Tron (TRX), the native cryptocurrency of the Tron blockchain, saw a significant increase over the weekend. The token rose by 10% yesterday, supported by recent developments in its ecosystem. However, at the time of writing, it has seen a slight correction, but all signs are that this could be a bullish sign.
Tron Spike due to the launch of the Bittorent Bridge
The reason behind this recent increase can be attributed to the recent launch of the BitTorrent Bridge platform, which now allows users to seamlessly transfer their TRX tokens between the Tron blockchain and Ethereum. Justin Sun, founder of Tron Certain This development on the morning of June 2.
The BitTorrent Bridge acts as a decentralized system that facilitates the interoperability of tokens across different blockchain networks. Developed by the Tron organization under the leadership of Justin Sun, this platform leverages the collaborative efforts between BitTorrent and Tron. A notable example of their collaboration is the BitTorrent streaming service, which launched in 2019 and works in conjunction with the Tron platform.
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The integration between TRON and Ethereum through the BitTorrent Bridge opens up new possibilities for TRX users while enhancing interoperability between these prominent blockchains. This hack expands Tron’s presence within the Ethereum ecosystem and has the potential to increase TRX adoption among Ethereum users.
It is important to note that TRX initially existed as an ERC-20 token on the Ethereum network before migrating to the TRON mainnet in mid-2018. Since then, Tron has grown to become one of the largest blockchains and currently processes 40% of USDT transactions.
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Tron price analysis
Analyzing the current price performance of Tron, the coin is currently trading at $0.0805. Moreover, Tron has the ability to maintain its position above the moving averages. If the $0.085 resistance level is breached, this could be a catalyst for an uptrend, which could lead to more price gains.
Market sentiment appears to be upbeat as buyers continue to show their strong commitment. Based on the daily chart analysis, another upward movement in the market price is possible. Therefore, if Tron crosses the upper boundary of the channel, the market is likely to consolidate further and reach the $0.095, $0.100, and $0.105 resistance levels, respectively.
Conversely, there is a chance for a bearish correction, with the $0.082 support level being a possible target. However, if the sellers gain momentum, traders should expect a further decline towards the $0.075, $0.070, and $0.065 support levels, respectively. In addition, the RSI (14), a technical indicator, is currently in the overbought area, which indicates the possibility of a continuation of the bullish trend.
Tron price against Bitcoin is holding its position above the 9-day and 21-day EMA, which indicates a possible move towards the 330 SAT resistance. However, this resistance level is expected to be convincingly crossed, causing the market price to close above it.
Featured image by Invezz, chart from TradingView.com
