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The post TRX Price Recovery Run To $0.16 Depends On This Fib Level appeared first on Coinpedia Fintech News
With Bitcoin inching closer to the $60K mark, the broader altcoin market shows a bullish recovery. Amid the top performers, Tron is making waves with its new upcycle in motion. As the TRX price surge makes it one of the top gainers, will the bull run surpass $0.14 to extend the uptrend? Let’s find out.
V-shaped Reversal in Tron
With a market cap of $11.71 billion, Tron ranks as #11 in the crypto world. Further, the broader market supports the TRX price prediction of a new all-time high this year.
In the daily chart, the bull run in the TRX price continues with the support of an ascending trendline. Further, based on the Fibonacci levels, the recent upcycle surpasses the 61.80% Fib level at $0.13 and challenges the 78.60% Fib level at $0.1359.
Currently, the TRX price trades at $0.1350 with an intraday jump of 0.59% following the 3.24% jump last night, forming an engulfing candle. Further, the ongoing recovery rally accounts for a price jump of 16% from the support trendline.
Technical Indicators:
RSI Indicator: The daily RSI line shows a consistent uptrend with minor hiccups surpassing the halfway line. As it approaches the 70% overbought boundary line, the chances of another minor correction increase for a healthy uptrend.
MACD: The bullish crossover in the MACD and signal lines are on the verge of entering the positive territory. Thus, the momentum indicator reveals a surge in underlying demand.
Will TRX Price Surpass $0.15?
With the recent reversal from the 23.60% Fibonacci level at $0.0117, forming a V-shaped pattern, the neckline stands at $0.14. A bullish breakout of the 78.60% Fib level at $0.1359 will increase the neckline breakout chances.
Optimistically, the uptrend can scale to the 1.618 Fib level at $0.1641 this quarter. On the flip side, the support levels at $$0.1302 and $0.1262 can absorb any potential surge in supply pressure.
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