Tron price analysis: TRX/USD smashes out from a bearish pennant

Tron is nursing losses of some 5.5% late in the session on Wednesday.
TRX/USD smashes below a critical ascending trend line of support.

Ken Chigbo Independent Analyst

The Tron price late Wednesday is trading firmly in the red, nursing losses of some 5.5%, as the bears regain full control again.

TRX/USD was showing signs of promise after managing to recover much of the fall, that triggered late in September. A steady ascending trend line was supporting the price, however, the bears managed to force a breach, allowing a wave of selling pressure to come into action.

We can also observe a breakout from a bearish pennant structure via the daily chart. In terms of safety areas, the next area eyed would be the all-time low region at $0.011150. A failure to bounce here could spark much FUD and further panic selling.

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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