Tron price analysis: TRX/USD retraces from all-time high; project getting ready for migration
|- TRON starts migrating to its own blockchain on June 21.
- TRX/USD under pressure due to general crypto market jitters.
TRON (TRX) is the 9th largest coin by market capitalization. It has been one of the best performing altcoins lately, along with EOS and Stellar. It gained over 170% in April amid media hype and buzz. What's more, it continued growing even on Monday, when all the rest coins had already entered the correction.
TRON is underpinned by positive fundamental background. The project team launches its main net blockchain and plans to begin migration from Ethereum network on June 21, 2018. This event can support the price in the short run as TRON will have to rely on cryptocurrency exchanges support during the transition time. It means that traders will have to move their coins to exchanges to be able to confirm their TRX balances.
Binance has already confirmed that it will provide support.
"Bitfinex will provide full support for all TRX token holders and any tasks associated with the TRX migration will be handled automatically by the Bitfinex team to ensure a smooth migration. All users will receive TRX tokens in equal proportion to their ERC20 TRX holdings," the TRON company says in the official statement.
TRX retraced from Monday high of $0.1019 to trade at $0.0916 amid bearish mood on the cryptocurrency market. As long as the coin stays above $0.0850 (Monday's opening level), the move qualifies for natural correction from overvalued levels, though once it is broken, the sell-off may gain traction and take it to $0.0750 and $0.05. On the upside, $0.1 remains unbroken.
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