Tron price has bounced back after the company formed a partnership with DAO Maker. The TRX price has jumped by 14% in the past 24 hours, bringing the past 24-hour gains to more than 18%. Justin Sun’s Tron is now the 20th-biggest cryptocurrency with a market value of more than $10 billion.
What happened: Tron price is rising after the company made a partnership with DAO Maker that will open the door for the former’s activities to be available on the Tron Blockchain. TRON projects will also be able to participate in DAO Maker’s SHO and community. In a statement, Justin Sun said:
“We are excited to be partnering with an industry leader like DAO Maker to bring cross-chain community incubation and fundraising to TRON. This partnership is part of TRON’s commitment to its community to expand the functionalities of the blockchain through world class strategic partnerships.”
The news comes at a time when Tron’s blockchain is seeing robust activity. Indeed, the amount of Tether moving through the network has overtaken that of Ethereum’s blockchain.
The four-hour chart shows that the TRX price managed to move above the upper side of the ascending wedge shown in black. The price has also formed a head and shoulders pattern. Indeed, it seems to have completed the head and shoulders pattern. In technical analysis, a rising wedge and a head and shoulders patterns are usually bearish signals.
Therefore, in my view, I suspect that the TRX price may soon break out lower. If this happens, the next key level to watch is the support at $0.090. However, a move above $0.1720 will invalidate the head and shoulders pattern and this prediction.
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