TRX price could explode soon
Cryptocurrencies are seeing an uptick as the year ends, and CryptoQuant analyst Joao Wedson says one of the altcoins with upside potential is TRON.
TRON (TRX) was trading at around $0.2565 on December 31, up around 2.7%. Tron’s gains mirrored the broader top 10 coins, with Bitcoin, Ethereum and XRP all in the green. TRX has risen significantly over the past few months, with its price currently up 140% over the past year. Wedson points to a confluence of key metrics suggesting TRON is poised for new momentum.
Wedson shared this outlook in a TRX price analysis article published on December 31. job the table below on X.
According to the analyst, this technical picture is due to falling ATH prices and technical support indicators. The Price Drawdown measures the decline of the coin from its all-time high.
The change shows that TRX has held above an important trendline that dates back to 2019. In addition to respecting this trendline, TRON price has rebounded. The key trendline therefore acted as strong support during periods of accumulation and as an ascending catalyst in the recovery.
“This consistency demonstrates that TRX exhibits well-structured technical behavior, making it attractive to both traders and long-term investors,” Wedson noted.
A look at the TRX price over the past two years shows a descending trendline for the Price Drawdown from ATH indicator. Overall, this suggests that bulls have increasingly reduced the level of bearish pain, with declines now generally “less severe.”
With current price levels, TRX is hovering near the suggested trendline support. This is an area that can offer bulls a new strategic entry point. The altcoin hit its all-time high of $0.4407 on December 4, signaling a 40% decline.
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