Tron (TRXUSD) Technical Analysis: Rising Wedge and Bullish Channel

Tron could be due for further gains as it trades inside a short-term ascending channel. This is around the top of a larger rising wedge formation, though, so resistance might be strong.

Still, the 100 SMA is safely above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, support is more likely to hold than to break and resistance is more likely to break than to hold.

The 100 SMA also lines up with the channel support to add to its strength as a floor while the 200 SMA is closer to the wedge bottom. The gap between the two is widening to reflect strengthening bullish momentum.

RSI is heading south, though, so there may be some bearish pressure left. The oscillator has some room to head lower before reaching the oversold region, so there could be a few more dips left. Similarly stochastic is heading south so Tron might follow suit while sellers have the upper hand. Turning back up could encourage buyers to return.

There is still a lot of anticipation for the BitTorrent coin launch and more and more exchanges are expressing support for the airdrop. Founder Justin Sun tweeted that this would take place on February 11:

On February 11th, 2019, the BitTorrent Foundation will initiate its first airdrop of BitTorrent $BTT to the TRON $TRX holders.

OKEx shared an update:

1. Users who deposited their TRX in the OK PiggyBank will also receive the airdrop;
2. For margin traders who have an outstanding balance of TRX, they will also have to repay the BTT to the lender after the airdrop. Please repay the TRX before the airdrop if you do not wish to worry about the BTT repayment afterwards.

As for Binance:

For the first airdrop, corresponding to 1.1% of the total BTT token supply, we will take a snapshot of all TRX balances on Binance at block height 6,600,000 on the TRON blockchain (estimated to be 2019/02/11) and distribute BTT to TRX holders at a ratio of 1 TRX = 0.11 BTT.

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