A recent performance of TRON has left many investors and market watchers astounded. On the night of August 21, 2024, TRX saw a remarkable price jump of 12%. This sudden surge has grabbed attention and led to speculation that TRX could be eyeing a rise to $0.27.
As of August 22, per Coinfomania price prediction expert analysis, TRX is currently trading at $0.153 with a forecasted increase of 4.04% to $0.142 by 27 August. Our technical indicators suggest a Sell market sentiment. Over the last 30 days, TRX has seen 17/30 green days, reflecting a 57% positive trading trend. With a price volatility of 13.71%, TRX exhibits moderate fluctuations. In the past 24 hours, TRONâs price has experienced a negative trend of -3.82% since yesterday. The live market cap stands at a healthy $13.33 billion, with a circulating supply of 86894784089.1966 coins out of a maximum supply of 86894806788.7683 TRX.
The Unexpected Surge Went After a Weekly Cup and Handle BreakoutÂ
The recent 12.83% surge in TRX price has left many in awe. This significant increase is attributed to a massive bullish engulfing candle, a technical pattern that indicates a potential uptrend. If this trend continues, the TRX price could surge to $0.27. The total crypto market capitalization has remained stable at $2 trillion over the past week, which has led to a robust performance in the altcoin markets.
On the weekly chart, TRX has broken out of a cup-and-handle pattern, surging 18.78% with three days still left in the week. Meanwhile, in the short term, TRX has formed a morning star pattern amidst the recent market downturn, indicating a bullish outlook. This is further supported by three consecutive weekly candles, marking a significant 37.60% increase over the past two weeks. TRX was trading at $0.1604 at the time, having breached the neckline at $0.1433 despite a minor 0.84% intraday pullback. The long tail on the intraday candle suggests strong underlying demand for Tron, hinting at a steady and gradual price increase.
TRX/USD price chart. Source: TradingViewÂ
Still, TRXâs daily price action shows a rally reversing the previous trend, with the price rebounding off a crucial support trendline, suggesting a possible change in direction.
Meanwhile, looking at Coinfomaniaâs TRONâs 50-Day, 200-Day Simple Moving Averages and 14-Day Relative Strength Index â RSI (14), based on our expert technical analysis, TRON Coinâs200-day SMA is projected to ascend over the next month, with a simultaneous short-term 50-day SMA expected to reach $0.13 by the same date.
The Relative Strength Index (RSI) currently stands at 70.58, indicating a Neutral market sentiment for TRON.
TRXâs Year-End Might Touch a 75% High
The future of TRX looks promising, with crypto analysts predicting that TRX price will hover around $0.161 by the end of summer 2024. However, in August 2024, the TRON may experience a slight dip to a minimum of $0.140. The expected peak value might be $0.182 in August. But if market conditions turn bearish, TRX might test its support level at around $0.1275.Our TRON price forecast shows that TRX could hit highs of $0.21 by the end of 2024, representing a potential upside of 75%. Moving into 2025, consolidated market conditions will likely see the average TRX price remain at $0.26 throughout the year.
The post TRON (TRX) Price Prediction August 22, 2024-25: TRX Price Jumps 12% in a Day, Sets Sights to Conquer $0.27 Resistance Level appeared first on Coinfomania.
