Will Tron (TRX) break the short-term resistance trend line for an explosive end to 2024?
Given the bullish rally in the crypto market, Tron price action suggests a possible impending breakthrough. In the last 30 days, the price is up 22% and the short-term correction points to a massive reversal rally.
Will the potential momentum surge from the breakout of the falling channel pattern push Tron to a new all-time high? Let’s find out.
TRX price analysis
The TRX price trend on the 4-hour chart shows a descending channel pattern. As two parallel trendlines dictate Tron prices, the ongoing recovery marks a positive cycle within the channel.
As TRX recovers, buyers are poised to challenge the resistance trendline to enable a breakout rally. The recovery run broke the 200 EMA line and the $0.25 level. Currently, Tron is trading at $0.2568, with an intraday gain of 1.94%.
Furthermore, the recovery run has limited the chances of a fatal crossover between the 50 and 200 EMA lines. Meanwhile, the 4-hour RSI line has crossed half of the level, indicating improving bullish momentum.
Tron’s stablecoin supply reaches $62 billion
Adding to the ecosystem’s bullish narrative, TRON’s stablecoin supply, led by USDT, stabilized at $62 billion. This reflects balanced market and ecosystem maturity.
While USDT maintained a constant supply with minimal fluctuations, other stablecoins such as USDC, USDD, TUSD and USDJ showed steady growth, highlighting the stability and diversity of the network. This suggests a mature market with less disruption and stronger investor confidence.
Tron price targets
In the event of a bullish breakout…
