TRX, the ninth-largest cryptocurrency by market cap, is currently trading at $0.1677, with a market cap of $14.5 billion. Over the past week, TRX has gained 4.83%, sparking optimism among bulls aiming for a $0.20 price target.
A look at the weekly chart reveals a rising channel pattern with TRX setting higher highs and higher lows. The current uptrend appears focused on reaching the 100% Fibonacci level at $0.18442, just shy of TRX’s all-time high. Since mid-November 2022, TRX has experienced a remarkable recovery, climbing 274% from a low of $0.045 to its current level. This rally has sustained its bullish trend, despite occasional pullbacks.
In a significant development, Tether’s Treasury minted 1 billion USDT on the Tron network, boosting liquidity and supporting bullish sentiment. As of today, the total supply of USDT stands at $120.5 billion, with Tron holding 61.73 billion USDT, or 51.23% of the total circulating supply. This infusion of liquidity on the Tron network is fueling the ongoing price surge, aligning with a broader market recovery.
TRX Bullish Sentiment Grows
Analyzing the daily chart, TRX’s recent price action reveals a reversal rally following a retest, now challenging the 38.20% trend-based Fibonacci level. Over the past three days, the token has recorded consecutive bullish candles, moving closer to the $0.17 mark.
If the current momentum holds, TRX could reach $0.20 in November, with support from increased liquidity and improving market sentiment pushing the altcoin to new heights. The next few weeks will be crucial for TRX as it attempts to maintain its upward trajectory.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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