Tron Price Spikes After Blockchain Founder Acquires BitTorrent

Published on by Coindesk | Published on

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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.

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