Tron price analysis: TRX/USD settled marginally above $0.0600 as MainNet launch receives cold shoulder

TRON down 4% during recent 24 hours.
Odyssey 2.0 protocol failed to attract new buyers.

Tanya Abrosimova Independent Analyst

Tron, now the 10th largest digital asset by market capitalization, seems to be unimpressed by the MainNet launch as the price spiked to $0.6368 only to crash to Asian low at $0.0570. Now that the volatility subsided, TRX/USD is changing hands at $0.6070.

TRON has left Ethereum ecosystem to run on its own Odyssey 2.0 protocol, promising to create a full-fledged network of Super Representatives in less them a month. The new protocol should support faster transactions and allow the third parties to deploy their distributed apps on the network.

“Today I announce with confidence that the development for the Tron mainnet Odyssey 2.0 is complete. Starting today, the Tron community will be able to download and run Tron’s official mainnet, Odyssey 2.0, on the Tron GitHub page,” Tron’s founder Justin Sun commented.

However, the market response is rather muted and even cold as the coin is down nearly 4% since this time on Wednesday.

Tron's short-term technical picture

As it is shown on the hourly chart, TRX/USD is still trading below the triangular pattern, struggling to stay above $0.0614 (50% Fibo) and $0.0600 handle. A sustainable movement below will increase downside pressure with the local bearish target at $0.05700. On the upside, the resistance comes at $0.0623 (50-SMA, hourly chart) followed by $0.0677 (200-SMA, hourly chart).

TRX/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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