Tron (TRX) Price Surge Anticipated to $1 by 2024 Amidst Market Rebound

Amidst the broader market correction, Tron (TRX) price displays a positive turnaround after testing $0.10 support. Growing buying pressure and bullish catalysts support an uptrend, with predictions of a potential surge towards $0.20 and a prolonged uptrend to hit $1 in 2024. Technical indicators, including RSI, MACD, and the formation of a morning star pattern, indicate a bullish reversal momentum.

Tron (TRX) Price Prediction: A Surge to $1 by 2024 Amidst Broader Market Correction

Amidst a significant correction in the broader cryptocurrency market, the price of Tron (TRX) has experienced a pullback phase, testing the psychological mark of $0.10. However, a combination of underlying demand and multiple bullish catalysts has spurred a positive turnaround, setting the stage for a potential surge in the token's value.

Trend Reversal Gains Momentum

After a bearish reversal from the $0.1433 resistance level, TRX failed to surpass the peak levels of May 2021. A 20% pullback, characterized by multiple weekly bearish candles, dragged the market value down to approximately $0.10.

However, robust demand at this psychological mark and the prevailing uptrend have fostered a 'buy-the-dip' sentiment for TRX. Additionally, the 61.80% Fibonacci level and the long-standing support trendline have bolstered bullish sentiment at lower levels.

Currently, TRX trades at $0.1184, with a weekly return of 6.28%, forming a bullish engulfing candle. Furthermore, the price action exhibits a morning star pattern formation at a critical area of interest (AOI), increasing the likelihood of a bullish reversal.

Technical Indicators Align Bullishly

The Relative Strength Index (RSI) indicator displays a bullish turnaround from the halfway line, indicating a resurgence of underlying bullishness.

Meanwhile, the bearish crossover in the Moving Average Convergence Divergence (MACD) and signal lines is becoming lateral as buying pressure re-emerges. This raises the probability of a potential bullish crossover. The decreasing intensity of bearish histograms lends support to this theory.

Will TRX Price Touch $0.20?

With buyers maintaining dominance above the $0.10 threshold, the reversal rally suggests a high probability of a jump to $0.15. If the bullish momentum continues, the uptrend could reach the $0.20 mark.

Conversely, a reversal from the $0.12 level could drive prices down to $0.10.

Projecting a Prolonged Uptrend

Our TRX price prediction forecasts a sustained uptrend, with the potential to reach $1 by 2024. This bullish outlook is based on the token's growing adoption, strong underlying fundamentals, and the anticipated recovery of the broader cryptocurrency market.

TRX's expanding ecosystem, including its decentralized finance (DeFi) platform, non-fungible token (NFT) marketplace, and interoperability protocols, enhances its long-term growth prospects. The project's focus on scalability and user experience also positions it well for mass adoption.

Conclusion

Despite the recent market correction, TRX remains poised for a significant surge. Its strong demand, bullish technical indicators, and promising long-term fundamentals support a positive outlook for the token. As the broader cryptocurrency market recovers, TRX is well-positioned to witness substantial gains, potentially reaching $0.20 in the near term and $1 by 2024.