Tron price hits new high! This week's TRX price target is $0.5?
With daily trading volume surging by about 515%, Tron price reached a historic high of $0.4407 during today's Asian early trading session.
In the context of strong bullish sentiment and a high likelihood of altcoin market activity, will the Tron ecosystem dominate the cryptocurrency market?
TRX price analysis:
The TRX price surged by about 100% in the last 24 hours, with trading volume reaching $14.603 billion. Additionally, it has increased by 137.91% in the past month and is expected to challenge USDC for the 9th position.
The EMA 50/200 days have recorded a significant upward trend on the Tron price chart, indicating increased buying pressure for altcoins in the market.
The Relative Strength Index (RSI) has broken through the overbought range, with a substantial rise on the daily chart. As the average trend line surpasses the same price range, the TRX cryptocurrency may continue to appreciate this week.
Will the TRX price reach $1?
If the bulls maintain the price sentiment, the Tron price could retest its resistance level of $0.40. Furthermore, if the outlook remains optimistic, this altcoin may break its ATH this week and move towards its upper price target of $0.5.
On the other hand, if profit-taking increases, the price of the TRX token may retest its support level of $0.35. Additionally, if the bulls fail to maintain the price at that point, the TRX token may drop to its lower support level of $0.30.
