The Tron (TRX) price is holding steady close to its highest level since June as investors react to the latest announcement by Tron Foundation. The coin rose to $0.0735, which is more than 6% above the lowest level in July. It has a market capitalization of more than $5.3 billion, making it one of the biggest blockchain projects in the world.
In a statement published on Tuesday, the Tron Foundation said that it was establishing a $300 million fund in collaboration with APENFT and WINKLink. The new fund will be know as JustPlay and its goal is to invest and incubate GameFi projects until 2024.
By so doing, the developers will help to nurture developers building the GameFi projects. It will also target developers building DeFi content across the TRON, APENFT, and WINKLink. In a statement, Justin Sun, the founder and CEO of the Tron Foundation said:
“GameFi is going to be the next big thing that makes the DeFi, NFT, and larger crypto space easy to understand and be involved in. TRON is excited to be partnering with APENFT and WINKLink to build a robust GameFi ecosystem that is accessible to all.”
The Tron price is also rallying as part of the Bitcoin and altcoin price rally. Bitcoin has already zoomed above $46,000 while Ethereum has jumped above $3,100. In total, the cryptocurrencies tracked by CoinMarketCap have seen their total market value surge to more than $1.88 trillion.
The four-hour chart shows that the Tron price has formed what is known as a break and retest pattern. This is where the price moves above a key resistance or support level and then resumes the previous trend. In this case, the price rose above the key resistance level at $0.0697, which was the highest level on June 29. The coin’s price then rebounded and is trading at $0.0736. The price is above the 25-day and 50-day moving averages.
Therefore, the coin will likely maintain momentum after the new $300 million fund. If this happens, the next key resistance level to watch is $0.10, which is almost 40% above the current level.