Tron Price Analysis: TRX/USD well supported by key daily ascending trend line

Tron outperforming its peers, holding gains of 4% in the session on Tuesday.
TRX/USD price is supported north by a running ascending trend line, which has been in play since mid-December 2018.

Ken Chigbo Independent Analyst

Tron price on Tuesday is seen outperforming most of its peers, running with solid gains of some 4% in the second half of the session. TRX/USD has printed a session high up at $0.02711, this was the highest print seen since 11th January.

TRX/USD price action has been supported in its move north by an ascending trend line. This has been running since 15th December 2018, when the price picked up momentum to the north, in what has been a solid trend higher in recovery.

In terms of near-term upside resistance, eyes are on how the bulls breakdown the current high area of the session. There isn’t too much in the way for a reclaim of $0.03000 price territory. Support to the downside is seen tracking at the lower ascending trend line, $0.024000.

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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