Tron Price analysis: TRX/USD rejects support at $0.060; TRX lands listing on Indonesia based Indodax crypto exchange

• Deposits on Indodax will begin on June 4 while trading will start on June 5 using TRX/rupiah trading pair.
• A bear trend is in progress, TRX/USD could test $0.058 – $0.0560 support zone.

Tron price has begun the independence journey with a listing on Indonesia’s biggest cryptocurrency exchange Indodax. Tron’s market capitalization stands at approximately $4 billion and the launch of its own blockchain is expected to speed up the growth of the digital asset. The first trading pair will be TRX/rupiah and the deposits are scheduled to kick off on June 4 while the trading will commence  on June 5. The announcement from Indodax when translated reads:

“Tron was chosen because this token is in the top 50 of CoinMarketCap, so it doesn’t need to go through a community coin voting process. This is consistent with our mission to always add quality digital assets at Indodax.com.”

Tron price analysis

Tron price has broken out of the ranging channel during the Asian trading hours on Monday. Moreover, the support zone at $0.0615 – $0.0600 failed to support the crypto during the declines. There is a bear trend in progress at the time of press and TRX/USD is exchanging at $0.0595. The buyers are battling to find support above $0.0590 to prevent a slide to the lower levels. The price is trading below the moving averages while the MACD is moving further in the negative (-0.0006) indicating that the selling pressure is increasing in the near-term. A break past the short-term support at $0.5900 could test the next demand area at $0.058 – $0.0560.

TRX/USD 15′ chart