TRX Price Prediction: Will the Coin Exceed $0.50 by the End of 2024?

For the currency of the TRON network, a very positive year is about to close, which so far has given its holders a bull performance of +135%.

The price of TRX has seen a bull performance of +135% in 2024.

Now let’s see what the short-term forecasts are for the last trades of the month of December.

All the results below.

The great price performance of the TRX coin in 2024

Since the beginning of the year, the crypto TRX, native token of the Tron blockchain, has been at the center of a super bull price narrative, culminating with a pump in the month of December.

In January, the currency was traded at an initial price of 0.1 dollars, with a market capitalization of 9.5 billion dollars.

In February TRX immediately saw the arrival of the bulls on the market, leading to a 40% price increase within a few weeks.

Subsequently, we witnessed a phase of retracement that lasted throughout the month of March, diverging from the trend of BTC and the rest of the altcoin sector, which during that period recorded significant bull movements.

From April until the end of July, there was a long and boring sideways movement, with the crypto of the entrepreneur Justin Sun oscillating in the range of 0.1-0.15 dollars.

Surpassed this stage, the true moment of protagonism for the cryptocurrency arrived: in August, it reached the annual maximum target of 0.17 dollars.

Then in November it was the turn of the all-time highs reached with a surge above 0.2 dollars coinciding with Donald Trump’s victory in the USA presidential elections.

Finally, at the beginning of December, the price of TRX skyrocketed thanks to a daily candle of +95%, bringing trades to 0.45 dollars per token.

In the following days, there was some profit-taking, following the bear movement of BTC that lost 100,000 dollars, bringing TRX to 0.25 dollars.

Very interesting to note that starting from the bullish impulse in August, the crypto of the Tron ecosystem has never fallen below the daily EMA 50, a sign of the trend’s solidity.

Overall, 2024 was closed with an encouraging performance of +135%.

Where are we headed now?

Technical analysis of the crypto TRX

Before moving on to the AI forecasts, let’s take a look at the technical analysis to assess the current situation of TRX price trends.

The study of the charts shows that at the moment the cryptocurrency has a strong support zone at 0.2 dollars, where many purchase orders have been placed. This level is crucial because a drop below it could indicate a change in market sentiment.

On the other hand, the key resistance is currently set at 0.45 dollars, in conjunction with the all-time highs of December 3. Here too, a bull breakout would significantly increase the chances of a new bull wave.

The volumes of trading remain quite high, with a peak marked in the months of August and December, indicating a strong interest from investors.

As mentioned in the previous paragraph, the price of TRX remains firm above the 50-period exponential moving average, indicating a bull momentum.

To make a comparison, many other top altcoins in the crypto market like ETH, DOGE, SOL, and SHIB are below this level, within an outlook that tends to be bear.

However, the RSI indicator, which measures the speed and magnitude of price changes, is in an overbought phase, suggesting a possible future retracement. The MACD, on the other hand, which is a trend-following indicator that shows the relationship between two exponential moving averages of a security, confirms the bull signal.

At the same time, the CCI, a momentum oscillator that measures the strength of a price movement, indicates the presence of neutral ground for trading.

TRX appears slightly decorrelated with the rest of the market, in an uncertain scenario that seems to favor a potential price increase in the coming weeks.

Price predictions for the end of the year according to AI

According to the AI, there are now remote possibilities that TRX can exceed the value of 0.50 dollars by the end of the year.

Despite the community expecting an increase in the price of the crypto, it is unlikely that the bull will manage to push that far.

The data from Coincodex, powered by AI, suggest that TRX will be traded at 0.267 dollars during the last daily session of 2024.

This represents the most likely forecast, based on various technical indicators and market analysis in an overall neutral outlook.

According to an optimistic scenario, TRX could even return to 0.40 dollars by December 31, if a new narrative is triggered in the crypto market.

On the other hand,  in the event of a black swan, the cryptocurrency could experience a sudden drop to below 0.20 dollars