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  • Tron launches a bêta version of TronLink Chrome extension.
  • Tron price extends declines in spite of the current support from recent network release.

Tron price continues to trim gains on Tuesday, besides the launch of Tron Virtual Machine (TVM) yesterday did little to help the shake of the bear pressure that has been crippling the buyers. TRX/USD opened the trading session on Monday marginally above $0.039 but closed the session slightly above $0.035. This also means that selling pressure continues to rise despite the many events hyped by the Tron Foundation.

During the launch of TVM, Tron let out some more teasers for the “secret” project the network is working on. The project that has been kept out of the public will be released at the end of July. Moreover, the team has released a Chrome extension, however, the majority of the tools are still being tested. The Chrome extension is referred to as TronLink, but it is a lot more useful to people those executing smart contracts.

‘This is a version which mainly targets developers, since it will only support testnet use until smart contracts launch on the mainnet,” reads a recent blog post by the Tron Foundation.

Tron price analysis

Tron price is strongly bearish at the time of press. It broke the trendline support at $0.037, besides the 100 SMA at this level did little to hold the price leading to more declines below the 38.2% Fib retracement level between the highs of $0.04 and lows of $0.0329 at $0.0356. But luckily the buyers entered above the 23.6% Fibo at 0.0346; a brief pullback followed but the resistance at $0.0356 is standing in the way of further upside retracement.

The stochastic on the hourly chart is heading back into the oversold levels to show that the sellers  have the influence for now. The moving averages also show that the path of least resistance is to the downside. The 23.6% must hold to avoid another breakdown likely to test the lower demand zone at $0.0330.

TRX/USD hourly chart