Tron (TRX) is on the slide after posting strong gainers in the crypto market in early trading on Thursday, with its rally dented by Bitcoin’s failure to hold at the $60,000 level. At the time of writing, TRX/USD is trading at around $0.105.

The surge in the previous session was powered by the news announcement of a collaboration between leading crypto Fiat hybrid payment solution firm Alchemy Pay and the Tron Foundation. This development will see the integration of the TRX cryptocurrency into Alchemy Pay’s global crypto-fiat gateway. In addition, the Tron Foundation will also assist the firm in providing technical resources, cross-community promotions, and other initiatives to further cement the partnership between the ecosystems of Alchemy Pay and Tron.

This partnership is the result of TRX being traded successfully on Bit.Store, an Alchemy-powered crypto investment platform with over 500,000 users from around the world. The integration of the TRX token into Alchemy Pay will allow it to be accepted as a form of payment across its merchant network, potentially driving up its adoption among users has a digital payment method.

The world’s largest blockchain decentralized application operating system Tron is also enjoying the support of several other fundamental developments. Last week, it unveiled a new ecosystem fund, valued at over $1.1 billion to encourage developers to add to its ecosystem, especially in the area of DeFi, NFTs and stablecoins.

The fund is the latest effort of the Tron Foundation to expand its scope of operations after the launch of the BitTorrent Chain (BTTC) which will bring higher levels of scalability within Tron’s ecosystem. The BTTC proof-of-stake protocol can enable cross-chain interoperability with Tron, Ethereum, and Binance Smart Chain, making Tron an attractive ecosystem for developers to migrate their dApps into.

TRX/USD Technical Analysis

Technical analysis of the H4 price chart of TRX/USD reveals a strong bearish bias among moving averages and leading technical indicators MACD and momentum. Tron’s price is holding just under the pivot point at $0.112.

However, the support at $0.107 seems to be functioning well at the moment. We need to keep a close watch on this level as it could fail if selling pressure builds up further.