The cryptocurrency seemingly picked up a bid after reports started doing the rounds that Tron Foundation founder Justin Sun acquired BitTorrent - the owner of popular file-sharing client uTorrent - for $140 million.
The acquisition has certainly revved up investor interest in the cryptocurrency.
Its market capitalization has moved above $3.2 billion.
The above chart shows TRX is trapped in a falling channel.
The broader outlook remains bearish despite double-digit gains seen in the last 24 hours.
TRX may attack the 100-day moving average, currently lined up at $0.0553 in the next few days.
A break above that level would expose the falling channel hurdle, currently seen at $0.0638.
Only a high volume close above the falling channel resistance would confirm a long-run bearish-to-bullish trend change.
Bearish scenario: TRX will likely drop to $0.032 if the bulls fail to defend $0.041 despite the positive news flow.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Tron Price Spikes After Blockchain Founder Acquires BitTorrent
Publié le Jun 19, 2018
by Coindesk | Publié le Coinage
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