- Tron is firmly within the control of the market bears, as the price trades around three-month lows.
- TRX/USD price action is moving to the downside within a descending channel structure.
The Tron price continues to move within a strong trend to the downside, which has very much been the case since late November. It has fallen from the heights of $0.01600 down to the recent low levels of $0.01200.
TRX/USD price action from the back end of September was being supported by an ascending trend line, of which the bears managed to force a breakout. The breach was observed on 21 November, a fresh wave of selling pressure came into play. A retest and rejection occurred between 27-30 November, of which downside has been seen since.
In terms of key technical levels; $0.01200 is critical daily support, the recent low area of the past few sessions. It is also where a lower tracking trend line of a descending channel structure. Resistance to the upside should be noted at $0.01350, here the upper trend line is running.
TRX/USD daily chart
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