Cryptocurrencies are seeing a minor uptick as the year comes to an end, and CryptoQuant analyst Joao Wedson says one of the altcoins showing bullish potential is TRON.
TRON (TRX) traded at around $0.2565 on Dec. 31, up by about 2.7%. Tron’s gains mirrored the broader top 10 coins, with Bitcoin, Ethereum, and XRP all in the green. TRX has gained significantly over the past few months, with its price currently up by 140% over the past year. Wedson points to a confluence of key metrics suggesting TRON is poised for new momentum.
Wedson shared this outlook in a TRX price analysis piece published on Dec. 31. He also posted the chart below on X.
https://twitter.com/joao_wedson/status/1874105878150078778
According to the analyst, this technical picture is down to the Price Drawdown from ATH and technical support indicators. Price Drawdown measures the coin’s decline relative to its all-time high.
The variation shows TRX has held above an important trendline that dates back to 2019. Along with respecting this trendline, TRON’s price has bounced off it. The key trendline has therefore acted as robust support during accumulation periods and as an upward catalyst in recovery.
“This consistency demonstrates that TRX exhibits a well-structured technical behavior, making it attractive for both traders and long-term investors,” Wedson noted.
A look at TRX price over the past two years shows a descending trendline for the Price Drawdown from ATH indicator. Overall, it suggests bulls have increasingly clipped the level of bearish pain, with drawdowns now generally “less severe.”
With current price levels, TRX hovers near the suggested trendline support. It’s an area that may offer bulls a fresh strategic entry point. The altcoin reached its all-time high of $0.4407 on Dec. 4, signaling a 40% drawdown.
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