Tron Founder Justin Sun aces the election to become a Tron “Super Representative”
|- Justin Sun rakes 120 million votes, far above the minimum threshold of 100 million.
- The Tron “Supper Representatives” will be in charge of creating blocks and validating transactions.
- Tron price bullish recovery trend is likely to continue in the short-term.
Justin Sun, the founder of the 11th largest crypto by market capitalization, Tron, announced his candidacy for the Super Representative election. Tron blockchain is live and the token migration process is underway. Tron network requires Super Representatives who are currently being elected through a voting process. These “representatives” will be in charge of creating blocks, validating transactions as well as work to get the network’s rewards. Justin announced his candidacy on Twitter saying:
“I hope that my candidacy will make all the TRX holders, supporters and believers see the significance embedded in voting. I hope it will enable all of us to contribute to the establishment of a truly democratic, decentralized Tron community.
Not long ago the Tron founder had expressed his interest in running alongside other candidates for one of the 27 positions. Significantly, Sun won by a landslide shortly after the announcement. He received 120 million votes, which is way too far above the minimum requirement of 100 million votes.
Tron price technical picture
Tron price has been trimming the gains collected in the last few days. The price lost momentum on reaching $0.043 on June 18, and since then lower highs and lower lows have been traded. The broken support at $0.037 is currently offering resistance. Moreover, the 100 SMA and the 50 SMA are resistance zones too at $0.03713 and $0.03862 (50% Fibo level).
On the downside, the price tested 0.035 support but bounced allowing the bulls to enter. TRX/SD is trading at $0.036 at the time of press, similarly, there is a bullish momentum in progress. Besides, stochastic has recovered from the oversold and stands at 40% while still advancing upwards. The bullish trend is likely to continue in the short-term.
TRX/USD 1-hour chart
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