CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
crypto.news 2024-12-31 16:36:03

CryptoQuant analyst: TRX price could explode soon

Cryptocurrencies are seeing a minor uptick as the year comes to an end, and CryptoQuant analyst Joao Wedson says one of the altcoins showing bullish potential is TRON. TRON ( TRX ) traded at around $0.2565 on Dec. 31, up by about 2.7%. Tron’s gains mirrored the broader top 10 coins, with Bitcoin, Ethereum, and XRP all in the green. TRX has gained significantly over the past few months, with its price currently up by 140% over the past year. Wedson points to a confluence of key metrics suggesting TRON is poised for new momentum. Wedson shared this outlook in a TRX price analysis piece published on Dec. 31. He also posted the chart below on X. TRX is at a crucial trendline since 2019, showing resilience and less aggressive declines over time. Currently at support, it’s a strategic point for those seeking exposure. Could this mark the start of a new rally? 🚀 https://t.co/97t1cyKzlp pic.twitter.com/Zj2P5hqr04 — Joao Wedson (@joao_wedson) December 31, 2024 You might also like: Top 5 reasons why Ethereum could take off in 2025 According to the analyst, this technical picture is down to the Price Drawdown from ATH and technical support indicators. Price Drawdown measures the coin’s decline relative to its all-time high. The variation shows TRX has held above an important trendline that dates back to 2019. Along with respecting this trendline, TRON’s price has bounced off it. The key trendline has therefore acted as robust support during accumulation periods and as an upward catalyst in recovery. “This consistency demonstrates that TRX exhibits a well-structured technical behavior, making it attractive for both traders and long-term investors,” Wedson noted. A look at TRX price over the past two years shows a descending trendline for the Price Drawdown from ATH indicator. Overall, it suggests bulls have increasingly clipped the level of bearish pain, with drawdowns now generally “less severe.” With current price levels, TRX hovers near the suggested trendline support. It’s an area that may offer bulls a fresh strategic entry point. The altcoin reached its all-time high of $0.4407 on Dec. 4, signaling a 40% drawdown. Read more: Tron network 2024 revenue soars 115% compared to last year

Feragatnameyi okuyun : Burada sunulan tüm içerikler web sitemiz, köprülü siteler, ilgili uygulamalar, forumlar, bloglar, sosyal medya hesapları ve diğer platformlar (“Site”), sadece üçüncü taraf kaynaklardan temin edilen genel bilgileriniz içindir. İçeriğimizle ilgili olarak, doğruluk ve güncellenmişlik dahil ancak bunlarla sınırlı olmamak üzere, hiçbir şekilde hiçbir garanti vermemekteyiz. Sağladığımız içeriğin hiçbir kısmı, herhangi bir amaç için özel bir güvene yönelik mali tavsiye, hukuki danışmanlık veya başka herhangi bir tavsiye formunu oluşturmaz. İçeriğimize herhangi bir kullanım veya güven, yalnızca kendi risk ve takdir yetkinizdedir. İçeriğinizi incelemeden önce kendi araştırmanızı yürütmeli, incelemeli, analiz etmeli ve doğrulamalısınız. Ticaret büyük kayıplara yol açabilecek yüksek riskli bir faaliyettir, bu nedenle herhangi bir karar vermeden önce mali danışmanınıza danışın. Sitemizde hiçbir içerik bir teklif veya teklif anlamına gelmez