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TRON prepares for a new mainnet upgrade, incoming breakout? TRON prepares for a new mainnet upgrade, incoming breakout?

TRON prepares for a new mainnet upgrade, incoming breakout?

TRON prepares for a mainnet upgrade that will strengthen its security and make it easier for developers to build on top of the network.

TRON prepares for a new mainnet upgrade, incoming breakout?

Cover art/illustration via CryptoSlate

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 โ€œOdyssey-V3.6,โ€ 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 โ€œindependence dayโ€ 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 TRONโ€™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
Posted In: , Price Watch