Justin Sun is boosting the value of Tron making use of the DeFi craze


  • Justin Sun, the founder of TRON, has recently announced the launch of SUN genesis mining.
  • TronFi is a decentralized development platform focused on the success of TRX.

The launch of SUN Genesis Mining had a significant impact on the price of TRX. The foundation calls it a 'meme' coin and states that its purpose is to focus on TRON's decentralized finance potential.

We understand that a series of self-governance communities such as MakerDAO, Compound, AAVE, YFI, etc. have emerged on Ethereum. We hope to use SUN to promote the vigorous development and possibilities of TRON's DeFi self-governance community.

Even more recently, 1inch's Mooniswap announced the integration with the TRON blockchain, which aims to allow liquidity providers to increase their earnings further and slow down volatile price movements. 

Tron has been outperforming the market thanks to Justin Sun

Back on September 3, when the entire crypto market was collapsing, Tron broke out with a 45% price move. TRX did eventually drop but has been able to bounce back harder thanks to other developments.

TronFi, a decentralized development platform for Tron launched Pearl Finance, a classic farming platform that allowed users to farm PEARLs using USDJ, the Tron stablecoin, and JUST (JST). Additionally, the platform also launched SalmonSwap, which allowed users to farm SAL using TRX liquidity pairs, further boosting Tron's price. 

TRX/USD daily chart

trx price

The price of TRX has created a clear equilibrium pattern with a lower high and a higher low. Bulls would need to crack $0.0359, the lower high to break out from the pattern towards $0.05 again. The total number of transactions performed by Tron users has increased significantly after the recent price spike indicating that the move is not artificial, giving the bulls a better chance to see a breakout.

trx price

The bearish scenario would be Tron slipping below $0.027 straight into the 50-MA at $0.025. The next support level will be $0.022, followed by the 100-MA at $0.021.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets prepare for a bullish October

Bitcoin price is experiencing a momentary downswing as it sets up a falling wedge pattern. Similar to the big crypto, Ethereum price is also forming a bullish pattern. However, Ripple seems to be bouncing off a support floor without any technical formations in play.

More Bitcoin News

XRP and XLM in trouble as CBDCs aim to make cross-border remittances cheaper and faster

The outcome of recent Central Bank Digital Currency (CBDC) pilots shows slashed cost and reduced transaction time. Cryptocurrencies currently utilized for making cross-border settlements, Ripple (XRP) and Stellar Lumens (XLM), are likely to face stiff competition from CBDCs. 

More Ripple news

Shiba Inu price stabilizes as SHIB bulls prepare for 20% take-off

Shiba Inu price saw a massive uptrend on September 16 but was soon undone in the next couple of days as it approached a stable support floor. Investors can expect SHIB to launch here, retesting crucial resistance barriers.

More Shiba Inu News

Cardano price eyes 30% breakout if ADA bulls can overcome this strong hurdle

Cardano price is in a suspended state after its recent breakout from the bullish pattern. If ADA finds a launching pad, there is a high chance a new uptrend begins. Interestingly, there is a confluence of support, indicating a bullish outlook.

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP