Tron Price Analysis: TRX/USD big double-digit gains, but sellers camped ahead of $0.03000 area preventing big buying wave
- TRX/USD sees chunky double-digit gains on Monday, but capped heading into $0.03000 price region.
- Long-running ascending trend line continues to provide the necessary comfort for TRX/USD in its move north.
The Tron price in the latter part of Monday’s session was seen holding some chunky gains of around 7%. A surge in buying came back to TRX/USD, after the price recouped marginally south in the past two trading sessions.
TRX/USD is supported to the upside by an ascending trend line, this has running since the back-end of December. The price has sought comfort from this on several occasions since its formation. An advance of some 70% has been facilitated over the mentioned time frame.
In terms of the technical view, chunky supply remains heading into that $0.03000 region. This has knocked the bulls back on three occasions already this year, providing its stubbornness. Support as detailed above, tracking at the ascending trend line, $0.02500 area. Should the bears force a break lower, than a flood of selling may be seen, down towards $0.02000.
TRX/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
