Tron Price Hits 2024 Top With TRX All-Time High 45% Away
Can TRX Reach a New All-Time High? | Credit: Hameem Sarwar
Key Takeaways
- The Tron (TRX) price reached a new 2024 high of $0.168 on Aug. 26.
- TRX broke out from a symmetrical triangle pattern that was in place for six months.
- How long will the TRX price increase continue, and is a new all-time high possible?
TRX has been one of the best performers from large-cap cryptocurrencies in 2024, appreciating over 50%. While the rally hit a roadblock between March and August, a rally started on Aug. 5 that triggered a breakout from the consolidation pattern.
On Aug. 26, TRX reached a new yearly high of $0.168. Since the price has fallen slightly after that, the question arises: Will the rally continue, or has the TRX price reached the top?
TRON Reaches New 2024 High
The TRX price has increased gradually since falling to a low of $0.105 in April 2024. The increase has accelerated over the last three weeks and, on Aug. 26, TRON reached a high of $0.168.
This is a new yearly high and its second-highest-ever weekly close, trailing only that of the 2018 all-time high price. It is the first weekly close above the $0.145 resistance area since then.
The all-time high of $0.231 is 40% above the current price.
It is worth mentioning that bearish divergences are forming (green) in the weekly RSI and MACD. However, neither has been confirmed yet.
If the upward movement and indicators continue to increase, they may invalidate the divergences.
What Does the Wave Count Say?
The most likely wave count suggests that the TRX price has started the fifth and final wave of a long-term upward movement that began in October 2022. The defining trait of this move is the triangle that creates wave four.
Wave three extended and has 1.61 times the length of wave four. If wave five has the same length, TRX will reach a high of $0.191. This will not be a new all-time high.
Also, if wave five is shorter and has the same length as wave one instead, it would mean that the price of TRON has already peaked.
A closer look at a lower time frame is needed to determine if the TRX price has topped or if another upward movement will follow.
Short-Term TRX Outlook
The shorter-term four-hour chart shows a nearly parabolic increase since Aug. 5. However, the chart also displays a deviation above the $0.165 horizontal resistance area.
After the deviation, TRX fell below the area and validated it as resistance. The fact that the deviation was combined with short-term bearish divergences (green) enhances its legitimacy and forecasts a short-term decline.
If the price of Tron drops, it can find support at the steepest ascending support trend line at $0.148 (black). The second support trend line (white) is at $0.143, offering the last line of support.
As long as the trend lines are in place, the bullish structure is intact. So, an increase toward a new all-time high is possible.
However, if TRX breaks down, it will mean the entire five-wave increase has ended. In that case, a lengthy correction could begin.
