TRON Price Prediction and Forecast: Cup & Handle Pattern With DeFi Growth Could Spark Major Gains
TRON had a remarkable 2023 year with a +133% rise in value. The rising credibility of the network, along with the positive technical indicators, suggest a further surge in value in 2024. The Tron Price Prediction looks bullish amid the imminent Cup and Handle Pattern formation in the weekly price chart.
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Tron’s 2023 Triumphs: Leading DeFi Growth and Overtaking BNB Chain in TVL
In 2023, Tron TRX achieved significant milestones, emerging as a leading blockchain with a thriving DeFi ecosystem. On Twitter, Coin98 Analytics highlighted Tron’s journey, noting its surpassing of BNB Chain in total value locked (TVL).
According to DefiLlama, Tronβs DeFi sector surged by over 43% during the second half of 2023, reaching over $8 billion.
The increased Total Value Locked (TVL) reflects Tron’s expanding ecosystem and a rise in trust.
The market believes that key contributors to this growth include projects like Justlend DAO, Just Cryptos, and TRX Staking Governance.
In the crypto space, higher TVL signifies increased reliability, positioning Tron as a trusted platform for secure transactions. This shift in TVL’s dominance positively showcases TRX’s ability to attract and retain value within its network. It further supports the following positive TRON price prediction for 2024.
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TRON Price Prediction β 70% Rise Ahead After Cup & Handle Pattern Completion
The weekly chart analysis of TRX/USD indicates the formation of a Cup and Handle pattern. The Cup shape has been completed, and if the pattern persists, there may be a slight decline in finalizing the Handle shape.
Upon completion of the Cup and Handle pattern, a substantial upward movement in prices is anticipated. The prices will potentially reach levels last observed in April 2021βa significant increase of +70% from the current price.
Additionally, the moving averages reinforce this bullish Tron Price Prediction.
The 50 EMA (red line) is positioned above the 100 EMA (blue line), signalling positive momentum in the market.
Concurrently, the MACD histograms above the zero line indicate bullish momentum. However, diminishing histogram bars suggest a potential short-term selling pressure, likely to complete the Handle shape.
Presently, the initial resistance is situated at $0.11999.
Bull case for TRON crypto forecast
Any break and closure above this level would fortify buying pressure, propelling prices towards the target price above $0.180000. The subsequent resistance is at $0.15066, and surpassing this level would pave the way for gains potentially exceeding +70%.
Bear case for TRON price prediction
Conversely, the primary support rests at $0.09512. A breach and closure below this level would prompt a test of the subsequent support near the 100 EMA at $0.07207, representing a decline of approximately 32% from the current price level.
