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Tron (TRX), the native cryptocurrency of the Tron blockchain, saw significant growth over the weekend. The token gained 10% yesterday, buoyed by recent developments within its ecosystem. Although it has recovered slightly at the time of writing, all signs suggest that this could be a bullish sign.
Tron Spike Due to BitTorrent Bridge Launch
The reason behind this latest surge 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 Confirmed This incident took place on the morning of 2 June.
BitTorrent Bridge serves as a decentralized system that facilitates token interoperability across different blockchain networks. Developed by the Tron organization led by Sun Yuchen, the platform strengthens the collaborative efforts between BitTorrent and Tron. A notable example of their collaboration is the BitTorrent live streaming service, which launched in 2019 and works in conjunction with Tron’s system.
related reading, Quant Hype Spikes With 15% Increase In Prices – Is This A Top Sign?
The integration between TRON and Ethereum via the BitTorrent bridge has opened up new possibilities for TRX users while bridging interoperability between these major blockchains. This success expands Tron’s presence within the Ethereum ecosystem and has the potential for 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 mainnet in mid-2018. Since then, Tron has become one of the largest blockchains and currently processes 40% of USDT transactions.
related reading, XRP Soars 12% As Crypto Celebrates 11-Year Milestone
tron price analysis
Analyzing the current price performance of Tron, the coin is currently trading at $0.0805. Besides, Tron has the potential to maintain its position above the moving averages. If the $0.085 resistance level is broken, it could act as a catalyst for an uptrend, potentially sending the price higher.
The market sentiment appears optimistic as buyers continue to show strong commitment. Based on the daily chart analysis, another upside move is possible in the market price. Therefore, if Tron overcomes the upper boundary of the channel, it could further consolidate the market and reach the $0.095, $0.100, and $0.105 resistance levels, respectively.
Conversely, there is a possibility of a downside correction with the support level at $0.082 a potential target. However, if the sellers gain momentum, traders should expect a decline towards the $0.075, $0.070, and $0.065 support levels, respectively. Additionally, the Relative Strength Index (14), a technical indicator, is currently located in the overbought zone, indicating a likely continuation of the bullish trend.
Tron price is holding a position above the 9-day and 21-day moving averages against bitcoin, indicating a possible move towards the 330 SAT resistance. However, this resistance level is definitely expected to be crossed, causing the market price to close above it.
Featured image of Invezz, chart from TradingView.com
