Market Overview

TRON (TRX) Tests Waters Above $0.3700

TRON TRX Tests Waters Above $0.3700
  • TRX/USD touched $0.0370 amid the announcement of a new decentralized storage system launch.
  • The coin may reach $0.0400 sooner rather than later.

The founder of TRON Foundation and the owner of BitTorrent Justin Sun announced the launch of decentralized P2P storage systems.

"Welcome to the next generation of decentralized storage systems! #BTFS will be the largest decentralized P2P storage network with close to 100 million @BitTorrent user nodes, over 1000 #TRON full nodes, 27 SR nodes, and global #TronGrid nodes. 3 days left! Are you excited?" he wrote on Twitter.

According to the post, the network will go live on May 30, though no further details are available at this stage.

The announcement served as a great catalyst for TRON (TRX) and supported the upside momentum created on the weekend by Sun's hints on something special. Now we know that he referred to the new P2P storage system.

At the time of writing, TRX/USD is changing hands at $0.0373, off the recent high $0.0317. The coin that takes the 10th place with the current market capitalization of $2.3 billion has gained over 7% in recent 24 hours. The strong support is created by psychological $0.03, which is regarded as a threshold for the bears. Once it is cleared, the sell-off is likely to gain traction with the next focus on $0.0285 (confluence of simple moving average (SMA) 100 and SMA200, 1-hour) and $0.025 (SMA100 on a daily chart). 

On the upside, the next resistance awaits the bulls on approach to the recent high $0.03700, followed by $0.04.

TRX/USD, 1-hour chart


Image sourced from Pixabay

Posted-In: crypto marketCryptocurrency News Eurozone Forex Global Markets General


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