1 min

TRON’s TRX Gains on Alibaba Partnership Rumor – What’s Next?

Avatar newsbtc 1 year ago

It’s Invest Diva’s  Kiana Danial https://www.investdiva.com/ with News BTC and here is your cryptocurrency update. Last week we talked about how TRON’s TRX could reach and surpass its all-time-high level soon, and on Monday it sure confirmed a break above the 0.085 resistance level. TRON continued to remain the winner in the top 20 cryptocurrencies, showing a 72% gain in the past week and a 13% gain on Monday alone while the rest of the market was either consolidating or showing weakness. The gains helped the cryptocurrency jump up on the market cap list, from number 11 to number 9 according to coin market cap. Its market capitalization is at $6.4 billion at the time of filming, trailing behind stellar and Litecoin. While TRON has been getting listed on different exchanges such as Zebpay; one of India’s leading cryptocurrency platform, some suggest the real reason behind its surge could be due to a rumor that Alibaba could partner with the company soon. The reason behind the circulation of this rumor is that Tron founder Justin Sun has strong connections with Alibaba, and the market participants believe he will leverage this relationship to ink a strategic partnership with the firm. Assuming this really is the reason behind the surge, we could expect a buy-the-rumor, sell-the-news type of reaction once everything is out in the open, which could lead to a pullback in TRON’s TRX value. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.

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