TRON’s TRX is once again among the winners in top 10 cryptocurrencies as it saw an 11% gain on Sunday, breaking above a symmetrical triangle chart pattern. But will this surge be enough for the token to reach or surpass the all-time-high level of the end of April? While April’s gains were due to rumors of TRON partnering up with Alibaba, this time around it looks like the bulls are fueled by the speculated launch of its Mainnet, as well as a virtual machine that will allow for “complete compatibility” with Ethereum’s virtual machine. The launch of the Main net means that decentralized applications built on Ethereum’s blockchain will be able to migrate over to TRON’s network and make TRON an independent public blockchain. Upon the launch TRON’s virtual Machine on May 25th, and its Mainnet on May 31st, TRON’s founder, Justin Sun, is hoping that TRX will jump to top 6 from its current ranking of 9 on the crypto market cap list. Following these events is TRON’s Super Representative (SR) Election which will be held on the 26th of June right after the installation and migration of tokens. The election will pick out 27 deserving candidates who will regularly maintain the network and will receive rewards for their active participation and contribution to the community. Justin Sun has been hinting of further positive developments for the cryptocurrency on Twitter. So what does all this mean for TRON’s price action? So far we’ve seen a solid breakout and a bullish engulfing candlestick formed on the daily chart. TRX/USD is being supported by the bullish Ichimoku cloud. With this, we could see the price reach and surpass the resistance levels of $0.084 and $0.10. However, since the bullish sentiment is happening before the actual events, we could see a selloff in June, which could bring the price back to current levels around $0.07. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
For more from Invest Diva, click here
HIGH RISK Investment Trading forex (also known as foreign exchange or currencies) on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, risk appetite, and the amount of your expendable income. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should ONLY invest money that you can afford to lose! You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Forex Diva Trading Opinions Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and education, and does not constitute advice. Forex Diva will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: Fed-led rally could have legs towards $65,000
Bitcoin has risen 7% so far this week, supported by the US Fed interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.
Ethereum, BNB and POL holders on the watch as BingX faces loss of $26 million in hack
Crypto exchange BingX said on Friday that it suffered a hack, an attack that led to “minimal” losses that researchers at PeckShield estimate at $26.68 million. The attacker swapped the stolen altcoins for Ethereum, Binance Coin and Polygon tokens, according to on-chain data.
Pepe price forecast: Eyes for 30% rally
Pepe extends the upward movement on Friday after breaking above the descending trendline and resistance barrier on Thursday. PEPE’s dormant wallets are in motion, and the long-to-short ratio is above one, further supporting this bullish move and hinting at a rally on the horizon.
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum
Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin (BTC) has risen 7% so far this week, supported by the US Federal Reserve (Fed) interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.