- “We are excited to bridge the gap between the FX and crypto markets with a popular and exciting project like TRON,” said Ian MacAfee.
- The 50 SMA coincides with the descending trendline indicating that the breakout lies at $0.060.
Tron price is fighting to keep above the short-term support at $0.58 after recovering from slide at $0.056. There is a falling wedge pattern in the making on the 1-hour timeframe chart. The 50 SMA coincides with the descending trendline indicating that the breakout lies at $0.060.
Tron has recently launched its blockchain and the event is still very fresh in the crypto market. The asset has also been added to at least three exchanges in only two days. Moreover, Tron has bagged what I would call the most sort after partnership in the cryptocurrency industry. Through the partnership with Shift Markets, Tron intends to bring crypto into FX markets. The CEO of Shift Markets, Ian MacAfee said in an announcement:
“We are excited to bridge the gap between the FX and crypto markets with a popular and exciting project like TRON,” Ian added “The demand from FX has been enormous, and we anticipate more and more crossover between the two markets.”
Justin Sun, Tron CEO also wrote with regard to the partnership:
“TRON’s partnership with Shift Markets marks a major expansion in the availability of TRX and fiat trading. We are proud to play a prominent role in joining cryptocurrency and FX markets across the globe.”
Tron price is trading at $0.058, although the crypto is still on the verge of another downside breakout despite the overarching corrections it has made since the beginning of the month. The price is below both the 50 SMA and the 100 SMA, while the gap between them is widening. The breakout at $0.060 will pave the way for TRX/USD to explore levels towards $0.070. If the immediate support at $0.58 fails to hold ground, $0.055 will work as a stronger support zone.
TRX/USD 4-hour chart
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