Price Analysis as Tron (TRX) Continues to March Higher

Price Analysis as Tron (TRX) Continues to March Higher

TRON (TRX) has moved more than 37% higher since creating the weekly low of $0.0211 on January 13th.

It has recently been announced that Binance Launchpad plans to launch the token sale of BitTorrent (BTT) on January 28th. Not only is Binance providing a launch platform for the BTT but is also present in an advisory capacity.

Justin Sun, the CEO and founder of TRON, recently noted that his company “thinks BTT works with BitTorrent, (thus) to use TRX would dilute the value of the currency for current holders”.

As reported earlier by Newconomy, the BitTorrent Token (BTT) will be based on TRON protocol, which is understandable given that TRON acquired BitTorrent in 2018 for $140 million.

While talking recently at the “niTron Summit”, Sun spoke positively about the future outlook of his company.

“For TRON, we’ve got some big plans ahead in addition to the things we’ve already announced. If people like what they see as we roll out these things, I believe TRON can truly become a household name.”

Coming back to the TRX price analysis (Graph 1), the price has pushed higher in the recent days, most probably due to the upcoming BTT token sale.

Graph 1. Tron (TRXUSD) 4H chart

The push higher also facilitated the break out of the mini triangle, (the blue converging lines), in addition to received support from the 100 4H moving average (MA). Currently, the TRX is approaching the major resistance block, which sits around the $0.028 handle.

The 50% Fibonacci retracement zone is located just above the resistance block, hence boosting the chances for bears to protect this zone against the emerging bulls. The key Fibonacci retracement zone, 61.8%, sits just above the psychologically-important $0.030 handle.

On the downside, any move lower will likely find support in the ascending 100 4H MA and the previous horizontal resistance, now support, around the $0.027 mark.

It leaves us to sit and assess the start of the BTT token sale and its potential impact on the TRX price.

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