TRON price has undoubtedly been one of the best performers in the past couple of months owing to its very vocal and dedicated founder, Justin Sun. However, this analysis reveals that TRX’s reaching $0.5 may not be what everyone expects. While meme coins can drive an L1 coin’s value parabolic, there is still a chance TRX might choose to take the long, slow road to the top.
TRX price today is hovering around $0.1598, representing a 0.4% increase in the last 24 hours.
The journey for TRON ahead is arduous, and while gains are gains despite the length of time, investors have to wonder how long it would take for their TRX investments to grow by 200% to reach $0.5.
How Long Will TRX Price Take to Hit $0.5?
While many investors want to believe TRX hitting $0.5 is an easy feat, it’s likely not. As of October 2024, the asset is trading around $0.16 and is in a bullish rising channel. Data from Token Terminal shows TRON has recorded a significant increase in daily active addresses and revenue, which suggests the network is being used, often a bullish signal.
The TRON price has respected the rising channel since late 2023 and has not broken out in over 10 months. While the rising channel itself is a bullish signal, if its price doesn’t break out to the upside, it will take the asset 608 days to hit $0.5. This puts the timeline around January 2026.
Additionally, the TRX price is approaching the previous all-time high, which also marks a zone of strong resistance. If the price continues its slow ascent, the coin may break $0.186 in October or November but may not reach $0.22 until 2025.
TRON Price Analysis: TRX Eyes An 8% Short-Term Surge
Despite the cold long-term predictions, the TRON price in the short term shows the bullish potential that traders could take advantage of. The TRX price chart shows a bullish continuation pattern, suggesting further upside in the near term.
The price has broken out above a rising wedge, an extremely bullish sign. The immediate resistance is at $0.162; a breakout above this level could open the door to higher targets around $0.171. This represents an 8.51% upside from the current level.
The relative strength index (RSI) is at 59.49, which is below overbought levels but suggests that TRX is still in a healthy uptrend. There’s room for further gains before hitting overbought conditions, but some caution is warranted if the RSI approaches 70.
Tron Price Analysis Chart
The ascending trendline provides strong support near $0.156. In case of a pullback, this area should hold to maintain the bullish structure. However, if the TRON price falls below this level, it signals market weakness. The asset would find lower support, around $0.1540, $0.1500, and $0.1470.
Technical analysis disproves the prospects of the price hitting $0.5 in 2024. However, the volatile nature of crypto markets makes this just one outcome. Market conditions such as the incoming bull run could alter the trajectory of the price of TRX, leading to $0.5 coming much sooner.
TRON Can Hit $0.5
While the TRON price shows a steady upward trajectory, the journey to $0.5 will likely be gradual, potentially taking until January 2026 based on current trends. Although short-term gains of around 8% are possible, technical analysis indicates that hitting the $0.5 mark in 2024 is unlikely unless significant market shifts or catalysts emerge. Investors should prepare for a slow, steady climb and manage expectations accordingly, as the volatile nature of the crypto market could still alter the TRX price trajectory in the future.
The post Here’s How Long It Will Take TRON Price To Hit $0.5 From Here appeared first on CoinGape.
