The cryptocurrency TRON (TRX) is experiencing a significant surge, reaching a new high of $0.3693. This represents a 9.20% gain over the past week. The strong upward trend is fueled by continued growth in the DeFi sector and increasing institutional investment, according to analysts.
Long-term technical analysis shows support for this price movement. TRON’s price has been steadily rising since its launch at $0.0068 in 2017, experiencing a remarkable 50x increase. This growth is supported by a solid trendline dating back to early 2020, which acted as a foundation for the recent breakout above its multi-year consolidation zone.
The latest price surge has seen TRX break past resistance levels and trade at $0.3693. The ascending trendline continues to guide this upward trajectory, with potential for further gains as long-term momentum holds strong.
Key insights from the technical analysis are:
– **Target Levels:** Crypto Patel’s analysis predicts a price target of between $0.75 and $0.80, with a realistic expectation of hitting $1 in the near future.
– **Market Structure:** The sustained interest is reflected by high trading volume exceeding $1.7 billion. The overall market structure remains optimistic despite potential short-term fluctuations.
These factors suggest that TRON’s long-term price trend is robust and poised for further growth as it moves closer to the coveted $1 milestone.