Tron (TRX) is currently the ninth largest cryptocurrency in the market, trading at $0.1677. With a market cap of $14.5 billion, it has seen a 4.83% increase in the past week.
Bulls in the market are optimistic about TRX’s price, with a target of $0.20 in sight. The question now is whether buyers will be able to reach this milestone during the November rally.
When looking at the weekly chart, Tron’s price movement forms a rising channel, characterized by higher highs and higher lows. According to Fibonacci levels, this upward trend is aiming for the 100% Fibonacci level at $0.18442, which is approaching its all-time high.
Within this rising channel, the altcoin has experienced a significant surge of 274%, climbing from a low of $0.045 to $0.1684. This recovery rally began in mid-November 2022 and has maintained a bullish trend despite minor setbacks.
The recent breakout near the psychological mark of $0.14 has provided momentum for TRX’s price after a minor retest. As the post-retest reversal strengthens, price action analysis suggests a potential jump towards the overhead resistance line above the all-time high.
In a move to provide liquidity in the bull market, Tether Treasury minted 1 billion USDT on the Tron Network. This has contributed to Tron’s recovery, with the network now holding 61.73 billion USDT, accounting for 51.23% of the total circulating supply.
On the daily chart, Tron’s price action indicates a reversal rally after a retest, challenging the 38.20% trend-based Fibonacci level. Over the past three days, the token has recorded three consecutive bullish candles, signaling a potential breakout at the $0.17 mark.
The MACD and signal line also support the bullish trend, showing a positive crossover and maintaining a bullish rally with a surge in positive histograms. These factors have significantly increased the chances of Tron reclaiming the $0.20 psychological mark in November.
However, Tron still faces some obstacles. Along with the Fibonacci level, the altcoin will encounter resistance in the supply zone, ranging from $0.1665 to $0.1689. In the short term, the bull run is likely to face further resistance at the 50% and 78.60% Fibonacci levels at $0.1762 and $0.1959, respectively. On the other hand, the crucial support level remains at $0.1597.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.
