Tron Price Analysis: TRX/USD could soon see another explosive move to the north

TRX/USD down on Thursday, however moving within a bullish pennant pattern.
Tron foundation has completed round eight of its ERC20 token burning.

Ken Chigbo Independent Analyst

TRX/USD was trading marginally on the back foot towards the latter stages of trading on Thursday. The price was nursing losses of 1.8%, after what has continued to be a choppy and directionless week.

In terms of news flow, the Tron Foundation completed round 8 of its ERC20 token burning. They have been doing this since the launch of their MainNet back in June 2018. This being part of their final stages in process switching away from the Ethereum platform.

TRX/USD price action via the daily chart view still looks promising, despite the losses and lack of direction. It has been moving within a formed bullish pennant pattern, which is subject to a breakout to the upside. Near-term resistance noted at $0.02115, the upper trend line, support seen at $0.01935 the lower acting trend line.

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.

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