- Tron price is locked in a contracting triangle pattern; a breakout is in the works.
- Tron token switch is finally here; one more milestone to cross; the representative elections on June 26.
Tron price encountered acute resistance after breaking above $0.050 in the Asian trading hours on Thursday. The upside is still limited below $0.051 for at least three days now. The 23.6% Fibonacci retracement with last swing high of $0.051 and a low of $0.041 is preventing upside gains.
The stochastic is sending short-term bullish signals but the buyers lack the momentum to sustain upside movement. The 50 SMA is supporting the TRX/USD which is trading at $0.048, on the contrary, the 100 SMA is limiting gains as well as the 23.6% Fibonacci.
If the buyers can sustain the current trend and push the price above $0.050, Tron price can gain momentum towards the upper supply level at $0.051. Tron is also trading at the narrow end of the contracting triangle, which means it could encounter a breakout in the medium-term. The region at $0.048 is presented as a strong support, similarly, it is in line with the ascending trendline.
Tron is switching its tokens from Ethereum blockchain to the Tron protocol. The network launched its mainnet at the end of May. The process, although had a few challenges, it was a success. It will also hold its first representative election on June 26. This will also market the official Independence Day for Tron.
TRX/USD 15-minutes chart
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