Tron Price Analysis: TRX/USD key daily ascending trend line stops a free fall and provides decent bounce

Tron holds decent gains on Friday of over 3%, bulls eyeing for $0.03000 retest.
TRX/USD is well-supported by a long-running ascending trend line, which has been in play since December 2018.

Ken Chigbo Independent Analyst

The Tron price on Friday was seen holding decent gains if some 3.5% in the latter part of the day. This coming after TRX/USD was forced to seek support on the daily via an ascending trend line, that has been in play since the back end of December 2018.

TRX/USD has been well-supported by this trend line in its run to the north. There have been several occasions when the bears have forced a test of this to the downside, seen in December and also last month, January.

Technically, given the most recent bounce off the above-mentioned trend line, further upside momentum is still eyed. The next major barrier is for TRX/USD to convincingly breakdown $0.03000, after this, there isn’t much in the way of a return to $0.04000. Should the bears force a breach of the key running support, a fast return back down to December lows could be seen.

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.

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