TRON (TRX) Price Hits 2500-Day High With 20% Weekly Surge — All-Time High Next
Will TRX Reach a New All-Time High? | Credit: Hameem Sarwar
Key Takeaways
- The TRON (TRX) price increased 20% last week.
- TRX reached its highest level since January 2018.
- Can TRX reach a new all-time high price?
The TRX price has increased steadily in both 2023 and 2024. While it hit a temporary roadblock in March 2024, the price regained its footing a few months later and has made several higher highs since.
Today, the TRX price reached a high of $0.206, the highest since January 2018. This came on the heels of news that TRON founder Justin Sun purchased “Comedian ” for $6.2 million, which is a conceptual art piece consisting of a banana affixed to a wall with duct tape.
Since the TRX price does not face any more resistance until its all-time high, it is worth analyzing the price action to determine if this target is attainable.
TRX Nears All-Time High
The weekly time frame TRX chart shows an upward movement ongoing since October 2022. The increase was contained by an ascending parallel channel and the $0.145 horizontal resistance area.
In August (white icon), the TRON price created a bullish engulfing candlestick, breaking out from the $0.145 resistance area. Then, the price moved above the ascending parallel channel last week, reaching the highest level since January 2018.
The TRX price does not face any other resistance until the all-time high of $0.301.
Technical indicators suggest the upward movement will continue. The Relative Strength Index (RSI) is moving upward and is above 70, while the Moving Average Convergence/Divergence (MACD) is positive. More importantly, neither has generated any bearish divergences.
Will the Increase Continue?
The long-term wave count suggests that TRX is in the fifth and final wave of its upward movement that started in October 2022. After the move is over, the TRX price could begin a lengthy correction.
With its most recent highs, wave five has had the same length as waves one and three combined. While this is a likely area for a top, wave five could also extend, reaching 1.61 times the length of waves one and three combined.
This would lead to a TRX price of $0.265, which is still below the all-time high.
The short-term wave count implies this will be the case. According to the sub-wave count (black), TRX is in sub-wave three of the five-wave increase, which could end at $0.235. Then, the entire five-wave increase could lead to the $0.265 target.
The lack of bullish divergences in lower time frame aligns with this positive TRX price prediction. As for the all-time high, TRON’s fifth wave would have to extend even further for the price to reach it.
New Highs Imminnent
The TRX price broke out last week and reached a new yearly high. The wave count suggests the increase will continue, though it fails to determine if TRX will reach a new all-time high price or not.
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