Tron price analysis: TRX/USD bullish momentum returns as Justin Sun announces a secret project to be released on June 30
|- Tron is finally saying goodbye to Ethereum as the network officially launches its mainnet.
- TRX/USD is stuck within a contracting triangle; breakout in the pipeline.
Tron price is trading within the narrow end of a contracting triangle while there is a bullish trend that is battling to break out of the triangle. During the previous declines, Tron traded below $0.037 before bouncing back to restore the value above $0.040.
Tron is finally saying goodbye to Ethereum as the network officially launches its mainnet today. The Independence Day launch was streamed live and founder Justin Sun was also present. Tron is also going to launch its “Virtual Machine” on June 30 alongside a secret project to be revealed on the day of the launch. Justin Sun said during the official mainnet launch:
“I think one of the most important values of Tron is we delivering our products and mission on time. So as you see, we delivered our testnet on the March 31st, our mainnet on May 31st, and officially are launching our mainnet on June 25th. The next very important milestone is July 30th- we will deliver our official virtual machine. All the decentralised exchanges and applications on the Tron platform are plugged into the Tron ecosystem. July 30th we will launch one of our secret projects”
Technically, Tron price is using the support from both the 50 SMA and the 100 SMA (above $0.041). TRX/USD has run into resistance at $0.0043, besides it is seeking for support above $0.042. The stochastic on the 15’timeframe chart has recovered from the oversold and is at 50%. The gap between the moving averages is narrowing to signal that the buying power is present. The support at $0.041 will continue to hold, but in case of extended declines, $0.040 will stop the declines.
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