Will a bullish channel and impending breakout at $0.17 propel Tron to $0.20 in November?
As the 9th largest cryptocurrency in the crypto market, the TRX token is trading at $0.1677. The project has a market capitalization of $14.5 billion and has increased by 4.83% in the past 7 days.
As TRX price continues to rise, bulls are keeping an eye on the $0.20 price target. Will buyers reach this psychological level during the November rally? Let’s explore.
Tron Rising Channel $0.20
The weekly chart shows that TRON is forming an ascending channel of highs and lows. According to Fibonacci levels, the uptrend is targeting the 100% Fibonacci level of $0.18442, which is close to the all-time high.
tron price chart
Within this ascending channel, the altcoin’s price soared 274%, rising from a low of $0.045 to $0.1684. This recovery rally began in mid-November 2022 and remains bullish despite a small setback.
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A round-bottom breakout near the recent psychological mark of $0.14 has allowed TRX price to gain momentum after a minor retest. As the reversal strengthens after the retest, price action analysis points to a possible rally towards the overhead resistance line above the all-time high.
Tether Mints earns 1 billion USDT on Tron
On Tuesday, Tether Treasury minted 1 billion USDT via the Tron network to provide sufficient liquidity for the bull market. At the time of writing, the total supply of USDT is $120.5 billion.
The TRON network holds 61.73 billion USDT, accounting for 51.23% of the total circulating supply. This increased liquidity and improved market sentiment are driving TRON’s recovery.
Tron Eyes $0.17 Breakout
On the daily chart, TRON price action shows a reversal up after a retest challenging the 38.20% Fibonacci level based on the trend. Over the past three days, the token has recorded three consecutive bullish candlesticks and is poised to reach the $0.17 mark.
tron price chart
To support the bullish trend, the MACD and the signal line show a positive crossover, sustaining the bullish rally with a positive histogram surge. Therefore, the chances of Tron regaining the $0.20 psychological mark in November have increased significantly.
Along with Fibonacci levels, the altcoin is facing opposition from the supply zone ranging from $0.1665 to $0.1689. In the short term based on daily chart analysis, the bulls are likely to face resistance at the 50% and 78.60% Fibonacci levels located at $0.1762 and $0.1959. On the other hand, the key support level remains at $0.1597.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
