Tron (TRX) has joined the cryptocurrency market’s rally, rising more than 100% in 24 hours to hit a new all-time high (ATH). Its surge has ignited bullish sentiment among cryptocurrency investors and market watchers, fueling optimism for higher targets.
Tron hits a new all-time high after 7 years
As Bitcoin (BTC) continues to trade sideways in the $94,000 to $96,000 price range, many altcoins are starting to surge. Cardano (ADA) recently reclaimed the $1 mark with a 200% gain, while XRP surged above the $2.5 resistance level with a 300% gain.
Yesterday, the native token of the TRON blockchain, TRX, surged 104% during the trading session, reaching a nearly seven-year high. The token rose from a daily low of $0.22 to $0.29, surpassing the previous high of $0.23.
The upward trend continues, breaking through the $0.30 mark again, climbing to a recent high of $0.45 on Tuesday evening. This surge has allowed the cryptocurrency to surpass some competitors, putting Tron back into the top ten of cryptocurrencies.
According to data from CoinMarketCap, TRX's market capitalization exceeds $36 billion, surpassing Toncoin (TON) and Avalanche (AVAX). TRON founder Justin Sun emphasized this achievement in a post on X:
Six years have passed. Still here. Still #BUIDLing. Everything has changed, but one thing hasn't: #TRON remains a strong contender in the top 10.
Subsequently, Tron retraced about 20%, hovering in the range of $0.35 to $0.36, before dropping to the $0.33 level. Despite the retracement, TRX remains a leading cryptocurrency, rising 20% in the past 24 hours.
Will the upward trend of TRX continue?
As the price of TRX skyrockets, cryptocurrency analyst Javon Mar states that Tron 'is very optimistic about the trend that is about to be considered a historic bullish trend.' He also mentioned that the price of the cryptocurrency 'is far from over' and expects it to rise significantly again to the $1.1 area.
Similarly, another analyst pointed out that TRX 'finally triggered a MEGA setup on the dominance chart from 2018,' compared to all other altcoins. He added that Tron 'barely put on running shoes.'
Analysts also indicated that retesting the previous high price is possible, as retesting that level as support could push the token up to $0.50. However, the LAMBO team advised caution at the $0.33 level.
Analysts say that Tron could 'form a massive bull flag in the 15-minute timeframe,' with the bottom trend line between the price range of $0.35 to $0.36. A breakout above $0.42 could target the $0.60 barrier, while breaking this pattern and losing support at $0.33 would invalidate it.
As of the time of writing, TRX is trading at $0.33, having risen nearly 80% in the past seven days and 116% monthly.
