Search ForexCrunch
  • TRON is sliding despite the transition to the  mainnet.
  • Strong support area may attract new buyers.

Tron, now the 10th largest digital coin by market capitalization, is changing hands at $0.0408, dangerously close to Sunday’s low reached at $0.0377. Tron’s market value is $2.7B and average trading volume is $141M, sharply lower from $400M registered a week ago.  

TRON Foundation has moved to independent public blockchain and activated its mainnet. The company announced the transition in a blog post on June 25. Today the community will elect 27 Super Representatives.

“After all 27 SRs take over governance of the TRON network, TRON mainnet will enter the Constitutional Phase, where the system is co-governed by the entire community. This is the ultimate phase of an independent TRON mainnet.”

However, TRX is under pressure. The coin has lost nearly 20% since the beginning of transition period and shows no signs of recovery as of yet. TRX/USD is getting closer to critical support level created by 78.6% Fibo retracement at $0.0390. This area has already stopped the decline on two occasions, so there is a chance that buyers will show up here and trigger the upside correction with the first major aim at $0.0500.

TRX/USD, daily chart