TRON (TRX) Price Prediction: TRX/USD Breaks Out of Ascending Triangle, Will the Bulls Make New All-Time Highs?

In the last 7 days, we have seen exceptional performances from several altcoins, including the likes of IOTA, Hedera Hashgraph, Klaytn and XRP. Now, it appears it's TRON's time to shine, as the blockchain's native TRX coin has surged back into the crypto top 10 with a powerful rally.

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In the last 7 days, we have seen some exceptional performances from several altcoins, including the likes of IOTA, Hedera Hashgraph, Klaytn and XRP. Now, it appears it’s TRON’s time to shine, as the blockchain’s native TRX coin has surged back into the crypto top 10 with a powerful rally. 

On Tuesday, TRX matched its previous $0.228 ATH (reached in early 2018) and then proceeded to almost double it in the span of less than 24 hours, peaking at $0.44. Following this peak, the price of TRX corrected back below the $0.40 level, although the coin is still posting a highly impressive +53.8% 24-hour change at the time of writing this article. 

From a (very) long-term perspective, TRX has broken out of an ascending triangle formation that had been forming since early 2020. Now, it remains to be seen where TRX will establish firm support before the bulls can potentially make fresh attempts at new all-time highs.

Long-term TRX/USD price action. Image source: TradingView

Why is the TRON crypto going up?

It’s important to keep in mind that the cryptocurrency market is largely driven by speculation – the massive success of meme coins in 2024 is just one among countless examples. Often, there is no need for an obvious catalyst or fundamental reason for a cryptocurrency to see a major increase in price. 

Still, there are some factors we can point to that can at least partially explain why TRX has seen a massive price rally.

Bullish crypto market

Although TRON improving its 2018 all-time high by almost 2x is particularly impressive, many other cryptocurrencies have also been displaying major gains recently. In the last 7 days, 22 out of the top 100 cryptocurrencies by market capitalization have gained 50% or more against the US dollar. 

The bullish activity in the altcoin markets comes on the heels of Donald Trump’s victory in the U.S. presidential election. Trump’s victory, which brings along prospects of a much more crypto-friendly administration, catalyzed a Bitcoin rally in which BTC almost hit the $100,000 milestone. 

On November 5, when the U.S. presidential election took place, Bitcoin dominance was sitting at around 58.4%. After some fluctuations, Bitcoin dominance peaked at just over 60% on November 21. In the last two weeks, however, altcoins have been dominating the market, resulting in Bitcoin dominance slipping all the way to 53%. 

Therefore, it’s not too surprising to see that TRON, which is a major altcoin, also displayed impressive gains. Interestingly enough, TRON is only the 49th best performer in the crypto top 100 in the last 30 days. 

TRON continues to be a major platform for stablecoin payments

Although TRON is a somewhat controversial blockchain project (thanks in large part to Justin Sun’s aggressive marketing tactics), its adoption for stablecoin payments is undeniable. Thanks to its relatively low fees and fast transactions, TRON has become a major hub for USDT, which is the largest stablecoin by market capitalization. 

There’s currently just under $60 billion worth of USDT stablecoins issued on TRON, which is almost identical to the USDT issuance on Ethereum. In 2024 so far, TRON has been handling around 2 million USDT transactions per day on average.

USDT stablecoin transactions on the TRON blockchain. Image source: Tronscan.io

Justin Sun recently became an advisor to Trump’s DeFi project

TRON founder Justin Sun recently became an advisor to World Liberty Financial, a DeFi (decentralized finance) project promoted by U.S. president-elect Donald Trump. Recently, Sun announced that he made a $30 million investment into the project.

ðŸ¦…â˜€ï¸ Exciting Announcement! â˜€ï¸ ðŸ¦…

We’re honored to welcome @justinsuntron as an advisor to World Liberty Financial (WLFI)!

Justin is the founder of @TRONDAO, an advisor to @HTX_Global, and a supporter of @BitTorrent. A graduate of the University of Pennsylvania, he recently won… pic.twitter.com/wJD24nztab

Since Donald Trump’s victory was a major catalyst for the current bull market, Sun’s involvement with the Trump-backed DeFi project might have also improved investor sentiment on TRON.