CryptocurrenciesX

TRON is Exposed to Forex Market Via Shift Partnership

By 06/05/2018 No Comments

In a movement close to my heart, TRON is exposing itself to the forex market by partnering up with the New York-based Shift Markets. This comes after TRX launched its Mainnet on May 31st. Despite the positive developments, TRX isn’t getting much love by the market participants. Here’s an overview.

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TRON’s Partnership with Shift Markets

Shift has been helping with the launch of over 100 FX brokers and over 50 crypto exchanges in the past decade. With this partnership, TRX will be bridging the gap between traditional fiat currencies and cryptocurrencies. This will also increase its liquidity not only the crypto-markets, but also the traditional Forex markets that deal with global currencies. TRON will now be offered by a total of 9 brokers in 9 different countries.

Tron Mainnet Launch

As we previously reported, TRON finally launched its mainnet on May 31, becoming independent from the Ethereum platform. The token could see more bullish sentiment once the transition is completed on June 25th. In the meantime, TRON users have to follow a few steps to ensure that the transition takes place smoothly. They have been given a deadline till June 25.

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TRX/USD Price Action

Despite the news, TRX has continued its consolidation after it dropped below the Ichimoku cloud once TRON’s Mainnet was launched.  Looking at its price action on the daily chart, TRX/USD continues to be supported by the 61% Fibonacci retracement level of $0.05, while bouncing up to the 50% Fibonacci and the lower band of the Ichimoku cloud at $0.06.

TRXUSD Price action

TRX/USD Price action

The future cloud appears to be turning bearish. But we could still see a bounce up to the upper band of the cloud and the pivot level of 0.07 before the June 25 transition deadline.

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