Tron (TRX) joined the crypto market’s rally by jumping over 100% in 24 hours to a new all-time high (ATH). Its surge ignited a bullish sentiment among crypto investors and market watchers, fueling optimism for higher targets.
Tron Hits New ATH After 7 Years
As Bitcoin (BTC) continues moving sideways between the $94,000-$96,00 price range, many altcoins have started recording massive rallies. Cardano (ADA) recently reclaimed the $1 mark in a 200% rally, while XRP soared above the $2.5 resistance on a 300% surge.
Yesterday, TRX, the native token of the Tron Blockchain, soared 104% intraday to hit its news ATH in nearly seven years. The token moved from its daily low of $0.22 to the $0.29 mark, surpassing its previous high of $0.23.
The rally continued with another jump above the $0.30 barrier before climbing to its latest ATH of $0.45 on Tuesday night. The surge saw the cryptocurrency flip some crypto rivals, sending Tron back into the top ten crypto list.
According to CoinMarketCap data, TRX’s market capitalization hit over $36 billion, surpassing Toncoin (TON) and Avalanche (AVAX) by this metric. Tron founder Justin Sun highlighted the feat in an X post:
6 years later. Still here. Still #BUIDLing. Things have changed, but one thing hasn’t: #TRON remains a top 10 contender.
Since then, Tron has retraced around 20%, hovering above the $0.35-$0.36 zone before falling to the $0.33 mark. Despite the retrace, TRX remained the leading cryptocurrency, with 20% gains in the last 24 hours.
TRX’s Rally To Continue?
As TRX’s price surged, crypto analyst Javon Mar stated that Tron was “HEAVILY on what can be soon noted as a historical bullish move.” He also suggested that the cryptocurrency’s price was “far from done,” forecasting another massive rally to the $1.1 area.
Similarly, another analyst noted that TRX has “finally triggered a MEGA setup from all the way back in 2018 on its dominance chart” against all other Altcoins. And added that Tron has “barely put its running shoes on.”
The analyst also signaled that a test of the previous ATH was possible as a retest of that level as support could propel the token to $0.50. However, Team LAMBO advised to watch out for the $0.33 level.
The analyst stated that Tron was possibly “cooking a massive bull flag on the 15-minute timeframe,” with the bottom trendline between the $0.35-$0.36 price range. A breakout above $0.42 could target the $0.60 barrier while breaking down the pattern and losing the $0.33 support would invalidate it.
As of this writing, TRX is trading at $0.33, a nearly 80% surge in the past seven days and a 116% monthly jump.
