Tron price analysis: TRX/USD stays below $0.05, as the transition to mainnet starts

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  • TRON has recovered from Wednesday’s low, but the upside is limited.
  • TRX starts the transition to mainnet, all tokens are frozen.

Tron, now 9th largest digital asset by market capitalization, is trading at $0.0497, off Wednesday’s low at $0.0454. Tron’s market value is $3.2B and average trading volume is $303M. Both volatility and trading volumes are subdued.

Tron is getting closer to its “Independence day”. The migration to the MainNet will start today, on June 21 and finish on June 5. All ERC20-compliant TRX tokens will be frozen until the process is over. 

Tron’s founder Justin Sun has started a countdown in his Twitter account and published a list of 37 cryptocurrency exchanges that would support the update for TRX tokens. The list includes such big names as OKEx, Upbit, Cryptopia and many others, it is not exhaustive as new platforms may join in later. 

Tron’s short-term technical picture

As it is shown on 30-min chart, the coin is moving within a short-term bearish trend, supported by $0.0488 and $0.0455 (50 and 20O-SMA respectively, 30-min chart). Of this support area is cleared, the selling pressure may take TRX down to $0.4116, which is the recent low reached at June 18). On the upside t,he strong obstacle is created by $0.05 and followed by $0.0524 (61.8% Fibo)

TRX/USD, 30-min chart

 

 

 

 

 

 

 

 

 

 

 

 

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