- The slots for the 27 SRs were completely filed on August 21 but the elections will continue every 24 hours.
- The ongoing uptrend has been limited at $0.020, but the digital asset is poised for more upside movement.
Tron Foundation is currently celebrating one of their biggest milestones following the mainnet launch. The network began elections for the 27 Super Representatives (SRs) on June 26, 2018 UTC+8. The slots for the 27 SRs were completely filed on August 21. The SRs are now in charge of governance on the Tron network; a move that is spearheading Tron mainnet the constitutional phase. However, it is essential to note that governance on Tron network is not left to the SRs; the community co-governs the network as well hence achieving the ultimate phase of the independent Tron mainnet.
The Tron community is still responsible for electing the SRs, unlike other blockchains where miners take charge entirely. Tron network will be running SRs elections every 24 hours where users are required to freeze their TRX in order to get votes in according to the number of tokens staked. The holders will also have the ability to alter their votes or otherwise “unfreeze” the TRX.
Significantly, the Super Representatives are tasked with the duty of creating blocks where every block produced is given a reward of 32 TRX. The incentive system has been put forth to ensure that the network attracts the best engineers around the world resulting in a Tron blockchain that is not only reliable but also efficient.
Tron price analysis
Tron price declines extended past the major support at $0.0195 forming a low at $0.0190. The declines commenced on failure to sustain the uptrend above $0.220. The short-term support formed at $0.021 did little to stop the slide towards $0.020. Trading below this level triggered further movement south.
The buyers, however, entered on testing the primary support at $0.0190 and a pullback that followed retraced steps above the 23.6% Fib retracement level taken between the highs of $0.0221 and the lows of $0.0189. The ongoing uptrend has been limited at $0.020, but the digital asset is poised for more upside movement. The descending trendline is limiting gains to the upside while both the 50 and the 100 simple moving average on the 15′ chart will offer resistance at $0.0205 (50% Fib level) and $0.02107 respectively.
On the flipside, TRX/USD has an immediate support at the 23.6% Fib level (previous support) and the primary support at $0.0190 (bottom).
TRX/USD 15′ chart
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