Ken Chigbo
Independent Analyst
- 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.
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
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