Tron price is bullish ahead of the much-awaited token migration, while Independence Day Elections are only 6 days away
|- The mainnet was released on May 31, but the tokens are still running on Ethereum
- Tron will hold its first representative elections on June 26.
- The buyers are fighting for a support above $0.047 while the intraday critical resistance lies at $0.05.
Tron price has been hit hard by selling pressure trimming most the gains accrued in the past two months. TRX/USD traded lows of $0.037 in the previous week, however, the bulls are saying no more to the bears and are taking control of the price once again. The price has embarked on a journey of breaking barriers, besides it has broken past the resistance at $0.040, $0.044 as well as $0.048 ahead of the token switch scheduled to take place tomorrow, June 21.
The Tron network has been a beehive of activities in the past couple of months. The mainnet was released on May 31, but the tokens are still running on Ethereum blockchain. Significantly, the anticipated token switch is only hours away and the crypto community will witness the migration of the tokens to the Tron Blockchain. Exchanges have committed to support the switch and Tron holders have been given time to transfer their ERC20 tokens to the exchanges. After the migration, they will get back an equal amount of tokens, only this time they will be Tron tokens. Shortly after the switch, Tron will hold its first representative elections on June 26 and this will mark the independence of this digital asset.
Tron price technical picture
Tron price is currently forming yet another short-term bullish flag pattern that is likely to result in an upside breakout. The buyers are fighting for a support above $0.047 while the intraday critical resistance lies at $0.05. If the buyers manage to push the price above this critical level, TRX/USD will gain momentum to towards $0.06 in the near-term. On the flipside, the moving averages will offer support below $0.046, while the support at $0.044 is vital, although the major support zone is $0.0420.
TRX/USD 30' chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.