TRON has formed a partnership with Merlin Chain in order to broaden the interoperability of Bitcoin.
According to Justin Sun, TRON is now involved in the process of supporting Bitcoin Layer 2 solutions.
Tuesday was the day when the price of TRON reached a new annual all-time high of $0.1413.
A plan that TRON has developed for interacting with the Bitcoin blockchain was just made public. The X article written by Justin Sun provides an explanation of the actions that TRON will take in order to connect its ecosystem assets with the Bitcoin network and to promote BTC Layer 2 alternatives.
In accordance with its strategy, the digital platform that is built on blockchain technology has formed a partnership with Merlin Chain, which is an EVM-compatible blockchain. With the aid of this agreement, it is anticipated that TRON will be able to make progress toward its goal of supporting Bitcoin Layer 2 chains.
To enable Bitcoin Layer 2 solutions, TRON is taking the necessary measures.
According to a recent statement made by co-founder Justin Sun of X, TRON Network has formed a partnership with Merlin Chain. The native Bitcoin Layer 2 solution known as Merlin Chain has recently been successful in successfully raising funding from investors for its development ambitions.
Zero-knowledge rollups, a decentralized oracle network, and on-chain Bitcoin fraud proof modules are all components that are included into the native scaling solution.
As a result of the agreement, the Layer 2 chain will be able to increase its financial accessibility, while also expanding its Bitcoin interoperability and utility. This might be beneficial to Merlin Chain as it brings the former closer to its objective of establishing and supporting BTC Layer 2 networks. TRON has more than 210 million users, and this could help Merlin Chain expand.
The price of TRON strikes a new annual high.
On Tuesday, the price of TRON reached a new all-time high of $0.1413, marking a new 2024 top. There is a good chance that the blockchain token's gains are being accelerated by the announcement made by Justin Sun and the new cooperation. There is a good chance that the price of TRON will rise to a level that was last reached in May 2021, which was $0.1530.
The Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) indicate that the uptrend is most likely exhausted, and it is possible that the price of TRON may see a pullback. Before continuing its ascent toward the $0.1530 goal, TRON may find support around the 23.6% Fibonacci retracement of its surge to the 2024 top. This would let the company to resume its ascent.
A potential support level for the price of TRON might be found around the 23.6% and 38.2% Fibonacci retracement levels, which are located at $0.1318 and $0.1259, respectively. As this article is being written, the price of TRON is $0.1413.
