Tron (TRXUSD) Technical Analysis: Waiting for Buyers at Triangle Support

Tron made a strong rally earlier on but quickly faded the move as it hit the top of the symmetrical triangle on its 4-hour time frame. Price is now back down to support and might be due for another bounce.

The 100 SMA is 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. The 200 SMA dynamic support also lines up with the triangle bottom to add to its strength as a floor.

A bounce could take price back up to the triangle top just below the 0.0300 mark. Stronger bullish momentum might even lead to an upside break and a rally that’s the same height as the triangle, which spans 0.0200 to 0.0320. However, the gap between the moving averages is narrowing to signal weakening bullish momentum.

RSI looks ready to turn higher without hitting the oversold region, indicating that buyers are eager to return. Stochastic is still on the move down but is closing in on the oversold level, also reflecting exhaustion among sellers and a possible pickup in bullish pressure.

Tron has drawn a lot of attention thanks to the BitTorrent Token sale on Binance, which concluded in less than 15 minutes – an indicator of strong interest and demand. Holders are also expecting an airdrop of BTT later this month as confirmed by founder Justin Sun.

BitTorrent stated:

“On February 11th, 2019, BitTorrent Foundation will initiate its first airdrop of BitTorrent (BTT) to TRON (TRX) holders. The snapshot will be taken when TRON’s block height reaches 6.6 million*. Based on this snapshot, BitTorrent Foundation will initiate its first airdrop of 10,890,000,000 BitTorrent (BTT), corresponding to 1.1% of total circulating supply.”

Furthermore, the company noted that over the course of the year, 11,880,000,000 BTT will be offered to TRX holders.

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