Will Tron (TRX) 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.

Cryptocurrency TRX is experiencing a bullish trend with a breakout at $0.17 in sight. As the ninth largest cryptocurrency in the market, TRX is currently priced at $0.1677. With a 4.83% increase in the past 7 days, bulls are eyeing a price target of $0.17.

If TRX manages to cross this psychological barrier and maintain momentum, it could pave the way for a further surge toward the $0.20 mark during the November rally.

Rising Channel in Tron Aims $0.20

A glance at the weekly chart reveals Tron forming a rising channel, characterized by higher highs and higher lows. This uptrend is targeting the 100% Fibonacci level of $0.18442, which is close to the altcoin’s all-time high.

From the low of $0.045 to the high of $0.1684, the TRX price has surged by 274%. 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, our 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 (around $1 billion) on the Tron Network to provide sufficient liquidity in the bull market. At press time, the total supply of USDT stands at $120.5 billion.

Of this, Tron holds 61.73 billion USDT, which is about 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, TRX’s price action shows 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 poised 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.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.