Tron (TRX) could be gearing up for a breakout as bullish recovery grips the crypto market. After a 22% jump in the past month, Tron’s price action suggests a potential rally that may test its short-term resistance levels. Could this momentum push TRX to a new all-time high?
TRX Price Pattern Hints at Bullish Momentum
The 4-hour chart reveals a falling channel pattern guiding Tron’s recent price movements. Currently, TRX trades at $0.2568 after a 1.94% intraday gain, breaking above both the 200 EMA line and the $0.25 threshold.
Key technical indicators suggest stronger bullish momentum:
- The 4-hour RSI has climbed above the halfway mark.
- The 50 and 200 EMA lines are avoiding a death cross, reinforcing the recovery trend.
If buyers push through the resistance trendline, Tron could see a breakout rally that challenges its 52-week high of $0.45.
TRON Stablecoin Supply Stabilizes
Adding to Tron’s bullish sentiment, its stablecoin supply, primarily led by USDT, has reached $62 billion. This growth reflects a balanced ecosystem with strong investor confidence.
Other stablecoins on the Tron network, such as USDC, USDD, TUSD, and USDJ, have also shown consistent growth. This stability highlights the network’s maturity and its ability to handle market fluctuations.
TRX Price Targets: What’s Next for Tron?
- Bullish Case: A breakout from the falling channel pattern could push TRX to retest its $0.45 high, offering a 75% upside. By January 2025, Fibonacci projections set $0.54 as a potential target.
- Bearish Case: If TRX faces a reversal within the channel, it may test the $0.2251 support level, challenging the bullish outlook.
