Home Alt Coins TRON (TRX) Price Analysis: Holding Strong Ahead of First BitTorrent (BTT) Airdrop

TRON (TRX) Price Analysis: Holding Strong Ahead of First BitTorrent (BTT) Airdrop

5 min read

The value of TRON (TRX) is — on the time of this writing — holding help at earlier resistance. This value motion comes solely days earlier than BitTorrent will airdrop BTT tokens to all TRX coin holders.

TRON has been one of the perfect performing altcoins over current months, with the much-hyped undertaking seeing the worth of its coin rise from roughly 0.00000262 BTC in August 2018 to as excessive as 0.00000861 BTC final month — a rise of over 228 p.c for many who caught the underside.

tron trx monthly price

Daily Chart

Currently, the worth of TRON (TRX) is holding robust at a vital help degree on the earlier resistance of roughly .00000725 BTC. Should the worth of TRX proceed to carry and consolidate at this degree, it may very well be taking a look at one other upwards push to 0.00001000 BTC earlier than the primary BitTorrent (BTT) airdrop happens on Monday.

However, that might be a really optimistic state of affairs — particularly contemplating the truth that most airdrops and related occasions within the cryptocurrency house result in a sell-off previous to the occasion really occurring.

That mentioned, TRX has had loads of time to consolidate, so a sell-off might feasibly not happen over the weekend.

On Binance, holders of TRON’s coin will obtain 0.11 BTT for each single TRX they possess on the time of the snapshot — which will occur on Monday.

tron trx price daily

Stochastic RSI

While some technical analysts presently predict the favored altcoin will break under this degree and check 0.00000650 BTC, the every day Stochastic RSI suggests in any other case.

The value of TRX is presently hanging out in oversold territory on the favored indicator and is on the cusp of crossing bullishly. This could also be taken as a optimistic signal that the altcoin is trying to make one other transfer up on the again of the BTT airdrop hype. However, this is just one of many indicators and is much from foolproof.

tron trx daily stochastic rsi

As at all times, these trying to go lengthy on TRX at these ranges ought to train excessive warning and set logical cease losses. The altcoin has already been on fairly a tear — which can be interpreted as each an indication of power and as a sign that it wants to chill off and expertise a considerable pullback.

An entry level at 0.00000650 BTC could be extra conservative than an entry level at its present degree.

What do you concentrate on the worth of TRON (TRX) earlier than the primary BTT airdrop? Let us know your ideas within the feedback under! 

Images courtesy of Shutterstock, TradingView.

[Disclaimer: This article is not investment advice and should not be taken as such. Neither the author nor Bitcoinist is responsible for any investment decisions. Always consult a trained financial professional and be prepared to lose your entire investment, as cryptocurrencies are particularly volatile. The author of this article holds TRON (TRX).]

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