TRON’s TRX is once again among the winners in top 10 cryptocurrencies as it saw an 11% gain on Sunday, breaking above a symmetrical triangle chart pattern. But will this surge be enough for the token to reach or surpass the all-time-high level of the end of April?
Reasons Behind TRON's Surge
While April’s gains were due to rumors of TRON partnering up with Alibaba (NYSE:BABA), this time around it looks like the bulls are fueled by the speculated launch of its Main Net, as well as a virtual machine that will allow for “complete compatibility” with Ethereum’s virtual machine.
The launch of the Main Net means that decentralized applications built on Ethereum’s blockchain will be able to migrate over to TRON’s network and make TRON an independent public blockchain. Upon the launch, TRON’s virtual Machine on May 25th, and its Main Net on May 31st, TRON’s founder, Justin Sun, is hoping that TRX will jump to top 6 from its current ranking of 9 on the crypto market cap list.
Following these events is TRON’s Super Representative (SR) Election which will be held on the 26th of June right after the installation and migration of tokens. The election will pick out 27 deserving candidates who will regularly maintain the network and will receive rewards for their active participation and contribution to the community.
Justin Sun has been hinting of further positive developments for the cryptocurrency on Twitter.
TRON's TRX Price Action
So what does all this mean for TRON’s price action? So far we’ve seen a solid breakout and a bullish engulfing candlestick formed on the daily chart.
TRX/USD is being supported by the bullish Ichimoku cloud. With this, we could see the price reach and surpass the resistance levels of $0.084 and $0.10.
However, since the bullish sentiment is happening before the actual events, we could see a selloff in June, which could bring the price back to current levels around $0.07.
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*This article was originally published here.