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.

Ken Chigbo Independent Analyst

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

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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