TRX price recovery to $0.16 depends on this Fib level
As Bitcoin inches closer to the $60K mark, the broader altcoin market is showing a bright recovery. Among the performers, Tron is making waves with a new cycle in motion. As one of the top gainers in TRX's rise in price, will the bull run exceed $0.14 to extend the growth? Let's go, let's go, let's go.
Inversion of V-shape in Tron
With a market cap of $11.71 billion, Tron is ranked #11 in the crypto world. In addition, the broader market supports the prediction of a new high TRX price this year.
Trading view
On the daily chart, the bull run in TRX price continues with the support of the uptrend line. Additionally, based on Fibonacci retracements, the latest 61.80% Fib retracement is above $0.13 and challenges the 78.60% Fib retracement at $0.1359.
TRX is currently trading at $0.1350 with a 0.59% intraday jump following a 3.24% jump last night, forming a bearish candle. Next, the ongoing recovery rally contains a 16% price jump from the support trend line.
Technical indicators:
RSI Indicator: The daily RSI line shows a consistent uptrend with small swings greater than half a line. As it nears the 70% overbought border line, the chances of another minor correction for healthy growth increase.
MACD: The bullish cross and signal lines in the MACD are on the verge of entering the positive territory. So the momentum indicator shows the increase in demand.
Is TRX worth more than $0.15?
A recent break from the 23.60% Fibonacci level at $0.0117, forming a V-shaped pattern, the neckline stands at $0.14. A higher break at the 78.60% Fib level at $0.1359 increases the chances of breaking out of the neckline.
On the bright side, this quarter's advance could reach the 1.618 Fib level at $0.1641. On the downside, support levels at $0.1302 and $0.1262 could absorb any increase in supply pressure.
