Tron market update: TRX/USD stops within a whisker of January 27 high

TRX has gained nearly 8% in recent 24 hours.
Tron’s Justin Sun hints at cooperation with Ethereum developers.

Tanya Abrosimova Independent Analyst

TRX/USD topped at $0.0298 on Sunday to trade at $0.0289 at the time of writing. The 11th largest cryptocurrency has gained nearly 8% on a day—on-day basis and became one of the best-performing coins out of top-20. TRON’s market capitalization has reached $1.9 billion, while an average daily trading volume settled at $584 million.

What’s going on

Justin Sun, the creator of TRON, now the leading platform for decentralized apps by trading volumes, hinted on an upcoming cooperation with its Ethereum developers. It is worth noting, that Ethereum is considered as TRON’s main competitor.

Speaking in the interview with Rachel Wolfson, the host of Crypto Chick podcast, he said that TRON would start cooperating with Ethereun to create benefits for the industry. No further details were disclosed.

TRON’s technical picture

TRX/USD bulls stopped short of critical resistance created by $0.03. Once it is out of the way, the upside may gain traction with the next focus at $0.0310 and $0.0312 (January, 27 high). On the downside, the coin is supported by $0.0279 (SMA50, 1-hour). THis barrier is followed by $0.0270 with SMA100 1-hour on approach and $0.0264 (SMA200, 1-hour).

Author

Tanya Abrosimova

Independent Analyst

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