TRON announces partnership with EVM-compatible chain for Bitcoin integration

TRON has partnered with Merlin Chain to expand Bitcoin interoperability.
Justin Sun states that TRON is taking steps to support Bitcoin Layer 2 solutions.
TRON price hit a new yearly all-time high at $0.1413, on Tuesday.

TRON recently unveiled its roadmap for integrating with the Bitcoin blockchain. Justin Sun’s X post explains how TRON will take steps to integrate its ecosystem assets with the Bitcoin blockchain and support BTC Layer 2 solutions.

In line with its roadmap, the blockchain-based digital platform has partnered with an EVM-compatible blockchain, Merlin Chain. This partnership is expected to help TRON progress in its objective to support Bitcoin Layer 2 chains.

Also read: TRON price rallies to yearly high following burn of over $12.6 million tokens

TRON takes steps to support Bitcoin Layer 2 solutions

TRON Network has partnered with Merlin Chain, according to a recent X announcement by co-founder Justin Sun. Merlin Chain is the native Bitcoin Layer 2 solution that recently raised funds from investors for its development plans.

The native scaling solution integrates zero-knowledge rollups, decentralized oracle network and on-chain Bitcoin fraud proof modules.

Taking baby steps to support Bitcoin's layer 2 solutions on #TRON. #Bitcoin https://t.co/9lo4tcyUFL
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 27, 2024

The partnership will help the Layer 2 chain expand its Bitcoin interoperability, utilities and boost its financial accessibility. TRON has over 210 million users, this could help Merlin Chain scale while it takes the former closer to its goal of developing and supporting BTC Layer 2 chains.

TRON price hits new yearly high

TRON price climbed to a new 2024 peak of $0.1413 on Tuesday. Justin Sun’s announcement and the recent partnership are likely catalyzing the blockchain token’s gains. TRON price is likely to rally towards a level previously seen in May 2021, at $0.1530.

The Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) signal that the uptrend is likely exhausted and TRON price could suffer a correction. TRON could sweep support at the 23.6% Fibonacci retracement of its rally to its 2024 peak, before resuming its climb towards the $0.1530 target.

TRON/USDT 1-day chart

TRON price could find support at the 23.6%, and 38.2% Fibonacci retracement level at $0.1318 and $0.1259 respectively. At the time of writing, TRON price is $0.1413.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.