TRON’s bullish technical indactor painted a golden cross for the price of the asset right after Justin Sun announced the launch of TRON 4.0 as we are reading further in the latest TRON news.
TRX crypocurrency was among the biggest gainers over the past 24 hours by rising by more than 5 percent. The upside movement appeared as Justin Sun, the TRON founder announced the latest protocol upgrade that would introduce the privacy feaures to the smart contracts. TRX’s rise in price coincided with TRON’s bullish technical indicator known as the Golden Cross. The native cryptocurrency increased by more than 5% on the 24-hour adjusted timeframe supported by the combo of bullich technicals.
TRON Weekly Report
— Justin Sun (@justinsuntron) June 8, 2020
The TRX/USD exchange rate hit $0.0186 a few days ago which is the highest level over the past three months. The gains followed the price rally when Justin Sun, the founder of the TRON foundation, announced the latest protocol upgrade:
“After nearly a year in development, TRONZ’s Smart Contract Privacy Protocol will finally be released as an integral part of TRON 4.0 protocol on July 7.”
In the letter that Sun wrote, he claimed that the TRON blockchain would be the first platform that ‘’hosts a smart contract privacy protocol.’’ In the meantime, he added that the TRX transactions would remain non-anonymous saying that TRON’s need to comply with the global regulations and policies:
“TRONZ Smart Contract Privacy Protocol will fully support all TRC20-standard tokens on the TRON network, whether issued or not,” the letter read. “Developers can adopt the shielded transaction feature by merely implementing the smart contract.”
The price movement helped TRX to increase substaintially on Sunday while maintaining the gains during the daily sessions. In the meantime, the TRX/USD move formed a ‘’Golden Cross’’ which is a bullish indicator that gets confirmed once the asset short-term moving average crossed the long-term moving average. TRON’s 50-day MA closed above the 200 indicating the long-term upside. The 50-200 MA crossover showed up for the first time since February 11, 2020 when it failed to result the massive upside rally. Mainly, the reason was the global market sell-off caused by the Coronavirus pandemic. Since them, every asset dropped along with Bitcoin and Ethereum.
On the other hand, another golden cross formation on the chart resutled in a bull run. That was back in 2019 where the pair rallied by as much as 59% after the 50-200 MA crossover. With the ongoing pandemic worries and the global market recovery on the way, TRX could surge higher after the current Golden Cross formation.
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