Tron Price Analysis: TRX/USD shooting higher in late Friday trading

TRX/USD bulls come back to life in jumping to the upside to print a session high at $0.02255 at the time of writing.
Bulls managed to force a breakout to the outside from a pennant pattern structure.

Ken Chigbo Independent Analyst

The Tron price was seen up a chunky 9% in the latter stages of trading on Friday, after an initial slow start to the day. TRX/USD bulls made a forceful move out from a pennant pattern structure, seeing further buying pressure come into play.

TRX/USD had been moving within a pennant pattern, since the price began cooling after 24th December high print. Price action went into consolidation mode, hence forming the bullish technical structure.

A daily closure above the pennant will likely be the key to greater upside. Eyes are on the above supply zone, which is seen heading into the $0.03000 territory. Support will now be sought at just on top of the breached pattern, tracking at $0.021000.

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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