Cryptocurrencies are seeing an uptick heading into the end of the year, and CryptoQuant analyst João Widson says one altcoin showing upside potential is TRON.
you see (TRX) traded at around $0.2565 on December 31, up about 2.7%. TRON's gains mirrored the broader ten currencies, with Bitcoin, Ethereum and Ripple all rising. TRX has made significant gains over the past few months, with its price currently up 140% over the past year. Wedson points to a set of key metrics that suggest TRON is poised for new momentum.
Woodson shared these predictions in a TRX price analysis article published on December 31 to publish The chart below is on X.
According to the analyst, this technical picture is due to the price decline from ATH and technical support indicators. Decline measures the decline of a currency compared to its all-time high.
The divergence shows that TRX has held above an important trend line dating back to 2019. Along with respecting this trend line, TRON price has bounced off of it. Therefore, the main trend line served as a strong support during periods of accumulation and as a bullish catalyst in the recovery.
“This consistency demonstrates that TRX exhibits well-structured technical behavior, making it attractive to both long-term traders and investors,” Widson noted.
A look at the price of TRX over the past two years shows a descending trend line of price pullback from the ATH indicator. Overall, this suggests that the bulls have increasingly reduced the level of downside pain, with drawdowns now becoming “less severe” overall.
With current price levels, TRX is hovering near the suggested trend line support. It is an area that may provide bulls with a new strategic entry point. The altcoin reached an all-time high of $0.4407 on December 4, indicating a 40% decline.
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