Tron price analysis: TRX/USD struggles to stay above $0.040, Cobo Wallet to support Tron June 21 token migration
|- Tron will hold its initial “27 super representative elections on June 26” after the token switch.
- TRX/USD must deal with the resistance at $0.042 before gaining momentum to attack key resistance at $0.043.
Tron price is giving in to the bearish trend that is sweeping across the market, besides several support areas have failed to hold. TRX/USD opened trading on Wednesday at $0.0434 before sliding below $0.043 and $0.0410 support zones. The buyers found an entry marginally above $0.040 but encountered bear pressure at $0.0414. The price is currently correcting lower towards the next support at $0.040.
Tron released its mainnet on May 31, but the token migration is scheduled for June 21. Thereafter, the network will hold its initial “27 super representative elections on June 26.” Cobo has announced that it will be supporting Tron token switch. Investors can deposit their tokens in the Cobo Wallet before the migration and will receive the same amount of TRX tokens but this time they will not be ERC20 tokens. Cobo Wallet has been in the industry for some time now and supports other digital assets including BTC, ETH, BNB among others.
In the meantime, Tron price is generally bearish, similarly, indicators on the charts show that favor is on the bears side. The stochastic oscillator is deep into the oversold while the price is trading below the moving averages. TRX/USD must deal with the resistance at $0.042 before gaining momentum to attack key resistance at $0.043. Moreover, above this, the 100 SMA will also limit the gains slightly above $0.043.
TRX/USD 15’chart
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