- TRON has recovered from recent low, but the momentum is fading away.
- Tron’s founder hinted at multi-million dollar partnership with an unnamed industry giant.
TRON (TRX) is changing hands at $0.0257 off the Asian high $0.0279.The coin sits at the eleventh place gaining 1.85% since this time on Sunday. Tron’s capitalization registered at $1.6B. Tron’s trading volume has increased from $146M on Sunday to $199M at the time of writing.
While Tron is benefiting from global recovery on the cryptocurrency market, it still lags behind other top altcoins that demonstrate more solid gains amid speculative and technical buying interest.
What’s going on
Tron’s team is rumored to have entered partnership deal with Baidu, the largest Internet services provider in China. The information came from crypto market news service Coinness that cited the private correspondence with Tron’s representatives. While it is not confirmed by the parties involved, Tron’s founder Justin Sun recently boasted about a secret partnership with some “industry giant.”
“Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name,” he tweeted on Friday, October 12.
Tron’s technical picture
From the technical point of view, TRX/USD is supported by SMA200 (1-hour) a $0.0256, which serves as a local support. If it is cleared, the sell-off may be extended towards SMA 50 (1-hour) ant $0.0234 and to critical $0.0222-$0.02, that encompasses short-term upside trendline.
On the upside, the recovery is capped by $0.0279 (Asian high) with the next pivotal resistance located at $0.03 (psychological level and the highest price since August 6).
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