Tron price analysis: TRX/USD bounces off a key support within descending channel
- Tron price is trading in minor positive on Tuesday, up some 1.6% in the second half of the session.
- TRX/USD price action is moving within a descending channel pattern formation.
Tron price on Tuesday is trading in minor positive territory, up some 1.6%. The renewed upside came into play in early hours of the session, something that was very much seen across the session. The fundamental developments for the Tron foundation continue to flow, last week updating to Tron 3.5, TronGrid 2.0 and now a new collaboration.
A joint announcement from Tron and Tether of a new collaboration was released yesterday. As they are looking to introduce a new stablecoin, which will be an updated version of USDT to the Tron blockchain. The Tron foundation has it set in their sights for a boost in liquidity on their DEX – decentralized exchange.
Technically, TRX/USD managed to bounce off a key supporting trend line, as part of a descending channel pattern structure, as can be seen at the prior session candlestick. Price action is moving within a descending channel formation, upside resistance of this tracking at $0.025000.
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.
