With a new all-time high, the parabolic rise in Tron (TRX) prices targets the $0.50 mark. Will the bullish trend break through this psychological milestone?
Tron has registered a massive surge of nearly 100% over the past 24 hours, becoming the 10th biggest cryptocurrency in the market.
Reaching a market cap of $33 billion, Tron’s price has hit a new all-time high. As the bullish trend gains momentum in the recovering market, will the TRX price reach the $0.50 psychological mark? Let’s find out.
Tron Price Analysis
Tron’s impressive parabolic rise is evident on the 4-hour chart, where it recently reached a new peak. The price spiked by 95.88% last night, climbing from an opening price of $0.2210 to close at $0.43293.
During this rally, TRX briefly touched a 24-hour high of $0.44948, setting a new all-time high.
Tron Price ChartCurrently, the bullish rally is experiencing a minor pullback after the formation of an impressive engulfing candle. With an intraday pullback of 10.54%, the TRX price has dropped from the opening price of $0.4330 to the current market price of $0.38726.
BitTorrent Takes Strategic Exit
Amid Tron’s price reaching a new all-time high, long-term holders are beginning to book profits. Over the past hour, a BitTorrent wallet deposited 7 million TRX tokens on Binance.
Based on the current market price, these tokens are valued at approximately $2.72 million. Over the past 24 hours, the wallet has deposited 42 million TRX tokens worth around $11.5 million.
As Tron’s supply on the Binance exchange grows, a minor pullback in TRX prices is expected. Despite the significant sale, BitTorrent still holds 56.23 million TRX tokens, valued at approximately $44 million.
Tron Price Targets
Following the massive surge in Tron’s market price, the MACD and signal lines have shown substantial bullish gaps, with skyrocketing positive histograms.
Additionally, the simple moving average lines have seen a significant uptick with the engulfing candle. This marks the fourth consecutive bullish candle, reflecting a release of bullish momentum.
The lower price rejection in the intraday candle from $0.366 shows strong support at the pivot point of $0.3685. Based on the pivot points, the immediate resistance is at the R1 level, around $0.51. Therefore, the price trend indicates the possibility of Tron crossing the $0.50 psychological milestone.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
