Tron price analysis: Double-top pattern spotted as Binance adds support for TRX/BNB

Tron is currently reacting to a double-top pattern following the upside movement that started on Tuesday. The market kick-started the week’s trading with bear movements led by Bitcoin (BTC) which dropped from changing hands above $6,500 to $6,200. Tron also gave in to the selling pressure and shattered the support at $0.020. Like a dead weight falling in the air, it broke another short-term support at $0.0184 before finding refuge slightly above $0.0180.

There was a good pullback yesterday as Tron recovered from the ashes in a range limited at $0.0184. The couple two successive engulfing candles broke above $0.0190 but came to a halt at $0.0196.

Consequently, the largest exchange by daily trading volume, Binance has announced today that it will be adding support for TRX/BNB trading pair. The communication was made via Twitter saying “Binance will open trading for a TRX/BNB trading pair at 2018/09/19 4:00 AM (UTC).”

Tron reacted even higher on opening the session on Wednesday leading to the formation of a double-top pattern as seen in the chart below. There is an ongoing bear reaction towards $0.0197. If this level gives in to the selling pressure the trendline and $0.0196 will come in handy. A stronger support is highlighted at $0.0192 - $0.0190, however, the major support at $0.0180 is positioned to stop overarching declines.

TRX/USD 15’ chart