TRENDING:
Canadian Unemployment
EUR/USD
GBP/USD
XAU/USD
Trade War
USD/CAD
AUD/USD
Sponsored by
Login
|

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 announces partnership with EVM-compatible chain for Bitcoin integration
Ekta MouryaEkta MouryaFXStreet

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. 

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. 

TRX

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

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.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network (PI) edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges (CEXs) experience a surge in inflows.

Top Crypto Gainers: Zcash rallies as MYX Finance, Dash test critical EMA levels

Top Crypto Gainers: Zcash rallies as MYX Finance, Dash test critical EMA levels

Zcash , MYX Finance, and Dash are the top-performing assets in the top 100 cryptocurrency list over the last 24 hours. The privacy coin leads the rally while MYX and DASH struggle to clear their 100-day Exponential Moving Averages (EMA).

XRP slides amid record on-chain activity, mixed technical signals

XRP slides amid record on-chain activity, mixed technical signals

Ripple is trading under pressure at the time of writing on Thursday, after bulls failed to break the short-term resistance at $2.22. The reversal may extend toward Monday’s low of $1.98, especially if risk-off sentiment persists in the broader cryptocurrency market.

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster is consolidating above $1.05 at the time of writing on Thursday, reflecting lethargic sentiment in the broader cryptocurrency market. The token native to the perpetual DEX had recovered from Monday's low of $0.88 but stalled around $1.08 on Wednesday.

Orange Juice Newsletter – Smart insights by real people. Every day.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week. On the institutional front, a modest outflow from US-listed spot Bitcoin Exchange Traded Funds (ETFs) marks a slowdown from previous weeks and signals a reduction in selling pressure, further supporting BTC’s recovery.