Tron price analysis: Rejects ascending channel support, Team Tronics announces partnership  with HummingPay

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.