Highlights
TRON price is hugging all-time high price after soaring on November 13 and hitting $0.1825. Since then the asset has retraced to its current price of $0.1813. The daily trading volume has dropped 46% which shows a recent fall in market activity, potentially due to profit-taking. Can TRX price beat the current resistance and rise 800% before end of the year?
Data from IntoTheBlock (ITB) shows TRX whale activity increased over the last 24 hours. Large investors TRX inflow surged b 458% in the past 7 days, signaling that whales are accumulating the token in preparation for an surge soon.
Additionally, the overall distribution of TRX among whales also increased by 0.23% in the last 30 days. Investors concentration also increased by 1.19% while retail traders dropped by 1.74%. This metrics suggest that longer-term holders are entering the TRX market as they anticipate price will continue in an uptrend for the foreseeable future.
TRX price chart shows a long-term bullish trend. A bullish pennant pattern is observed, which has broken to the upside, signaling a continuation of the prior uptrend. The price is trading within an upward sloping channel, indicating a controlled and steady bullish climb.
The breakout from the bullish pennant is a significant technical indicator, suggesting a continuation of the prior uptrend.
Based on wave analysis, this pattern suggests a possible impulsive wave structure with higher targets aligned with the Fibonacci extensions. The final target near $1.681 aligns with an extended wave 3 in Elliott Wave theory.
Recent candlesticks show steady bullish momentum, with consistent higher closes within the upward channel, indicating sustained buying pressure without excessive volatility.
TRON price forecast shows immediate resistance levels are at $0.228 (Fibonacci -0.27 level) and $0.288 (Fibonacci -0.618 extension level) with a major resistance at $0.462 (Fibonacci -1.618 extension level). The bull pennant target is set at $1.68, which is a long-term upside target based on the height of the pennant formation comprising an 800% surge from current price.
Conversely, there is immediate support is at $0.181, which coincides with the current price level and the lower boundary of the upward channel. Below this there is a stronger support around $0.044 which coincides with the Fibonacci 0.786 retracement level from previous lows.
Related Articles
The Ethereum price remains steady near the $3,900 level after multiple failed attempts to reclaim…
Bitcoin price is hovering around $111,742, reflecting a 0.5% gain in the last 24 hours.…
Pepe coin price has remained under pressure despite renewed signals of investor repositioning in the…
HBAR price rose by 2.4% today, Oct. 24, mirroring the performance of the crypto market…
The Chainlink price has maintained steady traction near $17.6, with on-chain accumulation strengthening investor confidence.…
The Sui price has recently drawn investor interest after rebounding from a key demand zone,…