The Tron price is in a consolidation phase as investors wait for a key speech by Justin Sun, who will introduce the new BitTorrent Chain network. The TRX crypto is trading at $0.104, which is the highest it has been since May.
What happened? Like all cryptocurrencies, Tron has not been left behind in the ongoing rebound. The token has jumped by more than 60% from the lowest level in July.
This rebound has coincided with the overall bullish trend of Bitcoin, Ethereum, and other altcoins. Indeed, the total market capitalisation of all cryptocurrencies has jumped from just over $1 trillion to more than $2.3 trillion.
The Tron price has also rallied as activity in the network keeps rising. Indeed, according to Justin Sun, the total value locked (TVL) in the ecosystem has surged to more than $11 billion. In most cases, Tron does well when the ecosystem expands.
Meanwhile, Justin Sun will deliver a speech this week, when he will introduce the BitTorrent Chain (BTTS) network. While little is known about it, there is a possibility that it is built on Tron.
Tron price prediction
On the daily chart, we see that the TRX price formed a triple bottom pattern at $0.0493 level between May and June. Since then, the coin has been on an upward trend. Indeed, it moved above the key resistance level at $0.0697, which was the neckline of the double bottom patter. It has also risen above the upper part of the bullish flag pattern.
Therefore, the TRX price will likely keep rising as bulls target the next key resistance at $0.15. This view will be invalidated if the price moves below the lower side of the flag at $0.0812.