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TRON Price Defies Market Trends with 10% Rise in June- TRX to Reach New Yearly Highs?

Last Updated June 26, 2024 1:50 PM
Valdrin Tahiri
Last Updated June 26, 2024 1:50 PM

Key Takeaways

  • The TRX price traded only 14% below its yearly high of $0.145.
  • TRON nearly completed an inverse head and shoulders pattern.
  • Will TRX break out from this pattern and reach a new yearly high?

While Bitcoin and the rest of the crypto market have fallen in June, the TRON price increased by 10% instead. The increase occurred after a bounce at a long-term ascending support trend line. TRX is now approaching its yearly high.

Since TRX shows strength in a market downturn, this trend may strengthen further if the crypto market regains its footing. If that happens, will TRX reach a new yearly high, and how much further will it increase if it does?

TRON Bounces at Long-Term Support

The TRX price has increased alongside a long-term ascending support trend line since November 2022. More recently, it bounced at the trend line in August 2023 and nearly reached a new all-time high price in February (red icon). However, the TRON price fell afterward and returned to the trend line in June 2024. So far, the trend line has existed for 588 days.

TRON Upward Movement
TRX/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

Nevertheless, TRX has seemingly started another bounce despite a crypto market correction. In addition to the price bounce, the RSI bounced at 50 (green icon) and the MACD is gradually turning upward.

TRX is approaching the $0.140 resistance area, which coincides with the yearly high.

Will TRON Break Out From Bullish Pattern?

The daily time frame TRX  price history fives a bullish outlook. This is because TRX is completing the right shoulder in an inverse head and shoulders pattern. The pattern’s neckline is at $0.13, so a breakout from it will confirm the upward movement. A breakout that travels the entire pattern’s height will lead to a new all-time high price of $0.158.

The daily RSI and MACD readings support this possibility. The indicator shows a bullish divergence that has followed the pattern, visible in both the RSI and MACD (green). On top of this, the MACD has moved into positive territory while the RSI is nearly above 70.

TRON Price Pattern
TRX/USD Daily Chart | Credit: Valdrin Tahiri/TradingView

As a result, the daily time frame price and indicator readings all imply a new all-time high is likely. Then, the wave count can help confirm the validity of the target.

TRX Price Prediction: New Yearly High Incoming?

The wave count analysis for TRX suggests that the corrective phase has likely concluded. According to the wave count, TRX appears to have finished wave four within an anticipated five-wave upward cycle (white), with wave five commencing around April 18.

Based on Fibonacci retracement levels, a plausible target for the peak of this upward movement stands at $0.168. This target is derived from the 1.61 external Fibonacci retracement of wave four, indicating a potential increase of 35%. While this will represent a new yearly high, it is still below the all-time high price of $0.18.

The target aligns with that of the inverse head and shoulders pattern, increasing its validity.

TRON Wave Count
TRX/USDT 2-Day Chart | Credit: TradingView

However, maintaining a bullish outlook hinges on TRX’s ability to stay above the critical support level of $0.110. A close below this point will invalidate the wave count. It will either mean that the TRON price is still in wave four, or that it is in a longer-term correction.

TRON Can Reach a New Yearly High Soon

The TRON price enjoyed a positive June, increasing 10% despite a crypto market correction. Readings from multiple timeframes align with each other. Moreover, the price action and indicators both imply the trend is bullish, which will be confirmed with a breakout above $0.130.

A new yearly high is expected soon. The price action and wave count give a potential target between $0.154-$0.168.

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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