Tron (TRX) Rallies Over 100% to New All-Time High of $0.45
Tron (TRX) experienced a significant rally, increasing over 100% in 24 hours to reach a new all-time high (ATH), which sparked bullish sentiment among investors.
Tron Hits New ATH After 7 Years
While Bitcoin (BTC) fluctuates between $94,000 and $96,000, several altcoins have surged. Cardano (ADA) reclaimed the $1 mark with a 200% increase, and XRP rose above $2.5 with a 300% gain.
Yesterday, TRX, the native token of the Tron Blockchain, surged 104% intraday from a low of $0.22 to $0.29, surpassing its previous high of $0.23. The price continued to rise, breaking above $0.30 before reaching an ATH of $0.45 on Tuesday night, positioning Tron back into the top ten cryptocurrencies.
According to CoinMarketCap data, TRX’s market cap exceeded $36 billion, surpassing Toncoin (TON) and Avalanche (AVAX). Tron founder Justin Sun acknowledged this achievement in an X post:
6 years later. Still here. Still #BUIDLing. Things have changed, but one thing hasn’t: #TRON remains a top 10 contender.
Currently, Tron has retraced approximately 20%, trading around $0.35-$0.36 before settling at $0.33. Despite this decline, TRX recorded a 20% gain in the last 24 hours.
TRX’s Rally To Continue?
Following the surge, crypto analyst Javon Mar indicated that Tron was experiencing a historical bullish move, suggesting further potential for growth towards the $1.1 area.
Another analyst noted that TRX triggered a significant setup on its dominance chart against other altcoins, indicating that Tron was just beginning its upward trajectory. A test of the previous ATH could lead to a retest as support, potentially pushing the token to $0.50. However, caution was advised regarding the $0.33 level.
The same analyst mentioned a possible bull flag formation on the 15-minute timeframe, with the bottom trendline between $0.35-$0.36. A breakout above $0.42 could target $0.60, while a drop below $0.33 would invalidate this pattern.
As of this writing, TRX is trading at $0.33, reflecting nearly 80% growth over the past seven days and a 116% increase for the month.
