TRON is poised for a bull run on the macro level as historical patterns hint at a parabolic rally amid shifting market sentiment.
Tron blockchain network has gained heightened usage over the past 3 months and is gradually becoming the choice of web3 developers. As on-chain activity surges, the network’s token, TRX, has gained renewed investor interest and is geared for a bull rally on the higher timeframes.
According to CoinMarketCap data, TRX has surged 0.40% in the past 24 hours, at press time. The coin is trading at $0.2790 as price reversal begins, following a week of bearish momentum. A look into TRX’s multi-year chart reveals a breakout from a descending triangle.
TRX has respected an ascending trendline since 2020, signaling a sustainable long-term strength. Recently, the coin has retested the $0.11-$0.13 support zone. According to analyst Crypto Patel, this zone is critical for maintaining TRX’s bullish momentum. Additionally, if the price remains above this area, the market could see a parabolic move based on historical patterns.
Will TRX Rally Soon?
During the 2020-2021 cycle, TRX rallied over 6,000%, and the market wonders if such parabolic moves could be on the cards in the next rally. Despite the ongoing price fluctuations, the TRON network is quietly outpacing other major networks in terms of user adoption. Transaction speed and affordability are key drivers of the surging network usage.
If the long-term momentum holds, TRX could be eyeing the $0.65, $1.20, and possibly $2.20 in the long run. However, a breakdown below the ascending trendline would invalidate the current technical setup. One can watch for a price breakout above $0.21 for stronger confirmation of the uptrend rally.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
