- Tron prices in range mode but bullish
- BitTorrent benefiting from BTT hype
- Transactional volumes low despite yesterday’s upswings
Although TRX prices are retracting from yesterday’s highs, it stands to benefit from the BTT demand. At the time of writing, TRX is down 1.4 percent from yesterday’s close, but as long as prices are above 2.5 cents, aggressive traders can initiate trades on every dip. Modest targets will be at 4 cents.
Tron Price Analysis
Fundamentals
BitTorrent is and will continue to be a game changer for Tron. Backed by a relentless co-founder and a visionary team, Tron is slowly but surely changing the blockchain landscape. Note that, they were successful in their crowdfunding, raising $7.2 million in 18 minutes. All the same, critics claim the ICO was unfair, favoring deep pockets.
However, with an airdrop for those who placed buy orders but missed out, there has been a recompense of some sorts. It has been even made better by BTT prices surging with coin trackers indicating that BTT market cap stands at $150 million.
Each BTT token is trading at $0.001065 at the time of writing meaning it is up on average 42 percent against BTC and TRX. At that level, the BTT’s valuation exceeds Tron’s initial acquisition price said to be at $120 million.
Candlestick Arrangements
With favorable price action and solid fundamentals, TRX is reaping huge benefits from the hype—and surge around BTT. Though the 42 percent rise is yet to be replicated by TRX, bulls appear to be in control. Like in our latest TRX/USD price analysis, every dip should be a buying opportunity for both sets of traders.
The rule applies as long as prices are trading above 2.5 cents—our immediate support level. Aside from solid fundamentals, our stance stems from favorable candlestick arrangement and the resilience of Jan 14 and 21 bull bars rejecting lower lows. Note that behind these bars were high transaction volumes above recent averages of around 15 million.
Technical Indicators
To reiterate, buyers are in control. Because every dip should be a buying opportunity for risk-off traders, conservatives should wait for confirmations. That means prices above 3.1 cents or Jan 26-28 Evening Star pattern should be pumped by high transactional volumes exceeding Jan 4’s 47 million. Only then will they be free to buy on dips with first targets at 4 cents.
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* First published on newsbtc.com
