Tron price analysis: Rejects ascending channel support, Team Tronics announces partnership with HummingPay
|- TRX/USD is battling for balance above $0.0290, the upside is capped by the broken support at $0.0950.
- HummingPay assures its users of cheaper, faster and secure transactions.
After Tron price hit rock bottom and traded marginally above the $28.00 support, it embarked on an upward roll. It corrected higher over the last weekend trading higher lows and higher lows within an ascending channel. There were fresh higher corrections this morning during the Asian hours. TRX/USD attacked $0.031 but turned bearish on failing to break above the resistance at this level.
The trendline support at $0.030 gave in to the bear pressure. In addition to that, the next support target at $0.0295 coinciding with the 38.2% Fib retracement level with the last high of $0.0316 and a low of $0.0281 has been broken as well at the time of writing. TRX/USD is battling for balance slightly above $0.0290 while the upside is currently limited by the broken support at $0.02950.
Technical indicators on the chart are still sending bearish signals, for instance, the stochastic is at 16%. The 50 SMA is still above the 100 SMA, which means that the buyers still have the power to support the price and prevent declines below $0.0290.
In other news, Team Tronics is delighted to announce the partnership with HummingPay: “the global “Mark” for trusted payments of digital asset.” HummingPay is “a blockchain based, decentralized payment solution, providing integration services for individuals and businesses.” The platform promises cheaper, faster and secure transactions. It utilizes the Tron network specifically for traffic and distribution.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.