Tron (TRX) shoots up by y19 percent right after the creator of the altcoin revealed the latest update on the protocol as we are reading further in the TRX Tron news.
The latest increase in the crypto market had a massive impact on the price of TRX as well. Despite the fact that the market is stalling over the past hours, the price of TRON continues to surge. The latest news coming from China seems to have a huge impact on the market, especially Chinese-based cryptocurrencies. Tron also announced a few major updates which may have also boosted the value against Bitcoin and USD.
There was an official announcement today from the company where it is revealed that the newest version of Tron’s Odyssey protocol has been upgraded without any problems. As per the reports, the network incentive mechanism has reached full decentralization and the rewards data will now be accessible and traced by everyone and will secure the voters’ rewards using the supervision of their network.
Also, 100 million USDT were added to the TRON network last week and also another 40 million were sent from Ethereum’s ERC-20 in a chain swap. The results of these actions mean that over 10% of all Tether supply circulating is now on Tron’s network which where the capabilities and utility are coming from. Tron (TRX) shoots up by 18.39% over the past 24 hours and is currently trading at $0.0205. The largest surge makes TRX the strongest performing cryptocurrency among the top ten over the past day. It has also increased by a total of 30% over the past seven days.
Tron is now the tenth-largest cryptocurrency with a market cap of $1.35 billion. There is still some way to recovery as it declined by 12 percent over the past three months. TRX managed to rebound from the 2018 low at about $0.012 which prevented the cryptocurrency from creating a fresh low. Since the rebound, TRX managed to climb above the 100-days EMA and reached the resistance at 200-days EMA.
The nearest level of resistance for TRX is at the 200-days EMA and above this; the resistance is expected at $0.022. A higher resistance level can be located at $0.0255 and $0.026. The nearest level of support is located at $0.02 and beneath this level, the support lies at $0.0189.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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