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TRX’s positive performance in 2024 managed to propel the Tron network once again to the top 10.
The token’s latest price action shows a spike in demand once the asset touched the $0.216 level. However, TRX continues to be on a downtrend, as it has made several consecutive lower highs.
A descending triangle has formed as a result of the latest price swings. This setup could result in a trend reversal as buyers keep popping up at this support level, which could eventually lead to sellers’ capitulation.
If that happens, a first target for TRX could be set at $0.25, meaning an 11% upside potential from today’s levels.
However, momentum indicators are still not confirming this bullish outlook. As long as bulls manage to defend this key threshold, momentum readings will turn positive at some point.
Meanwhile, if a break below the $0.216 level occurs, the next key area of support to watch would be found at $0.203, which would translate into a 10% drop from TRX’s current levels.
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