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With a bullish channel and an impending breakout at $0.17, will Tron rise to $0.20 in November?
As the ninth biggest cryptocurrency in the crypto market, the $TRX token is trading at $0.1677. The project has a market cap of $14.5 billion and has increased by 4.83% in the past 7 days.
With $TRX prices continuing to rise, bulls are eyeing a price target of $0.20. Will buyers reach this psychological mark during the November rally? Let’s explore.
Rising Channel in Tron Aims $0.20
The weekly chart shows Tron forming a rising channel with higher highs and higher lows. According to Fibonacci levels, the uptrend is targeting the 100% Fibonacci level at $0.18442, approaching its all-time high.
Within this rising channel, the altcoin’s price has surged by 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 rounding-bottom breakout near the psychological mark of $0.14 has allowed the $TRX price to gain momentum after a minor retest. As the post-retest reversal strengthens, price action analysis indicates a potential jump toward the overhead resistance line above the all-time high.
Tether Mints 1 Billion $USDT on Tron
On Tuesday, Tether Treasury minted 1B $USDT over the Tron Network to provide enough liquidity in the bull market. At press time, the total supply of $USDT stands at $120.5 billion.
The Tron network holds 61.73 billion $USDT, making up 51.23% of the total circulating supply. This liquidity boost, combined with improving market sentiment, is fueling Tron’s recovery.
Tron Eyes $0.17 Breakout
On the daily chart, Tron’s price action indicates a post-retest reversal rally challenging the 38.20% trend-based Fibonacci level. Over the past three days, the token has recorded three consecutive bullish candles and is ready to hit the $0.17 mark.
Supporting the bullish trend, the MACD and signal line give a positive crossover and maintain a bullish rally with a surge in positive histograms. Hence, the chances of Tron reclaiming the $0.20 psychological mark in November have significantly increased.
Along with the Fibonacci level, the altcoin faces opposition from the supply zone, ranging from $0.1665 to $0.1689. In the shorter term, based on the daily chart analysis, the bull run is likely to face resistance at the 50% and 78.60% Fibonacci levels, positioned at $0.1762 and $0.1959. On the flip side, the crucial support remains at $0.1597.