The AI has made its predictions regarding the final trading price of Tron (TRX) for 2024. As we wrap up a remarkable year for the TRON network, it’s worth noting that holders have experienced an impressive bull performance of +135%. So, what does December have in store as we close out the year? Let’s explore the highlights.
This year has seen TRX, the native token of the TRON blockchain, firmly positioned in a bullish narrative. In January, the cryptocurrency was priced at 0.1 dollars with a market capitalization of 9.5 billion dollars. Within weeks, TRX enjoyed a 40% price increase in February, indicating strong interest from investors.
However, March brought a retracement, as TRX diverged from the trends of Bitcoin and other altcoins. It wasn’t until August that TRX emerged from a sideways movement during the spring and summer months to peak at 0.17 dollars. November marked a milestone as the currency surged above 0.2 dollars, coinciding with a major political event. By early December, TRX reached heights of 0.45 dollars per token but later experienced a pullback due to market fluctuations.
The end of 2024 showcases a solid growth trajectory, with a close observed at a high +135% increase for the year.
Moving to the analysis, current trends indicate a strong support level at 0.2 dollars. This price point is critical, as dropping below could signify a shift in market sentiment. Conversely, key resistance lies at 0.45 dollars, and breaking through this level could spark another bullish wave. Interestingly, while many top altcoins like ETH, DOGE, and SOL fell below their moving averages, TRX remains above the 50-period EMA, indicating ongoing bull momentum.
Now, shifting our focus to AI’s projections for year-end, expectations suggest that it’s quite a stretch for TRX to exceed 0.50 dollars. Most analyses point to a potential trading price around 0.267 dollars by the final daily session of 2024. This forecast, derived from various technical indicators, reflects a neutral market outlook. In a more optimistic scenario, if new narratives emerge in the crypto market, TRX could even see prices reaching 0.40 dollars by December 31.
However, investors should brace for all scenarios, including the worst-case possibility of a drop below 0.20 dollars, which could disrupt the current trend. Key factors to watch for include the behavior of Bitcoin and relevant economic indicators.
Another noteworthy factor is the Tron network’s on-chain activity, boasting over 180 million transactions in the last three months alone. This level of engagement could be a positive sign for the potential of another bull movement in the days leading up to the year’s end.
With all these insights, it’s clear that while the TRX community is hopeful, it’s wise to keep an eye on market conditions as we approach the new year.
