Tron (TRX) price has significantly increased in 2024, reaching its highest level in over 1,000 days today. The TRX price has doubled its rate of increase in the last two years. The weekly time frame chart shows that the TRX price has increased by about 30% in 2024. Will the cryptocurrency continue to rise?
Price Increase in TRX
More recently, four consecutive weekly bullish candles were formed. The upward movement caused a breakout from the horizontal resistance area, and today it rose to $0.132. This is the highest price in over 1,000 days, especially since May 2023. TRX only faces one more resistance until it reaches its all-time high. The weekly Relative Strength Index (RSI) is showing an upward trend.
RSI is a momentum indicator used by investors to assess whether a market is overbought or oversold and whether a token will be accumulated or sold. Readings above 50 and an upward trend indicate that bulls still have the advantage, while readings below 50 indicate the opposite. The RSI is rising and has crossed above 70. Both could be signs of a bullish trend. In addition, cryptocurrency investors and analysts have a positive outlook on the future trend of TRX.
Expert Opinion on TRX
MammonnTrading shared the TRX price chart, stating that the token is one of the best-looking cryptocurrencies. The analyst suggested that the increase is continuing due to the daily time frame chart price movement and wave count. The cryptocurrency’s price movement shows that TRX has been increasing along a rising support trend line since December 2022. It formed a steeper rising support trend line in September 2023.
According to wave counting, this steeper count could likely be the third wave of a five-wave upward movement. Technical analysts use Elliott Wave theory to determine the direction of the trend by examining recurring long-term price patterns and investor psychology. If the formation occurs, it could lead to a high of $0.140, which is 10% above the current price. This situation could bring TRX close to its 2021 peak of $0.181.
