As Bitcoin approaches $60,000, a recovery is also observed in the altcoin market. In this upward wave, Tron (TRX) is showing a remarkable performance. The increase in TRX price takes it to the top ranks among the biggest gainers. So, can this bull run continue its upward trend by exceeding $0.14?

V-Shaped Reversal in Tron

Tron ranks 11th in the crypto world with a market cap of $11.71 billion, and the general state of the market supports expectations that TRX could reach new highs this year. When the daily chart is examined, it is observed that the rise in the altcoin price continues with support from an upward trend line. According to Fibonacci levels, this latest upward movement exceeds the 61.80% Fibonacci level at $0.13 and tests the 78.60% Fibonacci level at $0.1359.

Currently, the altcoin price is trading at $0.1350 with a daily increase of 0.59% following yesterday’s 3.24% increase. This is forming a bullish engulfing candlestick pattern. The ongoing recovery move represents a 16% price increase from the support trendline.

RSI Indicator: The daily RSI line is trending upwards despite minor disruptions and has broken through the midline. As it approaches the 70% overbought threshold, the probability of a new minor correction for a healthy uptrend is increasing.

MACD: The bullish crossover between the MACD and signal lines is about to enter positive territory, indicating an increase in the underlying demand for the momentum indicator.

Will TRX Price Exceed $0.15?

The recent V-shaped reversal move started from the 23.60% Fibonacci retracement level at $0.117 to form the neckline at $0.14. An upside break of the 78.60% Fibonacci retracement level at $0.1359 increases the probability of a breakout of this neckline.

From an optimistic perspective, the bullish move is expected to reach the 1.618% Fibonacci level at $0.1641 this quarter. On the other hand, support levels at $0.1302 and $0.1262 could absorb the impact of any possible selling pressure.

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