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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.