Tron Technical Analysis: TRX/USD breakout eyes $0.024 following DeFi partnership with Waves

Tron (TRX) and Waves (WAVES) exploded in massive gains in the last 24 hours following a partnership that will see both platforms support the decentralized finance ecosystem. At the time of writing, Tron is exchanging hands at $0.02319 after a 12% gain. On the other hand, Waves is trading 45% higher within the same 24-hour period to trade at $3.08.

Tron and Waves strategic partnership

The two networks announced on Thursday a key partnership that will see them collaborate to build a bridge utilizing Gravity. Gravity refers to an Oracle and Cross-Chain communication network built for token-agnostic. The bridge will ensure that both networks enhance access to services in a bid to grow a wider user base. The announcement states:

Waves and TRON are using Gravity to connect their respective blockchains’ smart contract languages: Ride and Solidity.

Gravity is a blockchain and token-agnostic oracle with a cross-chain communication network. TRON and Waves are establishing a bridge through Gravity which will allow both ecosystems to enhance access to services for two userbases.

In addition:

WAVES, USDN, NSBT, WEST and other tokens of the Waves ecosystem will be available on the TRON blockchain via Gravity and automatically listed on TRON’s DEXes and DeFi services.

Developers from both ecosystems will be able to create modern cross-chain dApps which will work in both chains (capable of being expanded to other chains via Gravity) via wallets and browser extensions preferred by users.”

Tron technical analysis

Tron spiked above an ascending channel resistance but lost steam during the approach to $4.00. Although upward price action has stalled, the technical picture on the daily chart shows that the TRX is still in the bulls’ hands. This is evidenced by the position of the RSI within the overbought region.

In addition, the MACD seems to be extending movement higher within the positive region. In other words, Tron has the potential to rally above the hurdle at $0.024 and lay the groundworks for gains above $0.025.

TRX/USD daily chart