The cryptocurrency market finally saw a bit of a green on Monday, with TRON’s TRX leading the top 10 major altcoins. The major announcement for TRON this time around is about TRON’s CEO, Justin Sun, buying BitTorrent for $140 million in cash.
The two companies have reportedly been negotiating for a long time about a price. So it could be unlikely that any dispute of agreement terms will actually kill the acquisition. Especially since BitTorrent has been looking for a buyer for a long time.
about BitTorrent
BitTorrent Inc. is a San Francisco-based Internet technology company that designs distributed technologies around decentralized computing architecture. According to their website, they have around 170 million users.
Their products include their free downloading software, as well as BitTorrent Now, which is focused on video, music and other creative content. BitTorrent claims that its protocols move as much as 40 percent of the world’s Internet traffic on a typical day.
about TRON
TRON, on the other hand, has been busy making partnerships in the US while also getting itself in the middle of some scandals. We most recently reported on TRON’s partnership with Shift Markets, something that exposed them to the forex market. With these, some analysts believe the sky is the limit for the company.
The Cryptocurrency currently ranks 10 on the market cap list.
TRX/USD Technical Analysis
Looking at TRX price action versus the US dollar, it appears to have bottomed out at the $0.04 support level on the bullish market sentiment.
However, the price continues to move below the daily Ichimoku cloud with an even stronger support waiting at around $0.02.
The TRX traders have been waiting for a break above the $0.05 pivot level to conclude on an uptrend.
As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Don't forget to complete your risk management due-diligence before developing your investment strategy.
*This article was originally published here.