Tron seems to have managed to complete its correction from the latest rally because it found support around 0.0600. The price could resume its climb to the swing high from here or the Fibonacci extension levels.
The 38.2% extension is located at 0.0885 and the 50% extension level lines up with the swing high below the 0.1000 mark.
Stronger bullish momentum could take the coin up to the 61.8% extension at 0.1056 or the 78.6% extension a 0.1178. The full extension is placed at 0.1333.
The 100 SMA is above the long-term 200 SMA. The gap between the moving averages narrowed, and this signals a potential bearish crossover. For the moment, the 200 SMA is holding as a dynamic support.
Traders reestablished their positions
Traders appear to be reestablishing their positions on Tron leading up to the Main Net launch which will take place at the end of this month on May 31.
There’s a bit of risk aversion that weighed on the crypto industry for the previous week, and there is also speculation of tighter regulation involved in the game.
The US dollar was one of the more dominant currencies in the past week, and all this could change depending on the outcome of the US retail sales.
Tron also has a newsletter that is updating all clients, and the latest one shared lots of details on the upgrade process and previously unavailable data about a virtual machine that is set to come online before the net release.
Tron VM v.0.1. set for launch on May 25
For the upcoming Tron migration, the company will launch TRON VM v.0.1 on May 25.
According to a post by Justin Sun, the Tron VM (Virtual Machine) will use an adapter that will allow compatibility with the ETH VM.
TronVM is a necessary step, and it will provide favorable conditions for the migration.
“May is an exciting month for TRON. TronVM v.0.1 will be launched on May 25th. This version of TronVM uses a VM adapter that will enable secure compatibility with the Ethereum VM. The developers at Ethereum will be able to use an adapter to migrate seamlessly from Ethereum dApp projects to TRON,” Justin Sun posted on Medium.