As Bitcoin slowly approaches the $60,000 mark, the broader altcoin market is showing a bullish recovery. Among the top performers, Tron is making waves with its new surge. With the TRX price surge making it one of the top gainers, the question is whether the bull run will cross the $0.14 mark and continue the uptrend. Let’s find out.
V-shaped reversal in Tron
With a market cap of $11.71 billion, Tron is ranked 11th in the crypto world. Moreover, the broader market supports the TRX price prediction that it will hit a new all-time high this year.
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In the daily chart, the bull run in TRX price continues with the support of an ascending trend line. Based on the Fibonacci levels, the recent upcycle also surpasses the 61.80% Fib level at $0.13 and challenges the 78.60% Fib level at $0.1359.
Currently, TRX price is trading at $0.1350, with an intraday jump of 0.59%, following yesterday evening’s 3.24% increase, forming an engulfing candle. Moreover, the ongoing relief rally is responsible for a 16% price jump from the support trend line.
Technical indicators:
RSI indicator: The daily RSI line shows a consistent uptrend with minor bouts above the midline. As it approaches the 70% overbought level, the chances of another minor correction for a healthy uptrend increase.
MACD: The bullish crossover in the MACD and signal lines is about to move into positive territory, so the momentum indicator is showing an increase in underlying demand.
Will TRX price exceed $0.15?
With the recent reversal from the 23.60% Fibonacci level at $0.0117 forming a V-shaped pattern, the neckline is at $0.14. A bullish breakout of the 78.60% Fib level at $0.1359 will increase the chances of a breakout from the neckline.
Optimistically, the uptrend this quarter can reach the 1.618 Fib level at $0.1641. On the downside, the support levels at $0.1302 and $0.1262 can cushion any potential increase in supply pressure.
