TRON (TRX) Price Just 6% Below Yearly High — Wave Count Points to $0.182 Target

Key Takeaways

• The TRON (TRX) price trades only 6% below its yearly high.
• TRX is trading inside a long-term ascending parallel channel.
• Can TRX mount another increase and reach a new yearly high?

After a 22% increase in August, the TRX price cooled down in September, falling by 2%. Nevertheless, the TRX price is way up in 2024 and has outperformed most other Layer-1 blockchains.

Additionally, the TRX price has cleared the final horizontal hurdle and is only 6% under its yearly high of $0.169. Does TRX have enough strength to muster another upward movement and reach it? Let’s find out.

Tron Dominates Transactions

There have been several pieces of positive TRON news this week. A report by UQUID covered TRON’s involvement in empowering crypto users in Argentina.

The report concluded that the integration of USDT on the Tron blockchain for topping up SUBE cards, a widespread public transport payment system in Argentina, is a prime example of how Tron helps facilitate everyday transactions.

Another report by CryptoQuant notes the use of stablecoins in the Tron blockchain, pointing out that 96% of all Tron transactions are associated with stablecoins.

The report also shows that Tron has the highest actual volume of transactions over time, with a Transaction Per Second (TPS) rate of 85 TPS.

Finally, the TRON DAO Permissionless 3 conference will be held in Salt Lake City between Oct. 9 – 11.

The TRX price has also increased this week, especially visible on Oct. 8. After this upward movement, the TRX price is only 6% away from its yearly high.

Will TRX Reach Yearly High?

The daily TRON price analysis suggests the price will reach a new yearly high. The most likely wave count implies that TRX started a five-wave increase (white) in April. If so, it is currently completing, or has completed wave four.

A likely target for the top of wave five is at $0.180, reaching the resistance trend line of an ascending parallel channel.

The TRX price can go as high as $0.182, reaching the 1.61 external Fibonacci retracement of wave four.

Near the bottom of wave four on Sept. 14, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) risked turning bearish by falling below 50 and 0, respectively. However, the indicators have now bounced and are well into positive territory, supporting the possibility that the increase will continue.

On the other hand, falling below wave one, which is high at $0.142 (red), will invalidate the bullish count. In that case, the price of TRX can fall toward the channel’s support trend line at $0.138. Currently, this seems unlikely.

The short-term count also aligns perfectly with the long-term one, indicating that TRX started a five-wave increase (black) in October 2022. According to the count, the price is in the fifth and final wave (black).

The proposed sub-wave count completes this fifth wave. Giving wave five the same length as wave three leads to a target of $0.182, aligning with the short-term one.

The weekly price action is also positive, showing that TRX has closed above the $0.142 horizontal resistance area and validated it as support.

TRX to $0.182

The weekly and daily charts line up perfectly, predicting that the price of TRX has one more upward movement left, which will take it to a new yearly high.

A target of $0.182 creates a confluence of resistances, after which a long-term downward trend could follow.

Read More: TRON Price Prediction 2024: TRX Price Analysis