The cryptocurrency market seems to be facing a correction after its recent surge. Bitcoin (BTC) hit a new all-time high of $89,864.13 on Nov. 12, 2024. BTC’s upward momentum triggered a market-wide rally over the last few days. Amid the correction, LookOnChain highlights that Tron’s (TRX) market cap has hit a new all-time high of over $16 billion.
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While the project’s market cap is at an all-time high, TRX is down by 23.7% from its peak of $0.2317, which it accomplished in January 2018, almost seven years ago.
While the market is facing a correction, Tron (TRX) seems to be weathering the storm quite well. The asset is up by 5% in the daily charts, 8.7% in the weekly charts, 5.7% in the 14-day charts, and more than 10% over the previous month. TRX’s price is also up by 60.6% since November 2023.
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Will Tron Hit $0.30 Next?
According to Changelly analysts, TRX will face a correction over the next few days. The platform anticipates the asset to trade at $0.14 on Nov. 17, 2024. Hitting $0.14 from current price levels will translate to a dip of about 17.65%. Changelly does not anticipate TRX to hit the $0.30 till at least August 2026.
According to Telegaon, TRX may hit the $0.30 mark in 2024. The platform anticipates the asset to trade at a maximum price of about $0.53 this year. Despite the bullish forecast, Telegaon does not clarify which month TRX may hit the $0.53 level.
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There is a possibility that TRX will continue to rally over the next few days as the project’s market cap has soared to new highs. If BTC faces a drastic correction, TRX’s rally may be shortlived.