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Tron [TRX] Reverses Course As Price Stages Fresh Increase Above $0.1-level

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Tron [TRX] had initiated a fresh increase this week after notching double-digit gains. The digital asset had been in a downward trend since last week, but the subsequent crash was much more detrimental to its price fortunes.

The price of Tron started a decent increase on the 26th of April and has been targeting the recently hit multi-year high point. It was able to reduce its weekly loss to 4.10% and was now holding the 19th position in the cryptocurrency ladder.

Over the last 24-hours, TRX was still down by 2.60% which drove it to a price of $0.122. At the time of writing, the crypto-asset recorded a market cap of $8.82 billion and a 24-hour trading volume of $2.65 billion.

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Tron [TRX] Daily Price Chart:

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The volatility has taken a hit in the 24-hour Tron [TRX] chart. Meaning an abrupt movement in either direction might not transpire. Adding to its woes is the declining trading volume that has failed it reach the previous level. Hence, it is not clear if the latest uptrend will last long enough for the digital asset to swing near its recent high.

The upsloping moving average, 50 DMA [Pink] attempted to surge above the TRX price candles. If this materializes, the price could face stiff rejection in the near term. The 100 DMA [Blue], on the other hand, continued to hover below the 50 DMA.

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After nearly two weeks of treading in the red zone, Awesome Oscillator saw a tiny green bar that could signify the renewal of a much-needed bullish momentum in the coming days.

The Chaikin Money Flow [CMF] also bounced up from the zero-line depicting an inflow of capital into the coin market as the price crashed.

Closely mimicking the price action, the RSI also noted an uptick above the 50-median line suggesting a sentiment of increasing buying pressure among the investors in the coin market.

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TRX identified resistances at $0.136, and $0.164 while the support level held firm at $0.101, $0.086, and $0.055.

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TON Labs raises $6M in support of Free TON blockchain

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TON Labs, the development arm behind the Free TON blockchain, raised $6 million through an investment round led by venture capital firm Runa Capital.

The funding will go toward building out a new product environment for the Free TON blockchain, which the company describes as the fastest decentralized protocol due to its unique dynamic sharding mechanisms.

Dmitry Chikhachev, a general partner at Runa Capital, said TON Labs is the only blockchain company to receive direct funding from his firm.

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“As a deep tech and software investor, we appreciate the technical challenges solved by the company and see a strong potential in the high-performance decentralised computing platform FreeTON,” he said, adding:

“The team, their sophisticated approach and the open-source TON project itself radically differ from other ventures in the blockchain space, and Runa is thrilled to support such a unique project.”

In addition to Runa Capital, RTP Global — an investor of early-stage technology companies — also contributed to the funding round. RTP executive Stepan Ivanov said, “We believe TON Labs can finally take the blockchain from the niche and geeky space today to a mainstream technology that strongly complements the current IT landscape.”

Free TON achieved mainnet status in December 2020 after reaching “sufficient decentralization,” or more than 400 validators and decentralized autonomous organizations. The project was originally launched in May 2020 as an infrastructure solutions provider for the Telegram Open Network. When a New York federal court put an injunction on the Telegram team, preventing further development of the network, Free TON emerged as an independent project that finalized the initial Telegram code and built the TON Operating System.

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As Cointelegraph previously reported, Free TON merged with Dune Network in February — a move that both camps said would support wider adoption of blockchain technology and decentralized governance. The merger is expected to be finalized later this year, following the full allocation of TON Crystals (TON) to the Dune Network.

 

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Justin Sun and Lindsay Lohan join hands in releasing NFT on Tron

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  • Recently a news a released which mentioned Lindsay Lohan carrying out his NFT auction over the Tron platform
  • The famous Disney star is not going to talk much about the auction that he has scheduled for March 20
  • With his involvement, NFT has received a very positive response from the investors paving its path for future development

Being a new entry in the digital currency and assets market, people are not sure if NFT’s will survive. Some believe that it has a long-term benefit and will surely survive for a long time. Recently the announcement of issuing NFTs of her own with the use of Tron has really pulled a key for NFTs to become popular in the market. This news has shown that the market is moving in a positive direction. Lohan, a former star of Disney, has announced that he will carry out the auction on March 20.

NFT’s growing popularity among celebs 

The fascinating transformation of the NFT technologies over a concise span of time has intrigued many investors. With Lindsay Lohan’s entry into this space, the investors are evermore excited and dragged towards investing in these non-fungible tokens at a much higher level. With several articles being run by CNBC, each day, on NFT’s, several musicians and artists are actually carrying out auctions that offer them millions of dollars, making it a much more used platform for such artists and increasing its popularity for the long run of the technology. The recent news showed that this auction of the famous Disney star Lindsay Lohan would be carried out over the blockchain, Tron, and in its cheering house. There is also a mention that the auction would witness other popular musicians like Tyga, Soulja Boy, Swae Lee, Ne-Yo, etc.

NFT auction of Lohan

Coming of NFTs, as we know, are unique when we consider them as an address of a particular blockchain. It also has the characteristic of ownership of digital history that is immutable to certain objects and files. This mentioned fact is true, even after because these are all freely available to the public to enjoy. We can think of them as a right to brag at a digital level that can actually be sold. However, there was very little information about the nature of the auction that is going to be carried out by Lohan and that he has not agreed to comment on this event presently. Thus, all excited investors are eagerly waiting for this auction to occur.

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