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

0
  • 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. The price was being supported by a steady ascending trend line, however, the bears managed to find to force a breach, allowing a wave of selling pressure to come into action.

A breakout can also be observed from a bearish pennant structure via the daily. 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

Get the 5 most predictable currency pairs

About Author