Tron (TRXUSD) Technical Analysis: Bulls Refuse to Back Down

Tron has managed to bounce over 10% in less than an hour as bulls defended near-term support levels once more. News about BitTorrent token’s performance has spurred increased demand and interest in the Tron network.

On the 4-hour time frame, it can be seen that price has formed higher lows and lower highs inside a new triangle pattern. Tron made a strong bounce off the trend line support but has also encountered quick selling pressure at the top.

The 100 SMA is above the longer-term 200 SMA, though, indicating that the path of least resistance is to the upside. This means that support is more likely to hold than to break and that resistance may be more likely to break than to hold. In addition, the 200 SMA dynamic inflection point lines up with the triangle bottom to add to its strength as a floor.

A break above the resistance could spur a climb that’s the same height as the chart formation, which spans around 0.0180 to 0.0320. Similarly a break below support could lead to a drop that’s the same size.

RSI appears to be turning lower without hitting the overbought zone, indicating that sellers are eager to return. Stochastic is still heading north, though, so price could follow suit while buyers have the upper hand.

Last week, the public sale of BTT on Binance Launchpad ended in less than 15 minutes, with 59.4 million tokens sold in that time. A couple of days later, Binance announced that it had listed BTT.

As of this writing, BTT is trading at 0.0001221 BNB or up 43.29% in the past 24-hour period. This means that it’s up more than 500% since its launch date which had a price of 0.00001824 BNB.

Founder Justin Sun noted that he BitTorrent Foundation will initiate the first airdrop of its BTT token to on Feb. 11.

 

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