Tron Price Analysis: TRX/USD subject to downside shocks

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  • The Tron price on Friday is trading is in negative territory late in the session down 2%.
  • TRX/USD is moving within a narrowing range block, subject to further potential downside.

 

The Tron price in the latter part of trading on Friday is trading in negative territory, nursing losses of some 2%. It has been moving within a narrowing fashion, stuck within consolidation mode for the past eight sessions.

TRX/USD price action is moving within a narrowing range-block formation, subject to downside risks. The consolidation mode comes after what has been a very volatile month already; the price had been rallying in early April, but this upside was very much short-lived.

Technically, given the noted price behaviour, TRX/USD is vulnerable to further downside movements. The near-term bottom support of the recent narrowing range is seen at $0.02580, a breach here would see all of the April gains reversed, inviting a strong wave of selling pressure.

TRX/USD daily chart

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