The value of Tron (TRX) is greatly affected by the bearish trend that is sweeping across the digital currency market. Besides, the digital currency has failed to hold several key support levels. Tron (TRX) started trading at $0.0434 against the US dollar on Wednesday before declining to $0.043 finding support at the $0.04 level.
Buyers found an entry slightly above the $0.04 mark but faced bearish pressure at the $0.0414 level. The value of the coin declined to about $0.04 by the end of Wednesday, but the last couple of hours today have been friendly to the digital currency.
TRON Price Today: Current Price of TRX
Tron (TRX) is presently trading at $0.0445 after an increase of 9.73 percent in the last twenty-four hours, although the coin has been in the red by 29 percent in the last seven days. Tron (TRX) is ranked 10th with a market cap of $2.79 billion, and the trading volume of the coin in the last twenty-four hours is $104.41 million.
The Mainnet Launch of Tron (TRX)
Tron (TRX) launched its Mainnet on the 31st of May, although the migration of the token is scheduled for the 21st of June. After the migration, Tron will hold its initial “twenty-seven super representative elections on the 26th of June.
Cobo has also announced that it will provide support for the token switch of Tron. Investors and coin holders can deposit their coins in the Cobo Wallet prior to the migration and they will get the same amount of Tron tokens, but they’ll not be ERC-20 tokens.
Tron Technical Analysis
At the moment, the price of Tron is generally bearish, and the charts indicate that favor is on the side of the bears. The stochastic oscillator is heading south into the oversold zone, while the value is beneath the moving averages. Tron is supported at the $0.040 level, and it is facing resistance at the $0.05 level.