TRON Shows Bullish Potential as the Year Comes to an End

As the year draws to a close, the cryptocurrency market is experiencing a minor uptick, with TRON (TRX) being one of the altcoins showing promising signs of a potential rally. According to CryptoQuant analyst Joao Wedson, TRON’s price has gained significantly over the past few months, with a 140% increase over the past year.

TRON’s Technical Picture

Wedson points to a combination of key metrics that suggest TRON is poised for new momentum. The coin’s price is currently hovering around $0.2565, up by approximately 2.7% on December 31. This growth mirrors the broader top 10 coins, including Bitcoin, Ethereum, and XRP, which are all showing gains.

TRON’s technical picture is characterized by its resilience and less aggressive declines over time. The coin’s price is currently at a crucial trendline since 2019, which has acted as robust support during accumulation periods and as an upward catalyst in recovery.

“This consistency demonstrates that TRX exhibits a well-structured technical behavior, making it attractive for both traders and long-term investors.”

Price Drawdown from ATH and Technical Support Indicators

The variation in TRX’s price drawdown from its all-time high (ATH) shows that the coin has held above an important trendline dating back to 2019. Along with respecting this trendline, TRON’s price has bounced off it, suggesting that bulls have increasingly clipped the level of bearish pain, with drawdowns now generally “less severe.”

Strategic Entry Point for Bulls

With current price levels, TRX hovers near the suggested trendline support, which may offer bulls a fresh strategic entry point. The altcoin reached its all-time high of $0.4407 on December 4, signaling a 40% drawdown.

To capitalize on TRON’s potential, consider the following tips:

  • Monitor TRX’s price movements and technical indicators for signs of a potential rally.
  • Keep an eye on the coin’s trendline support and resistance levels.
  • Consider diversifying your portfolio by investing in other altcoins with strong technical fundamentals.

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