Latest TRX Coin Price Analysis: TRON Hits New Peak in 2024

Bittime - On August 26, 2024, TRON (TRX) recorded a new yearly high of $0.168, making it one of the best-performing large-cap cryptocurrencies of the year. 

This spike comes after a steady rise from a low of $0.105 in April 2024, indicating a remarkable recovery. The breakout of a symmetrical triangle pattern that held for six months triggered this upward movement.

TRX Highest Price in 2024

The recent high also represents the second highest weekly close for TRX, with the all-time high recorded in 2018 at $0.231, still 40% above the current price. 

The $0.145 resistance area, which had not been surpassed since the 2018 high, was finally broken, providing a significant boost to TRX. Despite this success, prices experienced a slight decline.

Long Term TRX Price Movement

TRON's long-term price movement is being closely watched by traders, especially considering the bearish divergence forming in the weekly RSI and MACD. The bearish divergence seen in the weekly RSI and MACD could be a signal that the current uptrend may face challenges.

However, if the upward momentum continues and this divergence invalidates, TRX may maintain its bullish trajectory. The important key is to monitor these indicators closely to see if they confirm a reversal or if the bullish trend will continue, perhaps pushing TRX closer to its all-time high price.

TRX Price Wave Count Analysis

Now let's analyze it again using Elliot wave theory or Elliot Wave Theory. Wave Theory is a technical analysis framework used to forecast market trends. This theory is based on the idea that markets move in repeating cycles that can be identified in wave patterns. 

The most likely scenario suggests that TRX is in the fifth and final wave of a long-term uptrend starting in October 2022. 

The formation of wave four is characterized by a triangular pattern, with wave three extending to 1.61 times the length of wave four. If wave five matches this extension, TRX could reach $0.191, which is still below its all-time high.

Conversely, if wave five mirrors the length of wave one, this could indicate that TRX has reached a peak. This scenario would suggest that the recent high may be a top, and TRX could enter a period of correction.

Short Term Outlook: Resistance and Support Levels

In the short term, the four-hour chart shows a parabolic rise in TRX price since August 5, 2024. However, the chart also shows a deviation above the horizontal resistance of $0.165, followed by a decline below this level, which confirmed it as a resistance point. 

This decline, along with a short-term bearish divergence, suggests potential downside in the near term.

If TRX continues to decline, key support levels to watch include the steep ascending trend line at $0.148 and secondary support at $0.143. 

As long as this trendline holds, TRX's bullish structure remains intact, opening up the possibility of another high. However, a drop below this level could signal the end of the five-wave rally and the start of a longer correction phase.

Conclusion

In conclusion, TRX has shown strong performance in 2024, reaching new yearly highs and breaking out of consolidation patterns. 

Although technical analysis suggests a bullish outlook, there is also potential for a short-term downside. Investors should closely monitor price action and indicators to make informed decisions.

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