AI has determined what the final trading price of the cryptocurrency Tron (TRX) will be for 2024.
For the TRON network coin, a very positive year is about to close, which has so far given its holders an optimistic performance of +135%.
Now let's see what the short-term forecasts are for the last negotiations of the month of December.
All results below.
TRX Coin Price Performance in 2024
Since the beginning of the year, the TRX cryptocurrency, the native token of the Tron blockchain, has been at the center of a super bullish price narrative, culminating in a sudden surge in the month of December.
In January, the coin was trading at an initial price of $0.1, with a market capitalization of $9.5 billion.
In February, TRX immediately saw the arrival of bulls in the market, leading to a 40% price increase in just a few weeks.
Subsequently, we witnessed a pullback phase that lasted throughout the month of March, diverging from the trend of BTC and the rest of the altcoin sector, which during this period saw significant upward movements.
From April to the end of July, there was a long and boring sideways movement, with entrepreneur Justin Sun's cryptocurrency fluctuating in the range of $0.1-0.15.
Once this phase was over, the cryptocurrency's true moment of prominence arrived: in August, it reached its annual maximum target of $0.17.
Then, in November, it was the turn of historic highs reached with a rise above $0.2 coinciding with Donald Trump's victory in the US presidential election.
Finally, in early December, the price of TRX skyrocketed thanks to a +95% daily candle, taking trading to $0.45 per token.
In the following days, there was some profit taking, following the downward movement of BTC which lost 100,000 dollars, taking TRX to 0.25 dollars.
It is very interesting to note that since the bullish momentum in August, the Tron ecosystem cryptocurrency has never dropped below the daily 50 EMA, a sign of the solidity of the trend.
Overall, 2024 closed with an encouraging performance of +135%.
Where are we going now?
Technical analysis of TRX cryptocurrency
Before moving on to the AI predictions, let’s take a look at the technical analysis to assess the current situation of TRX price trends.
Studying the charts shows that the cryptocurrency currently has a strong support zone at $0.2, where many buy orders have been placed. This level is crucial because a drop below it could indicate a change in market sentiment.
On the other hand, key resistance is currently set at $0.45, in conjunction with the all-time highs from December 3. Here too, a bullish breakout would significantly increase the chances of a new bullish wave.
Trading volumes remain quite high, with a marked peak in the months of August and December, indicating strong interest from investors.
As mentioned in the previous paragraph, the TRX price remains firmly above the 50-period exponential moving average, indicating bullish momentum.
For comparison, many other major altcoins in the cryptocurrency market, such as ETH, DOGE, SOL, and SHIB, are below this level, within a bearish outlook.
However, the RSI indicator, which measures the speed and magnitude of price changes, is in an overbought phase, suggesting a possible upcoming pullback. The MACD, on the other hand, which is a trend-following indicator that shows the relationship between two exponential moving averages of an asset, confirms the bullish signal.
At the same time, the CCI, a momentum oscillator that measures the strength of a price movement, indicates the presence of neutral ground for trading.
TRX appears slightly disconnected from the rest of the market, in an uncertain scenario that seems to favor a potential price increase in the coming weeks.
End-of-Year Price Predictions According to AI
According to AI, there is now a remote possibility that TRX could exceed the value of $0.50 by the end of the year.
Despite the community expecting a surge in the cryptocurrency’s price, it is unlikely that the bull will be able to push that far.
AI-powered data from Coincodex suggests that TRX will trade at $0.267 during the last daily session of 2024.
This represents the most likely forecast based on various technical indicators and market analysis in an overall neutral outlook.
According to an optimistic scenario, TRX could even return to $0.40 by December 31 if a new narrative is triggered in the cryptocurrency market.
On the other hand, in the event of a black swan, the cryptocurrency could experience a sudden drop below $0.20, compromising the trend structure.
Investors will need to look at many factors to determine the next price movement of TRX, such as the trend of Bitcoin and macroeconomic data from the labor market.
Furthermore, the number of transactions recorded by the Tron network also assumes a factor of relevance: in the last 3 months, the total number of transactions has exceeded 180 million units, indicating a great on-chain interest.
If this situation continues in the coming days, we could reasonably expect a new upward movement.