- Tron reaches new all-time high of $0.23, surpassing 2018 peak
- Market cap breaks $20 billion milestone
- Technical indicators suggest potential for continued growth
Tron (TRX) has achieved a remarkable milestone in its market history, breaking through its previous all-time high to reach $0.23, representing a significant 12% surge in just 24 hours.
This breakthrough carries particular significance as it propels Tron’s market capitalization beyond $20 billion for the first time, marking a new chapter in the cryptocurrency’s evolution.
The Path to Tron’s New Heights
The journey to this peak becomes more impressive when examining the token’s performance over the past month. Starting from $0.16 thirty days ago, TRX has recorded a substantial 41.02% appreciation, finally surpassing its previous historic high of $0.22 set in June 2018.
This achievement becomes even more notable considering the extended period during which the price remained below this threshold.
The Global In/Out of Money (GIOM) indicator provides fascinating insight into Tron’s current market structure. This sophisticated metric, which analyzes the average acquisition cost across all holder addresses, reveals that 100% of addresses are currently profitable.
This unusual situation, where every holder sits in profit, traditionally suggests strong market confidence and could indicate potential for further upside movement.
Source: IntoTheBlock
To understand the significance of this metric, imagine it as a topographical map of investor positions – when all positions are profitable, it often indicates that previous resistance levels have been cleared, potentially paving the way for new price discovery.
The Chaikin Money Flow (CMF) indicator adds technical validation to the bullish narrative. Currently showing positive readings above zero, the CMF suggests that buying pressure continues to dominate market activity. This technical strength, combined with the broader market structure, points to potential further appreciation toward the $0.30 level.
While the current market structure appears robustly bullish, prudent investors should remain mindful of key support levels at $0.20, $0.17, and $0.15.
The sustainability of this rally will likely depend on the CMF maintaining its positive reading, as any significant deterioration in this metric could trigger a test of these support zones. However, the convergence of technical strength and market positioning suggests the potential for continued price discovery in the near term.
