The Tron Foundation’s native cryptocurrency, TRX, has been bouncing up and down CoinMarketCap’s cryptocurrency charts. The coin was once the 10th largest cryptocurrency in the market, maintaining its position for quite some time. During the last few weeks however, the coin has been plummeting down in terms of market cap and was found at the 13th position yesterday. However, TRX had jumped back into the 12th position, at press time.
Come what may, Tron Foundation’s Justin Sun is always updating the community about the network’s several advancements and achievements. In a recent update, CEO Justin Sun shared another one of Tron’s many accomplishments with his 1.5 million Twitter followers. CEO Justin Sun announced that Tron Network’s smart contract triggers had reached 500 million. Sun’s tweet read,
This tweet was followed by a series of other tweets by the Tron Foundation, with the Twitter handle citing several other achievements of the network as well.
The latest tweets announced that the circulation of Tron-based USDT had surpassed 110 million as Tether worth $112,402,010 was presently in circulation on the Tron network.
The Tron Foundation wasn’t done with blowing its own trumpet however. The next few tweets claimed that Tron’s success is not limited to the DApp space alone, as the transaction volume on the Tron network has surged significantly since the date of its launch.
Despite several achievements in the name of the Tron Foundation, the price of Tron’s cryptocurrency was falling by 0.35% in the last 24 hours. At press time, Tron was valued at $0.0205 with a market cap of $1.37 billion. The 24-hour trading volume stood at $434 million and most of it came from Cat.Ex exchange via the trading pair ETC/TRX.
Tron teams up with a major Information Security Center to expand blockchain
Tron founder Justin Sun announced that they had reached a partnership with the information security center of State Key Laboratory of Networking and Switching, BUPT (Beijing University of Posts and Telecommunications). According to the official announcement, both parties will cooperate closely in the areas of smart contracts based on zero-knowledge proof.
Tron Foundation announced that they have teamed up with the information security center of State Key Laboratory of Networking and Switching, BUPT. Tron claimed that this move is of great significance, where they can draw on the expertise of academia to advance the research and development of its protocol.
Justin Sun tweeted that the reinforcing efforts from both the industry and the academia will be sure to advance the blockchain sector. Since 2016, the global investments in the blockchain technology have increased five-fold, and the total volume has reached $2.7 billion.
The blockchain market is expected to rise more than $150 billion over the next five years. Partnerships like Tron and BUPT are likely to strengthen the blockchain industry further and will contribute to the development of the sector as a whole. A few years ago, the blockchain sector amounted to $1.3 billion, and smart contracts provided for 27.6% of the total blockchain market turnover.
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Tron (TRX) Price Analysis: Uptrend Gaining Pace Above $0.0160
- Tron price is gaining bullish momentum above the $0.0160 resistance against the US Dollar.
- TRX price is likely to surpass the $0.0172 and $0.0175 resistance levels in the near term.
- There is a significant bullish trend line forming with support near $0.0161 on the 4-hours chart (data feed via Bitfinex).
- The price could correct a few points, but it remains well supported near the $0.0155 level.
TRON price is trading in a steady uptrend against the US Dollar and bitcoin. TRX price is likely to accelerate gains once it clear the $0.0172 resistance area.
Tron Price Analysis
In the past few days, there was a steady rise in TRON price from the $0.0140 support area against the US Dollar. TRX price broke the key $0.0155 resistance area to move into an uptrend. Moreover, there was a close above the $0.0155 resistance and the 55 simple moving average (4-hours). Finally, the price gained pace above the key $0.0160 and $0.01620 resistance levels. A new monthly high was formed near $0.0175 and the price recently corrected lower.
It traded below the $0.0165 support and tested the next key support near the $0.0155. A swing low was formed near $0.01559 and the price is currently climbing higher. It broke the $0.01650 resistance, plus the 50% Fibonacci retracement level of the recent decline from the $0.0175 high to $0.0155 low. At the moment, the price is facing resistance near the $0.0168 level.
It seems like the 61.8% Fibonacci retracement level of the recent decline from the $0.0175 high to $0.0155 low is acting as a resistance. If there is an upside break above $0.0168, the price could even break the $0.0172 resistance level. Any further gains may perhaps set the pace for a move towards the $0.0180 level in the coming days. On the downside, there are many supports near the $0.0162 and $0.0160 levels.
Moreover, there is a significant bullish trend line forming with support near $0.0161 on the 4-hours chart. Below the trend line, the next key support is near the $0.0155 level. To start a major downside correction, the bears need to push the price below the $0.0150 level, with a daily close below the 55 simple moving average (4-hours).
The chart indicates that TRX price is clearly trading in a steady uptrend above the $0.0160 support area. Therefore, there are high chances of more gains above $0.0172 and $0.0175 in the near term.
4 hours MACD – The MACD for TRX/USD is gaining momentum in to bullish zone.
4 hours RSI – The RSI for TRX/USD is currently moving higher towards the 70 level.
Key Support Levels – $0.0160 and $0.0155.
Key Resistance Levels – $0.0172, $0.0175 and $0.0180.
Justin Sun Meets Premier of Global Blockchain Bermuda Hub, While Tron Partners with BitGo
Tron partners with BitGo to integrate TRX in its online wallet and custody programs, while Justin Sun goes to Bermuda to discuss blockchain adoption with the premier .
The Tron team has revealed a new Tron partner – the BitGo wallet. The latter intends to roll out TRX on its online wallet and custody solutions. The feature is going to launch next month.
BitGo is about to add TRX to expand its exposure
Now custody options for TRX are going to be exposed to multiple partners of BitGo, brokers and platforms dealing with crypto futures.
The Tron team says that BitGo decided on adding TRX after seeing an increase in demand for this asset among its multiple users.
The CEO of Tron, Justin Sun, commented on the new partnership:
“We are excited to be supported by BitGo, which will enable TRON to further delve into various DeFi applications and we welcome them as a partner.”
Justin Sun meets Bermuda’s premier
Meanwhile, Justin Sun has taken to his Twitter page to announce that he had paid a visit to the islands of Bermuda and met the head of its government David Burt. Sun wrote in the post that they discussed the blockchain topic.
Bermuda has been recently chasing an ambitious plan to turn the country into the world’s number one blockchain hub, offering attractive legal conditions and taxation terms to DLT companies from around the globe.