Tron Hits New All-Time High, Doubling Price Within Hours

The price of Tron experienced a remarkable rally, more than doubling within hours and reaching a peak of $0.44, a new all-time high.

This dramatic rise was fueled by an influx of liquidity, driven by increased Tether issuance on both Ethereum and Tron networks.

This spike in activity caused Tron’s trading volume to soar by over 500%, ranking it as the fourth most traded asset of the day behind USDT, Bitcoin, Ethereum, and XRP.

While the bulls currently dominate the market, there are signs of a potential pullback. Tron’s price is approaching the upper boundary of a rising wedge pattern.

Should it break out, projections suggest a climb to $0.70, followed by a correction to $0.50 before potentially rebounding to $1.

However, with the monthly RSI exceeding 91, there are indications that a cooling-off period might be imminent.

During this phase, the price may consolidate within the wedge until it reaches its apex, setting the stage for a breakout that could surpass $1.

At the time of writing, TRX has retraced back to $0.39 with 538.95% surge in trading volume.