analysis-will-tron-break-out-for-a-massive-2025-rally/?utm_source=rss&utm_medium=rss&utm_campaign=trx-analysis-will-tron-break-out-for-a-massive-2025-rally