Tron price analysis: TRX/USD gives slumps but holds on to $0.070; Justin Sun launches a TRX airdrop ahead of the Mainnet launch
|- Latest Tron airdrop will reward members for joining the Telegram channel and inviting friends to do the same as well.
- Tron price is locked within a contracting triangle, immediate resistance is at $0.072.
Tron price has not been spared from the extended declines across the digital currency market. The price marginally traded above $0.08 after it had recovered from yet another trip downstream last week. TRX/USD is hanging on to $0.070, but the bear pressure has been persistent. It is not clear what could be causing the decline, however, regulators in the United States and even Canada have been watching the market keenly which could be creating uncertainty among the investors leading to the massive selloff.
Tron founder Justin Sun has today started an event dubbed “Millions of TRX Candies” in which he promises to give way TRX coins to the community. The giveaway is in form of an airdrop which will require the participants to invite other people to join the Tron Telegram channel and receive TRX in return. Justin wrote on his Twitter account:
“$TRX #TRON mainnet will be launched soon, we prepared millions of #TRX candies, join us to get #TRX candies, you can also get more by inviting friends, the airdrop will be ended at 12:00 AM June, 1, if candies were given out, it will be ended in advance.”
Tron price is trading at $0.071, there is a weak bullish trend on the chart but the moving averages are offering resistance. The buyers are looking towards $0.080, in the meantime, they will have to deal with the resistance at $0.072. The price must breakout of the contracting triangle pattern in order to gain momentum to attack higher levels towards $0.1. An immediate support has been formed at $0.070, however, $0.065 will offer stronger support.
TRX/USD 4-hour chart
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