TRX, the ninth largest cryptocurrency by market capitalization, is currently trading at $0.1677, giving it a market capitalization of $14.5 billion. TRX has gained 4.83% over the past week, fueling optimism among bulls with a price target of $0.20.
Looking at the weekly chart, an ascending channel pattern is evident with TRX setting higher highs and higher lows. The current uptrend appears to be focused on reaching the 100% Fibonacci level of $0.18442, just shy of TRX’s all-time high. Since mid-November 2022, TRX has experienced an impressive recovery, rising 274% from a low of $0.045 to current levels. Although this rally has occasionally reversed, it remains bullish.
In a significant development, Tether’s Treasury minted 1 billion USDT on the Tron network, increasing liquidity and supporting bullish sentiment. As of today, the total supply of USDT is $120.5 billion, and Tron holds 61.73 billion USDT, which is 51.23% of the total circulating supply. The injection of liquidity into the TRON network is accelerating the ongoing price rally as the broader market recovers.
TRX bullish mood increases
Analyzing the daily chart, TRX’s recent price action has revealed a reversal rally following a retest, currently challenging the trend-based Fibonacci level of 38.20%. Over the past three days, the token has recorded consecutive bullish candlesticks, approaching the $0.17 mark.
If the current momentum continues, TRX could reach $0.20 in November as increased liquidity and improved market sentiment propel the altcoin to new heights. The next few weeks will be critical for TRX to maintain its upward trajectory.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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