- Tron price has been in a strong bullish trend in the past few days.
- The rally accelerated amid rumors that Justin Sun participated in Huobi's buyout.
Tron price did well on Monday as investors cheered the rumours that Justin Sun will become a part owner of Huobi Global. TRX, the project’s native token, rose to a high of $0.064, which was the highest level since August 30th of this year. It has risen by more than 36% from the lowest level this year, giving it a market cap of over $5.8 billion.
Huobi Global acquired
Tron is a leading blockchain operating system that was started by Justin Sun. The platform helps to power some of the most popular projects in the industry like SunSwap, BitTorrent, JustLend, and Unifi among others. On any given day, Tron handles transactions worth billions of dollars.
Tron has also been used to power some of the top stablecoins in the industry like Tron, USDD, and USD Coin. Further, Tron is an active player in the NFT industry through its ApeNFT marketplace. According to DeFi Llama, DeFi apps in its ecosystem has a total value locked (TVL) of more than $5.6 billion, making it the second-biggest player in the industry after Ethereum.
Tron price rose on Monday after it emerged that Justin Sun could be behind the recent acquisition of Huobi Global by About Capital. About is an investment company based in Hong Kong while Huobi is one of the biggest crypto exchanges in the world. It competes with the likes of Kraken, Coinbase, and Binance.
Speculation about Justin Sun’s participation is because Huobi recently appointed him to become a Global Advisor. In this role, he will work with industry members, policymakers, and education participants to help grow the industry.
Media outlets like Bloomberg had speculated that he was interested in buying a stake in the company. Huobi has been under pressure in the past few months following the decision by Beijing to outlaw cryptocurrencies. As a Chinese company, it had a strong market share in the country.
Sun is yet to confirm whether he participated in the company’s acquisition. Also, it is unclear how his involvement will impact Tron itself. One way would be to migrate Huobi Token from Ethereum to Tron.
Tron price prediction
The four-hour chart shows that the TRX price has been in a strong bullish trend in the past few weeks. On Monday, the coin managed to move above the important resistance level at $0.063, which was the highest level on October 7.
Tron also managed to move above the 25-day and 50-day moving averages and the resistance at $0.066 while the Relative Strength Index has been rising.
Therefore, Tron will likely continue rising as bulls target the next key resistance at $0.07, which is about 10% above the current level.
