Tron (TRX) to have access to 100 million BitTorrent users following successful acquisition deal

• Tron acquires BitTorrent as part of its global expansion plan.
• BitTorrent promises to continue serving its 100 active users as normal.
• Tron price seeks support above $0.035 while looking forward to breaking past $0.0360 resistance.

Tron founder, Justin Sun has today announced via Twitter that the network has successfully completed the acquisition of BitTorrent. BitTorrent is a file-sharing platform with over 100 million active users spread across the world. In addition to that, it BitTorrent prides itself for having one of the most top-rated applications on Google Play alongside other products such as BitTorrent Play (iOS), uTorrent Web as well as desktop clients for both PC and Mac.

BitTorrent is going to move operations to Tron’s San Francisco base. This location was set up to ensure the global expansion of Tron network. The office is dedicated to providing robust support for Tron’s worldwide business developments including partnerships. Moreover, it will also remain committed to the network’s vision of becoming one of the world’s leading decentralized ecosystems.

Although Tron has acquired BitTorrent, the division is expected to continue serving the 100 million actives users. Tron believes that this merger will propel BitTorrent to greater heights while ensuring that Tron’s mission of developing an Internet of options as opposed to rules comes true. At the end of the blog post published by BitTorrent, the team assures its users of normal operations. A section of the post states:

“We wish to reiterate that BitTorrent has no plans to change what we do or charge for the services we provide. We have no plans to enable mining of cryptocurrency now or in the future. In continuation, it says, “BitTorrent has been a pioneer of peer-to-peer file sharing and we believe our vision of democratizing the Web by enabling decentralized, resilient access to information remains as relevant as it was when we started.”

Tron price analysis

Tron price has broken above the intraday upside limits by the 50 SMA and the 200 SMA on the 2-hour chart. The 50 SMA is now positioned to offer support at $0.03527 while the 200 SMA support is at $0.03561. The price is battling for another support above $0.0350, but on the upside, the key resistance is at $0.0360. TRX/USD is trading within a contracting triangle pattern that is approaching a breakout in the short-term. Overcoming the resistance at $0.0360 is essential to ensuring a clear path to the supply zones at $0.0370, 0.0380 and $0.040. The general trend is bullish at the time of press. On the downside, there are a couple of more support zones at $0.034 and $0.033.

TRX/USD 2-hour chart

 

 

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