Tron marks Independence Day, June 25: TRX/USD double-top pattern spotted


  • In under a year, Tron has surpassed Ethereum daily transaction recording 1.5 million transactions.
  • Correction from $0.0400 resulted in declines under $0.0390 with $0.0380 functioning as the immediate support area.

The Tron Foundation is celebrating one year since the first Independence Day. June 25, 2018, was the day that Tron launched its mainnet. The date is also used to mark the genesis block for Tron blockchain. According to the founder of Tron, Justin Sun, the network has been able to hit various milestones since then.

Some of these include an increase in staff from just 10 to 400 spread around the world. Besides, this number is expected to rise to 600 by the end of 2019. The development team has been able to release 22 updates on Tron protocol. The network has 3.1 million addresses on the mainnet and supports 1.5 million transactions daily catching up with Ethereum in less than one year. The decentralized applications ecosystem has over 500 DApps that record 50,000 active users.

These including other milestones have helped push Tron back into the top ten with a market cap of $2.5 billion. Tron is currently ranked as the 10th largest asset. It has an exchange-traded volume of $990 million and a circulating supply of 66,682,072 TRX.

Looking at the 4-hour chart, Tron recovered from June lows around $0.0291 and even retested the resistance at $0.0400. However, correction above this level is hampered leading to the formation of a double top pattern with the highs achieved in the first week of June around $0.0400. Meanwhile, a correction has resulted in declines under $0.0390 with $0.0380 functioning as the immediate support area. Other key areas to look out for are $0.0360 support, $0.0320 support area and June lows at $0.0291.

TRX/USD 4-h chart

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