Layer-1 blockchain Tron is eyeing a Bitcoin layer-2 solution to introduce a "wrapped" version of Tether (USDT), potentially unlocking billions in liquidity for the Bitcoin ecosystem.
In February, Tron's founder Justin Sun unveiled plans for a Bitcoin layer-2 solution, enabling seamless movement of stablecoins and tokens between Tron and Bitcoin networks. Sun emphasized the integration's significance in providing access to over $55 billion in value to the Bitcoin network, injecting financial vitality into the ecosystem.
Despite Tron's recent bearish market performance over the past week, a triangular chart pattern is emerging, signaling potential price consolidation. Prices remain ensnared beneath the Exponential Moving Averages (EMAs) 50 and 200, with contracting EMAs suggesting a waning bearish momentum. A breakout above the triangle pattern, coupled with a close above the EMA 200, could signal a bullish reversal.
Key support levels to monitor include the lower side of the volume profile value area at 0.1150 and the ascending trendline of the triangle pattern. A breach below these levels may indicate a continuation of the bearish trend.
Given the market's sideways movement and coil formation, relying solely on oscillators for trend analysis may be imprudent.
Forecast 675K vs Previous 661K
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