TRX Price Prediction: Will It Break Above Previous Cycle Highs?

Tron's blockchain has regained a strong foothold in the cryptocurrency landscape, with transaction dominance climbing back to 43%.

Tron (TRX) price seems poised for a breakout as it enjoys a strong grip on cryptocurrency transaction volume.

On October 30, Tron handled 43% of transactions across major alt-chains, processing over 230 million transactions in October alone. This surge in activity aligns with earlier trends in 2024, highlighting Tron’s growing popularity.

TRX price reveals potential for further upside as it approaches a crucial resistance level. A breakout could lead to a wave of optimism.

Key technical points:

TRX price is up by 2.5% in the past 24 hours.

TRX price is trading above the 50-day EMA.

The 24-hour trading volume of Tron (TRX) is 2.3 billion.

Tron (TRX) price analysis: Chart reveals promising Elliott Wave structure

TRX price analysis reveals a promising Elliott Wave structure on the 1-hour chart, indicating potential for further upside. TRX completed a five-wave impulse pattern, followed by an A-B-C corrective phase, bottoming in a significant support zone near $0.1421.

This bottom aligned with the 100% and 161.8% Fibonacci extensions, establishing a solid base for a renewed uptrend. Currently, TRX trades within an ascending channel, a pattern that generally indicates sustained bullish momentum.

The recent uptrend brought TRX close to the channel’s upper boundary, testing the previous cycle high at around $0.24. Although it met resistance at this level, TRX price remains in a favorable position within the channel, suggesting buying interest and a likelihood of further gains.

Despite the rejection at the previous cycle high, the overall market structure remains bullish and shows potential for TRX to continue rising.

In fact, this technicality suggests that TRX could gather enough momentum to challenge and surpass these highs in the near future. If TRX maintains support at the midline of the ascending channel during any pullbacks, it could quickly regain strength and attempt a breakout.

If TRX clears the previous cycle high, it may aim for the $0.3 level, a target that would yield over 80% returns from current levels. However, a sustained rally will depend on significant volume and continued demand, both of which could be bolstered by Tron’s expanding ecosystem and transaction dominance.