In June, while Bitcoin and other cryptocurrencies experienced declines, TRON‘s price surged by 10%. This rally occurred with the support of a long-term ascending trendline, positioning TRX near its annual high. TRON’s strong performance amid market turbulence suggests that if the broader cryptocurrency market stabilizes, this trend could further strengthen. This raises the question: Will TRX reach a new annual high, and if so, how substantial might the increase be?
TRON’s Recent Performance
Since November 2022, TRX’s price has consistently risen along a long-term ascending support trendline. Recently, after rebounding in August 2023 and approaching historical highs in February, the price declined but returned to the trendline in June 2024. As of now, this trendline has been in place for 588 days.
Despite market corrections, TRX appears to be rebounding. As the price recovers, the Relative Strength Index (RSI) has bounced at the 50 level, and the Moving Average Convergence Divergence (MACD) is gradually turning upwards. TRX is nearing the $0.140 resistance area, aligning with its annual high.
TRON’s Potential Breakout from Bullish Pattern
The daily timeframe for TRX indicates a bullish outlook, forming the right shoulder of a head and shoulders pattern. A breakout above the neckline would confirm the upward trend, potentially leading to a new historical high of $0.158.
Daily RSI and MACD readings support this possibility. The indicators show bullish divergence, with both RSI and MACD reflecting this trend. Furthermore, the MACD has entered positive territory, while the RSI approaches the overbought level above 70.
Thus, daily price action and indicator readings suggest the potential for a new historical high. Wave analysis further supports the validity of this target.
TRX Price Prediction: Approaching a New Annual High?
Wave analysis indicates that TRX’s corrective phase might be concluding. According to the wave count, TRX may have completed the fourth wave of the anticipated five-wave upward cycle, with the fifth wave now underway.
Based on Fibonacci retracement levels, the peak of this rally could target $0.168. This target, derived from the 1.61 external Fibonacci retracement of the fourth wave, represents a potential 35% increase. While this would mark a new annual high, it remains below the all-time high of $0.18.
However, maintaining a bullish outlook depends on TRX holding above the critical support level of $0.110. A close below this point would invalidate the wave count, suggesting that TRON’s price is still in the fourth wave or undergoing a prolonged correction.
TRON Poised for Annual High
In June, TRON exhibited strong performance, achieving a 10% gain despite overall market adjustments. Indicators across various timeframes align. Both price action and indicators point to a bullish trend, which would be confirmed upon breaking above $0.130.
A new annual high is anticipated soon, with potential targets ranging between $0.154 and $0.168.
