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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.