Tron (TRX) price surges 10% after Bittorrent Bridge launch.
The Tron blockchain’s native cryptocurrency, TRX, experienced a significant rise over the weekend, with the token spiking by 10% yesterday. Recent developments within the Tron ecosystem played a significant role in this increase. At the time of writing, there has been a slight correction, but all indications suggest that this could be a positive signal.
Tron Spike Due To BitTorrent Bridge Launch
The most recent surge in TRX’s price can be attributed to the recent launch of the BitTorrent Bridge platform, which now enables users to easily transfer their TRX tokens between the Tron blockchain and Ethereum. Justin Sun, the founder of Tron, confirmed the development on June 2.
The BitTorrent Bridge functions as a decentralized system that facilitates token interoperability across different blockchain networks. Developed by the Tron organization under the leadership of Justin Sun, this platform strengthens the collaborative efforts between BitTorrent and Tron. One notable example of their collaboration is the BitTorrent Live streaming service, which was launched in 2019 and operates in conjunction with Tron’s system.
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The integration between TRON and Ethereum through the BitTorrent Bridge opens up new possibilities for TRX users while enhancing the interoperability between these prominent blockchains. This breakthrough expands Tron’s presence within the Ethereum ecosystem and has the potential to drive greater adoption of TRX among Ethereum users.
It is important to note that TRX initially existed as an ERC-20 token on the Ethereum network before being migrated to the TRON main network in mid-2018. Since then, Tron has grown into one of the biggest blockchains and currently processes 40% of USDT transactions.
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Tron Price Analysis
Currently, Tron’s coin is trading at $0.0805. Tron has the potential to maintain its position above the moving averages. If the resistance level of $0.085 is breached, it could serve as a catalyst for a bullish trend, potentially leading to further price gains.
The market sentiment appears optimistic as buyers continue to show a strong commitment. Based on the daily chart analysis, another upward movement in the market price is possible. Therefore, if Tron surpasses the channel’s upper boundary, it could further reinforce the market and reach resistance levels of $0.095, $0.100, and $0.105, respectively.
On the other hand, there is a chance of a downward correction, with the support level of $0.082 being a potential target. However, if sellers gain momentum, traders should anticipate a further decline towards support levels of $0.075, $0.070, and $0.065, respectively. Additionally, the Relative Strength Index (14), a technical indicator, is currently situated in the overbought region, indicating the possibility of the bullish trend continuing.
Tron’s price against Bitcoin maintains its position above the 9-day and 21-day moving averages, indicating a potential move towards the resistance level of 330 SAT. However, this resistance level is anticipated to be convincingly surpassed, leading to a market price that closes above it.
-Featured image from Invezz, chart from TradingView.com