Tron Price Analysis: TRX/USD is retesting vital trend line of support
- Tron price was once again on the back foot, nursing losses of over 2% in the session.
- TRX/USD bears are testing the vital long-running ascending trend line support.
The Tron price on Wednesday was seen trading in negative territory again, nursing losses of over 2% in the second half of the session. TRX/USD is running towards its second consecutive session in the red, following on from the downside pressure on Tuesday.
A long-running trend line of support has been very much in play since the back-end of December, having risen from around $0.01800. A breach of this by the bears, could open a fresh strong wave of selling pressure.
The above-mentioned key support can currently be seen tracking at $0.02500, should a breakout take place south, then eyes will be on the price giving up the $0.02000 territory. A fast move back towards the December low area could likely be seen, $0.01100. In terms of upside, supply remains tough heading into $0.03000 territory.
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.
