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FxWirePro: TRON/USD declines sharply before launch of MainNet, good to buy on dips

  • Tron declined almost 40% from the high of 0.1012 made on Apr 30th 2018. Overall the pair jumped almost 350% from the low of 0.02280 and secured its place back in top ten crypto currencies by market cap (10th position as of today). The entire crypto world is waiting for May 31st 2018. The launch date of main net advanced from Jul 1st to May 31st .In anticipation of the launch market expects TRON price to move upwards but it is moving slightly downwards.  The Main net launch has seen lot of supporters joining TRON, including 8 large crypto exchanges.
     
  • TRON has also been listed on many exchanges recently all in anticipation of MainNet and also rumors that TRON listing on Coinbase once MainNet launched. The token migration include swap of tokens from ERC20 to Tron’s own asset TRX is set to happen between Jun 21st and Jun 25th.
     
  • Technically, Tron has broken major near term support 0.0600 (trend line support) and any convincing break below will take to next level till 0.053/0.0700.
     
  • On the higher side, any break above minor trend line resistance at 0.07400 will take the pair till 0.0800/0.09300/0.100.

It is good to buy on dips around 0.0600 with SL around 0.053 for the TP of 0.0930/0.100. 

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