Tron (TRX) Leads The Crypto Market With 100% Rally To New ATH, $0.5 Next?

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As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the meteoric rise of Tron (TRX) has caught my attention. Having witnessed numerous bull and bear cycles, I’ve learned to remain cautiously optimistic about such dramatic price movements.

In simple terms, Tron (TRX) soared more than 100% within 24 hours, reaching an unprecedented peak (a new all-time high or ATH). This impressive increase sparked a positive mood among cryptocurrency investors and analysts, boosting expectations for even higher price goals.

Tron Hits New ATH After 7 Years

From my analysis perspective, Bitcoin (BTC) has been treading water within the $94,000-$96,000 price bracket, but it’s an entirely different story for some altcoins. Cardano (ADA), for instance, has regained the $1 milestone following a 200% rally, while XRP has broken through its $2.5 resistance level in a staggering 300% surge.

Yesterday saw a significant surge for TRX, the native token of the Tron Blockchain, rising an impressive 104% in one day and reaching a new all-time high (ATH) not seen in almost seven years. Starting from a daily low of $0.22, it climbed to touch $0.29, surpassing its previous peak at $0.23.

On Tuesday evening, the rally persisted as it broke through another level above $0.30 and reached a new all-time high (ATH) of $0.45. This upward movement caused this cryptocurrency to overtake some rival cryptos, thereby reclaiming its position in the top ten list of cryptocurrencies.

As a researcher examining cryptocurrency market data, I recently observed that Tron (TRX) has achieved a significant milestone, reaching a market capitalization of over $36 billion. This impressive figure places TRX above Toncoin (TON) and Avalanche (AVAX) in this particular metric. The founder of Tron, Justin Sun, took to Reddit (X post) to celebrate this notable accomplishment.

6 years on, I’m still around. Continuing the building process. The landscape has shifted, but one constant remains – TRON stays among the top 10 competitors.

After that point, Tron has decreased by approximately 20%, maintaining its position above the $0.35-$0.36 range before dropping to $0.33. However, despite this decrease, TRX continues to lead other cryptocurrencies, boasting a 20% increase in value over the past 24 hours.

TRX’s Rally To Continue?

As the price of TRX increased significantly, crypto analyst Javon Mar remarked that Tron had made a “STRONG and potentially notable historical bullish move.” He also predicted that the cryptocurrency’s rise was far from over, anticipating another significant surge towards the $1.1 region.

As a researcher, I’ve observed a fascinating development: Another analyst remarked that TRX has “at last ignited a MEGA setup” in comparison to other altcoins, tracing back to the dominance chart from as early as 2018. Moreover, they suggested that Tron has merely just started its race, implying it’s yet to fully gear up.

The analyst indicated that the price might be tested again at its old high (ATH) as a potential retest, which could act as support and drive the token up to $0.50. But, Lambo’s team cautioned to stay vigilant at the $0.33 level.

The analyst suggests that Tron might be forming a large bullish flag on the 15-minute chart, with the lower boundary of this potential flag lying between approximately $0.35 and $0.36. If Tron surpasses $0.42, it could aim for the resistance at $0.60. Conversely, if the pattern breaks down below the $0.33 support level, it would cast doubt on this theory.

Currently, TRX is being exchanged for approximately $0.33, marking an almost 80% increase over the past week, and a significant 116% rise in value throughout the last month.

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2024-12-05 16:16