TRON announces partnership with EVM-compatible chain for Bitcoin integration
- TRON has partnered with Merlin Chain to expand Bitcoin interoperability.
- Justin Sun states that TRON is taking steps to support Bitcoin Layer 2 solutions.
- TRON price hit a new yearly all-time high at $0.1413, on Tuesday.
TRON recently unveiled its roadmap for integrating with the Bitcoin blockchain. Justin Sun’s X post explains how TRON will take steps to integrate its ecosystem assets with the Bitcoin blockchain and support BTC Layer 2 solutions.
In line with its roadmap, the blockchain-based digital platform has partnered with an EVM-compatible blockchain, Merlin Chain. This partnership is expected to help TRON progress in its objective to support Bitcoin Layer 2 chains.
Also read: TRON price rallies to yearly high following burn of over $12.6 million tokens
TRON takes steps to support Bitcoin Layer 2 solutions
TRON Network has partnered with Merlin Chain, according to a recent X announcement by co-founder Justin Sun. Merlin Chain is the native Bitcoin Layer 2 solution that recently raised funds from investors for its development plans.
The native scaling solution integrates zero-knowledge rollups, decentralized oracle network and on-chain Bitcoin fraud proof modules.
Taking baby steps to support Bitcoin's layer 2 solutions on #TRON. #Bitcoin https://t.co/9lo4tcyUFL
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 27, 2024
The partnership will help the Layer 2 chain expand its Bitcoin interoperability, utilities and boost its financial accessibility. TRON has over 210 million users, this could help Merlin Chain scale while it takes the former closer to its goal of developing and supporting BTC Layer 2 chains.
TRON price hits new yearly high
TRON price climbed to a new 2024 peak of $0.1413 on Tuesday. Justin Sun’s announcement and the recent partnership are likely catalyzing the blockchain token’s gains. TRON price is likely to rally towards a level previously seen in May 2021, at $0.1530.
The Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) signal that the uptrend is likely exhausted and TRON price could suffer a correction. TRON could sweep support at the 23.6% Fibonacci retracement of its rally to its 2024 peak, before resuming its climb towards the $0.1530 target.
TRON/USDT 1-day chart
TRON price could find support at the 23.6%, and 38.2% Fibonacci retracement level at $0.1318 and $0.1259 respectively. At the time of writing, TRON price is $0.1413.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
