As the cryptocurrency market sees an uptick at year’s end, CryptoQuant analyst Joao Wedson has identified TRON as a top contender for a possible price explosion. At 2.7%, TRON changes hands at $0.2565 on Dec. 31, reflecting the general bullish sentiment across major cryptocurrencies like Bitcoin, Ethereum, and XRP.
TRON has done very well in the past year, gaining 140% in that period – a dream run for any cryptocurrency in a highly volatile market. In his TRX price analysis, published on Dec. 31, Wedson pinpointed some key metrics that could suggest the altcoin is not yet done to the upside.
TRX’s Trendline Shows Consistent Support And Resilience
Central to Wedson’s analysis is the Price Drawdown from All-Time High (ATH) indicator and TRX’s adherence to a long-term trendline leading back to 2019. According to the Price Drawdown metric, which measures a coin’s decline relative to its ATH, TRON has held above a critical trendline.
This trend line has acted as robust support during accumulation periods and as a catalyst for recovery,” Wedson said, pinning the structured technical behavior of TRON. He believes this consistency makes TRX an attractive asset for traders and long-term investors.
Price movements by TRON reflect a trendline which, over the years, it has always respected with a few bounces across different times, affirming the strength of this support level. As Wedson says, TRX has used this line numerous times as the basis for a bounce.
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
Additionally, a two-year analysis of the Price Drawdown from ATH in TRON has presented a downtrend line, meaning the bear drawdowns weaken over time, giving out stronger control of bulls and weaker selling pressure.
According to Wedson, TRX is at the trendline support at the prevailing price levels, where he indicates that bulls would make good entries. The analyst says this positioning could set in some formidable upward momentum.
TRX reached its ATH of $0.4407 on Dec. 4, a 40% drawdown from the top. The altcoin’s continued support closer to the trendline suggests a sustained rally could see it inch closer to a retest or surpass its previous highs.
TRON’s recent gains reflect a broader market recovery as investors position themselves in front of 2025. Indeed, with signals across various technical indicators appearing bullish and interest in the altcoin growing, analysts like Wedson think that TRX could be among the next crypto bull run.
With a solid technical foundation and historic price behavior, TRON is a cryptocurrency to watch for the new year. Will the predicted surge materialize? It will depend on how the market reacts to these critical support and resistance levels.
