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  • Tron Virtual Machine will be compatible with Ethereum Virtual Machine.
  • The 200 SMA is supporting the price; other technical indicators send bullish signals.

Tron is counting down to the long-awaited Virtual Machine testnet. The website countdown of TVM is 2 days and 23 hours at the time of writing. This also means that Tron Virtual Machine (TVM) will be released on July 30. The event is putting Tron in the limelight after the successful mainnet launch, token migration and the ongoing elections for Tron Super Representative.

TVM is being launched to expand the limits of Tron network as it works on its vision of becoming the largest blockchain in the world. A Virtual Machine is a dedicated hardware that imitates the functions of a computer system. It will allow developers to create and run smart contracts on Tron blockchain, besides they can do so using programming languages that are familiar. TVM is expected to be compatible with Ethereum Virtual Machine (EVM) giving the developers an easy time when porting to Tron. The decentralized application will then be uploaded to Tron blockchain where they will execute on the TVMs operated by the Tron Super representatives.

Tron price analysis

Tron is still capped below $0.039, besides it has broken the Fib level support zones between the highs of $0.0395 and $0.0325 lows. Yesterday, TRX/USD traded above $0.038 but lost momentum toward the close of the session. The 50% fib level gain into selling pressure, although the trendline dynamic inflection at $0.0356 has added more life into the uptrend.

The price is trading at $0.0363, supported immediately by the 200 SMA on the 30′ timeframe chart. Significantly, technical indicators on the chart show bullish signals, for instance, the stochastic is at 76%. The 100 SMA, marginally above $0.0370 is another inflection one likely to open the door towards $0.039 and $0.040 in the medium term.

TRX/USD 30′ chart