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Tron Price Analysis: TRX/USD has the life sucked out of it by bears

  • TRX/USD price suffered big losses, after making advance of 25%, to then be down over 6%, all on Thursday.
  • Tron foundation made a big announcement, hiring a former SEC attorney, to head up their compliance department.

The Tron price suffered a catastrophe on Thursday, it was seen trading down around 6% into the second half of the session. This comes no thanks due to a huge amount of selling pressure, that rippled across the cryptocurrency market.

TRX/USD was initially trading up with healthy gains of some 25% in the very early part of the day. There was much excitement and optimism from the Tron community. The foundation had announced they hired a former SEC Attorney, who will be heading up their compliance department. A very bold move and step towards making sure they are ahead in being responsible and compliant with regulations.

In terms of the TRX/USD, it can be seen trading within a prior area of supply, seen tracking from $0.026000 – 0.028000 range. This was breached early on Thursday, however this is now being used as new support, given this current downside pressure.

Author

Ken Chigbo

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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