Home Tron counting the days to Super Representative Elections, Hyper Pay to join: Tron price locked within the falling wedge pattern
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Tron counting the days to Super Representative Elections, Hyper Pay to join: Tron price locked within the falling wedge pattern

  • The Super Representative Elections will see 27 SRs voted for in an event that will mark Tron’s Independence Day.
  • The indicators are sending bearish signals and further downside corrections are expected in the near-term.

After Tron blockchain went live on May 31, the network has been counting the days to the Super Representative Elections that are scheduled to take place on June 26. Justin Sun, Tron founder wrote on Twitter today, “TRON Independence Day Countdown: 6 days, 20 hours, 28 minutes, 5 seconds!” marking the importance of this anticipated event.

The Super Representative Elections will see 27 SRs voted for. The event will also mark  the beginning of a fully decentralized network that is going to be under the governance of the community. On the other hand, Hyper Pay has announced that it will be taking part in the historic event. It is a platform that has been designed to enable both users and providers of services to access, exchange as well as transact funds from a single getaway. It gives the users more control even when dealing with multiple wallets.

Tron price analysis

Tron price is threatening to break below the confines of the falling wedge pattern. The cryptocurrency has maintained a descending trend since Friday last week after trading above $0.045. During the trading on the weekend, the bears pushed for more corrections breaking below the upper supply zone at $0.043. Tron price opened the trading on Monday slightly below $0.042 which is low compared to the opening on Sunday, slightly above $0.043. This means that there is a higher concentration of selling pressure as this week begins.

At the moment, the horizontal trendline line of the falling wedge pattern is supporting the price, while the intraday cap is at $0.042. The indicators are sending bearish signals in the short-term and further downside corrections are expected in the near-term. The short-term support at $0.041 is critical to TRX/USD, while the major support at $0.040 is within reach.

TRX/USD 15′ chart

 

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