- The mainnet was released on May 31, but the tokens are still running on Ethereum
- Tron will hold its first representative elections on June 26.
- The buyers are fighting for a support above $0.047 while the intraday critical resistance lies at $0.05.
Tron price has been hit hard by selling pressure trimming most the gains accrued in the past two months. TRX/USD traded lows of $0.037 in the previous week, however, the bulls are saying no more to the bears and are taking control of the price once again. The price has embarked on a journey of breaking barriers, besides it has broken past the resistance at $0.040, $0.044 as well as $0.048 ahead of the token switch scheduled to take place tomorrow, June 21.
The Tron network has been a beehive of activities in the past couple of months. The mainnet was released on May 31, but the tokens are still running on Ethereum blockchain. Significantly, the anticipated token switch is only hours away and the crypto community will witness the migration of the tokens to the Tron Blockchain. Exchanges have committed to support the switch and Tron holders have been given time to transfer their ERC20 tokens to the exchanges. After the migration, they will get back an equal amount of tokens, only this time they will be Tron tokens. Shortly after the switch, Tron will hold its first representative elections on June 26 and this will mark the independence of this digital asset.
Tron price technical picture
Tron price is currently forming yet another short-term bullish flag pattern that is likely to result in an upside breakout. The buyers are fighting for a support above $0.047 while the intraday critical resistance lies at $0.05. If the buyers manage to push the price above this critical level, TRX/USD will gain momentum to towards $0.06 in the near-term. On the flipside, the moving averages will offer support below $0.046, while the support at $0.044 is vital, although the major support zone is $0.0420.
TRX/USD 30′ chart
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