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TRON prepares for a new mainnet upgrade, incoming breakout?

TRON prepares for a new mainnet upgrade, incoming breakout?

Disclaimer: This article contains technical analysis, which is a methodology for forecasting the direction of prices through the study of past market data, primarily price and volume. The content presented in this article is the opinion of the author. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence and consult with a financial advisor before making any investment decisions.

TRON prepares for a mainnet upgrade that will strengthen its security and make it easier for developers to build on top of the network. The upgrade may coincide with a period of high volatility for TRX, according to the charts.

TRON 3.6

TRON is one of the largest blockchain-based operating systems in the world. The platform is dedicated to building the infrastructure for a decentralized Internet. TRON advertises its protocol as a scalable, high-availability, and high-throughput computing layer that serves as the foundation for decentralized applications (dApps).

As part of its routine improvements, the TRON Foundation announced in a blog post that TRON will go through a mainnet upgrade on June 18.

Dubbed “Odyssey-V3.6,” the update contains new features that allow developers to create customizable DApps, enhance protocol data check, add transaction permission settings for users, and optimize the peer-to-peer network.

With the Odyssey-V3.1 upgrade back in October 2018, Justin Sun, the founder of TRON, stated that TRX will be faster than Ethereum and cheaper than EOS. Now, with Odyssey-V3.6 he believes that it will be more secure and easy to work with than other smart-contract blockchains.

The upgrade comes at a time when TRON prepares to celebrate its first “independence day” anniversary. This was the time when the Foundation completed the TRX token swap from the Ethereum blockchain onto its own.

Justin Sun recently tweeted a poll asking the community on how to celebrate the historic moment since a lot of speculation has been building up and rumors of new partnerships are surrounding the event.

Despite the recent announcements and the hype surrounding TRON’s first independence day, the market valuation of this cryptocurrency staggered the last few days, but it could be showing signs of high volatility.

Tron Technical analysis

On the 3-day chart, TRX is trying to close above the 7-three-day moving average to continue the bullish trend and possibly test the $0.038 resistance level once again.

Nonetheless, the 7-three-day MA has been acting as a strong point of resistance and failing to trade above it could take TRON down to the 30 or 50-three day MA.

tron price
Source: TRX/USD chart by TradingView

This cryptocurrency has been trading above the middle Bollinger Band (20-twelve-hour MA) since June 15. Now, the Bollinger Bands appear to be squeezing in the 12-hour chart, indicating that a period of high volatility could come soon.

A break above $0.035 could signal an upswing, while a move below $0.030 could forecast a further drop.

trx price
Source: TRX/USD chart by TradingView

An ascending triangle could be forming on the 4-day chart, based on TRX price movements that allowed for a resistance level that was created by the swing highs, at $0.034, and a rising trendline that developed along the swing lows. Although this is a continuation pattern, since the price usually goes in the same direction as the trend before the triangle formed, a breakout can occur to the upside or downside.

If TRON breaks the $0.034 resistance level with enough volume, it could go as high as $0.038, which is the target given by the bullish formation. Conversely, a move below the triangle could indicate that TRX is about to fall to around $0.029.

tron technical analysis
Source: TRX/USD chart by TradingView

TRON | TRX

Updated: Nov 7 at 2:31 am PDT
$0.03
1.5%

TRON, currently ranked #12 by market cap, is up 1.5% over the past 24 hours. TRX has a market cap of $2.23B with a 24 hour volume of $505.79M.

Chart by CryptoCompare

TRON is up 1.5% over the past 24 hours.

Posted In: , Price Watch, Technical Analysis

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Ali Martinez
Author

Ali Martinez

Technical Analyst @ CryptoSlate

After Ali began forex trading in 2012 In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin.

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