Tron price analysis: TRX/USD breaks barriers, but stalls short of $0.038; QUOINE and Cryptopia complete TRX token migration

• Both of the exchanges have resumed the deposits and withdrawals of TRX tokens.
• Tron price is trading a contracting triangle pattern pending another breakout.

Tron price, like the majority of the virtual currencies in the market, exploded in fireworks yesterday on Monday 16. It engaged rocked boosters as it smashed and butchered through the resistance zones at $0.035 and $0.036. TRX/USD overwhelming bullish momentum pushed the price above $0.037 but hit a snag before $0.038 leading to subtle lower corrections.

The price is currently trading at $0.036 while supported by the 50% Fibonacci retracement level with the previous swing high of $0.0406 and a swing low of $0.03146 at $0.0360.The crypto is also trading at the narrowing end of the contracting triangle, which could also mean that another breakout is in the pipeline. And this time TRX/USD could attack immediate upper supply zone at $0.040 before retracing steps towards $0.050.

In other news related to Tron, the founder of Tron Justin Sun has announced to the Tron community that QUOINE and Cryptopia exchanges have successfully completed the TRX token migration. Both of the exchanges have resumed the deposits and withdrawals of TRX. Tron launched its mainnet last month and the exchanges are currently working through the token migration from Ethereum blockchain to Tron blockchain. QUOINE also made its users aware via tweet that reads:

“We’re happy to announce that we have completed the @tronfoundation Mainnet Migration and $TRX deposits and withdrawals have been resumed on http://QRYPTOS.com . We wish you the best of luck on this next chapter”

Consequently, the announcement on Cryptopia exchange read:

“We’re happy to announce we have completed the Tron (TRX) mainnet migration! The launch will proceed as follows:

2AM UTC – The existing TRON markets will close, open orders will be cancelled and funds returned to your Cryptopia Account. Mainnet TRX Deposits and withdrawals will open.

3AM UTC – Mainnet TRX markets will open and trading will be live.

Please generate and use your new Deposit address and ensure withdrawals are sent to the new Mainnet wallet. We appreciate your patience during the Mainnet migration process.”

TRX/USD 1-hour chart