TRX price could explode soon

Cryptocurrencies are seeing a small uptick towards the end of the year, and CryptoQuant analyst Joao Wedson says one of the altcoins showing bullish potential is TRON.

TRON (TRX) traded around $0.2565 on December 31, up about 2.7%. Tron’s gains mirrored the broader top 10 coins, with Bitcoin, Ethereum and XRP in the green. TRX has increased significantly over the past few months, with its price increasing by 140% over the past year. Wedson points to a confluence of key metrics that suggest TRON is poised for new momentum.

Wedson shared this view in his TRX price analysis article published on December 31. He also posted the chart below on X.

According to the analyst, this technical chart depends on the Price Fall in ATH and technical support indicators. Price Decline measures the decline of the coin relative to its all-time high.

The variation shows TRX remaining above a key trend line dating back to 2019. In addition to respecting this trend line, TRON’s price also bounced from this line. Therefore, the key trend line served as a strong support during periods of accumulation and an upward catalyst in the recovery.

“This consistency suggests that TRX exhibits well-structured technical behavior, making it attractive to investors and long-term investors alike,” Wedson said.

Looking at TRX price over the last two years, a descending trend line is visible for Price Fall from ATH Indicator. Overall, it shows that the bulls are gradually breaking the downtrend level and declines are now generally “less severe.”

At current price levels, TRX is trading near the recommended trend line support. An area that could offer bulls a new strategic entry point. The altcoin reached an all-time high of $0.4407 on December 4, signaling a 40% decline.