Tron, a network famous for its utility as a payment facilitator hit a new all-time high on December 3 2024 exchanging hands for 0.4407 USDT.
Before this development, Tron had maintained an all-time high of 0.3004 USDT for nearly seven years.
The blockchain network founded by Justin Sun has appreciated in recent weeks due to a series of activities linked to its founder.
Justin Sun bought 30 million USDT worth of WLFI tokens, a project backed by Donald Trump’s family. He was also made an advisor to the project.
In addition to this, Justin Sun splurged 6.2 million USDT on artwork which made the news rounds. These developments had a significant effect on Tron prices recently.
At the time of this report, Tron has retracted from the all-time high it hit on December 3 to exchange hands for 0.3091 USDT. Despite the retracement, Tron is still up by a whopping 47.3% in the last 7 days.
Tron Price Forecast
Since its all-time high of 0.300 USDT in January 2018, TRX had decreased following a descending resistance trendline.
- This consistent trend line rejected the price three times, once in 2021 and twice in 2024.T he price finally broke out in August 2024 and has been on the increase since then.
- The upward movement continued gradually before becoming parabolic last week with TRON hitting its new all-time high of 0.4407 USDT on Dec.3.
- The December 3 surge followed a 95% daily candlestick taking TRON back to the top 10 largest cryptocurrencies by market capitalization.
This was short-lived as the crypto asset is currently at the 11th position at the moment.
On the Technical side of things, Indicators revealed overbought conditions.
- The Relative Strength Index (RSI) surged to 93 an all-time high and is neck deep in overbought territory. The Moving Average Convergence/Divergence also hit an all-time high.
- Neither of these two indicators has generated any bearish divergence, so the increase is likely to continue.
Using the above analysis and the alternative wave count method Tron is predicted to have a price range between $0.32 and $0.46 by the end of 2025.
What to Know
- Tron is a high utility token with its TRC 20 token one of the most used crypto networks for transactions. Tron token is also used by Nigerians who want to bypass transaction fees on the TRC 20 network.
- The $0.46 price target is the maximum price for Tron in 2025 following the projection.
