Towards the end of the year, cryptocurrencies are seeing a slight uptrend, and CryptoQuant analyst Joao Wedson says one of the altcoins with bullish potential is TRON.
TRON (TRX) was trading at around $0.2565 on December 31, up about 2.7%. Tron’s gains mirrored the broader top 10 coins, with Bitcoin, Ethereum and XRP all in the green. TRX has gained significantly in recent months and its price is currently up 140% over the past year. Wedson points to a confluence of key metrics that suggest TRON is poised for new momentum.
Wedson shared this outlook in a TRX price analysis article published on December 31st. He also published the following chart on X.
According to the analyst, this technical picture is due to the price falling from ATH and technical support indicators. Price Drawdown measures the coin’s decline relative to its all-time high.
The variation shows that TRX has held above a key trendline from 2019. TRON’s price has not only respected this trendline but also bounced off it. The key trend line therefore acted as a robust support during accumulation phases and an upside catalyst for the recovery.
“This consistency shows that TRX has well-structured technical behavior, making it attractive to both traders and long-term investors,” noted Wedson.
A look at the TRX price over the past two years shows a descending trend line for the Price Drawdown from ATH indicator. Overall, this suggests that bulls have increasingly contained the extent of the downside pain, with drawdowns now generally “less severe.”
At current price levels, TRX is moving near the suggested trend line…
