Coin of the day is Tron.
One more turnaround pattern today. After MainNet launch Tron price went into a three-weeks decline despite the opposite expectations. Today TRX started to show turnaround signs, as the token migration date approaches (token migration - all tokens will be swapped from ERC-20 tokens to official TRX MainNet tokens). The token migration is scheduled to take place from June 21 to June 25.
Developed by famous “Jack MA protégé” Justin Sun, Tron is a blockchain-based decentralized platform, seeking to build a free, content entertainment ecosystem. The system being built will use distributed storage technology, which will allow cost-effective sharing of digital content. The project was founded by the Tron Foundation, a Singapore-based non-profit, back in 2017.
Latest news
Technicals
After week-long trading in a lateral manner under the 100-days EMA, as soon as the price reached the Global Bearish Trend Line buyers picked it up with high volumes and pusher through the Bearish Trend Line and 100-days EMA afterward. At the moment TRXBCT has pierced above the 0.000007 level and now will be testing resistive 0.00007 – 0.000008 zone. A breakthrough above this zone will be a sign of new growth cycle start. From the downside, 0.0000065 level is a support of the turnaround-growth scenario, breakthrough below this level will send the price downwards.
One more turnaround pattern today. After MainNet launch Tron price went into a three-weeks decline despite the opposite expectations. Today TRX started to show turnaround signs, as the token migration date approaches (token migration - all tokens will be swapped from ERC-20 tokens to official TRX MainNet tokens). The token migration is scheduled to take place from June 21 to June 25.
Developed by famous “Jack MA protégé” Justin Sun, Tron is a blockchain-based decentralized platform, seeking to build a free, content entertainment ecosystem. The system being built will use distributed storage technology, which will allow cost-effective sharing of digital content. The project was founded by the Tron Foundation, a Singapore-based non-profit, back in 2017.
Latest news
- 18 Jun - Justin Sun acquired BitTorrent for $140 million. How Justin Sun will utilize BitTorrent and whether it's going to be integrated into TRON - unknown, but it’s assumed that TRX will be used to power the file-sharing app rewarding users for partaking in various activities similar to how Upfiring aims to utilize the blockchain for P2P file sharing. Neither of the companies has officially announced their plans.
[*]21 – 25 Jun - token migration (TRX Mainnet Swap). Withdrawals and deposits of TRX will be paused across exchanges.
Technicals
After week-long trading in a lateral manner under the 100-days EMA, as soon as the price reached the Global Bearish Trend Line buyers picked it up with high volumes and pusher through the Bearish Trend Line and 100-days EMA afterward. At the moment TRXBCT has pierced above the 0.000007 level and now will be testing resistive 0.00007 – 0.000008 zone. A breakthrough above this zone will be a sign of new growth cycle start. From the downside, 0.0000065 level is a support of the turnaround-growth scenario, breakthrough below this level will send the price downwards.
