The TRON community has begun the third week of April with amazing news from the CEO and founder of TRON (TRX), Justin Sun. TRON has been planning to shed the ERC20 tokens for some time now and launch its own public blockchain. The test net was launched in Singapore on April 7, 2018, to an excited community; however the same cannot be said about Ethereum which will be hit by the blow of TRON token migration. Besides, other tokens have lately been launching their own blockchains and abandoning ERC20 token standardization which has been known to restrict the functions of many digital assets.
Justin Sun announced on his Twitter,
“All ERC20 #TRX is safe. For token holders, with your ERC20 tokens saved to cryptocurrency exchanges (the only required operation on your part), further operations for token migration will be automatically completed for you in due time.”
Details of the event have been posted on the TRON website. Significantly, Justin added “Migration Notice, the migration from ERC20 tokens to TRX, the cryptocurrency on Tron’s public blockchain, will begin on June 21, 2018 (GMT+8).
Transactions involving TRON (TRX) will be frozen as from June 22 to June 23 to ensure that the transfer is safe, secure and transparent. Transactions involving ERC20 will not be valid and therefore will not be supported as from June 24. However, TRX will by then be supported on TRON public blockchain.
Furthermore, the cryptocurrency exchanges have been requested to put up notices of TRX migration as soon as possible to avoid inconveniencing the holders. Similarly, the format for TRX technical migration will be a git file but more information on this can be found on TRON’s GitHub page.
In other news, TRON’s blockchain took off incredibly fast after Justin Sun announced the test net on April 7. 50 of the 126 nodes went active in the US in just three days from the time of release. The test net became one of the most active on GitHub code depository. It is not clear how Tron blockchain is going to perform in the coming days and in future. However, what we know is that it has started on an excellent note. Therefore, time will tell, besides, there is an existing need and desire to produce Tron-based products, which could mean that the numbers could continue to rise.
TRON (TRX) Price Analysis
TRON price has been correcting higher over the weekend trading sessions and has even broken above $0.0400 level. TRX/USD is up more than 5% in the last 24 hours on Monday. There were upside gains from $0.0389 as the Bulls battled to regain control of the market. The cryptocurrency encountered rising selling pressure at $0.0410, however, the price broke above and even traded above $0.044, but the upside was capped below $0.0450.
The 23.6% Fib retracement level with the previous swing high of $0.044 and a low of $0.0285 offered resistance as the price corrected higher, although the level will offer short-term support in the event of downside movements close to $0.0419. There is a growing bullish momentum near the Fib retracement level as the MACD is moving into the negative territory. The major support level for TRX/USD is below $0.0400 level. The buyers must gunner support to prevent a flip to the downside towards the major support level at $0.03800.