Tron (TRX) Price Analysis: TRX/USD subject to extended move north, over 2 million transactions recorded
- Tron price trading firmly in the green on Tuesday, up some 5%, with a bull flag eyed.
- Justin Sun tweets that Tron transactions move over 2 million, a new record.
TRX/USD was seen holding decent gains in the early part of the session on Tuesday. Trading firmly within the green by some 5%. At the time of writing trading just below the $0.01500 area. A boost received thanks to generally bullish sentiment observed across the market.
Price action is moving within a bullish flag pattern, which began to take shape on 28th November, during last week’s surge higher. Cooling has been seen, following the chunky gains from the prior week of some 45%. In terms of news flow, Tron founder, Justin Sun, tweeted recently, “#TRON is writing #blockchain history with over 2,000,000 transactions and 700,000 accounts registered!”
Technically, near-term resistance cane immediately be seen at $0.01500, which is the upper trend line of the above-mentioned bull flag pattern. Further north, supply can be seen running from $0.01600 up to $0.01800. This was a prior acting demand area, which can now be eyed as a barrier.
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.
