Tron price analysis: TRX/USD spikes above $0.0800 handle ahead of Tron Virtual Machine launch
|- TRON gained 14% on weekend, smashed downside trendline.
- Break above $0.0814 is needed for an extended recovery.
Tron, the 9th largest digital asset by market capitalization, has been growing rapidly during a recent couple of days. The coin broke above the long-term downside trendline on Friday and gained over 14% since that time. Currently, TRX/USD is trading at $0.0800 handle, trying to make way to Sunday's high set at $0.831.
Tron's market value increased to $5B, while trading volumes spiked to $500M from $200M on Saturday.
Tron Foundation launches its Tron Virtual Machine (TVM) on May 25, with Justin Sun, founder of the TRON Foundation, claiming that it will be fully compatible with Ethereum’s virtual machine. It means that DApps build in Ethereum blockchain would be able to switch to Tron's network.
Thus, a strong movement is based on generally positive market sentiments and traditional hype ahead of the coin specific developments. Tron's MainNet will go live on May 31.
Tron's technical picture
As it is shown on the daily chart, TRX/USD spiked above 23.6% Fibo ($0.0814) on Sunday, before retracing to critical $0.0800. If it settles safely above this level, bullish momentum will regain traction and take the price towards Sunday's high at $0.0831. On the downside, the critical support level comes at $0.0703, which is 38.2% Fibo.
TRX/USD, the daily chart
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