Tron (TRX): Price rebound just ahead of the token migration
Tron (TRX) didn’t experience a surge in price after the MainNet launch as it was expected. In fact, it went just the opposite. However, it seems that things are slightly changing as the token migration date approaches.
The token migration is scheduled to take place from June 21 to June 25. If your TRX is held on in an exchange, you don’t have to worry about it. However, if it is in the wallet, you have to deposit it before June 24 to an exchange to avoid any losses. TRX withdrawals will be suspended from June 21 to June 25. The deposits will also be suspended on June 25. Both deposits and withdrawals will be starting on June 26. The TRX trading will not be affected during this period.
And, as the date comes close, Tron experienced slight rebound as prices rose above 5.5% over the past 24 hours. It is to be noted that the rebound that TRX experienced is after almost 30 days and that too after a down of total 33%. Currently, Tronix, the token behind Tron is trading at $0.045 per coin and is at number 10 rank in terms of the overall market cap, across the board it has a market cap of around $2.98 billion. Soon, token migration will be taking place where all tokens will be swapped from ERC-20 tokens to official TRX MainNet tokens. Holders will have to send all of their tokens to exchanges in order to take part in this token swapping process.
TRX price over the recent period
April was the bullish month for Tron, as the price increased by 260%. However, since then the price has only gone down, and fell past the .786 Fibonacci Retracement located at $0.0445, ZY Crypto reported. The action even broke below the .786 Fibonacci Retracement. The price action even went above the .786 Fibonacci Retracement at a price of $0.0454 per token. A bullish rally can be expected if in the next few days it goes above $0.044.
Moreover, Tron has also recently started trading above the 7 day EMA providing some form of hope to the bulls. If it can end up crossing above the 21 day EMA, the bullish run may continue. Some were expecting a price surge after the Super Representative election which is scheduled to take place as soon as the token migration ends. It will reportedly take place on June 26.
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