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 FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next AUD/USD climbs to fresh session tops, closer to 0.7400 mark FX Street 5 years 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… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.