[ad_1]
The price of TRON (TRX) is – at the time of writing this article – supporting the previous resistance. This price action occurs just days before BitTorrent transfers BTT tokens to all TRX coin holders.
TRON has been one of the most successful altcoins in recent months. The very fashionable project saw the price of its coin go from around 0.00000262 BTC in August 2018 to 0.00000861 BTC last month, an increase of more than 228% for those who caught the bottom.
Daily table
Currently, the price of TRON (TRX) remains at a crucial support level compared to the previous resistance of about 0.0000725 BTC. If the price of TRX continues to grow and consolidate at this level, it could consider a new rise to 0.00001000 BTC before the first air dump of BitTorrent (BTT) Monday.
However, this would be a very optimistic scenario, especially considering the fact that most lost planes and similar events in the cryptocurrency space lead to a mbadive sale before the event actually occurs. .
That being said, TRX has had plenty of time to consolidate, so that a mbadive sell could not take place during the weekend.
On Binance, TRON coin holders will receive 0.11 BTT for every TRX they own at the moment of instant shooting – which will take place on Monday.
Stochastic RSI
While some technical badysts currently predict that the popular altcoin will pbad below this level and test 0.00000650 BTC, the daily Stochastic RSI suggests the opposite.
TRX's price is currently in oversold territory on the popular indicator and is about to cross an uptrend. This can be seen as a positive sign that the altcoin is looking to take another step behind the BTT hype. However, it is only one indicator among others and is far from foolproof.
As always, those looking to get a long position on TRX at these levels must be extremely cautious and set logical stop losses. The altcoin has already leaked a lot of ink, which can be interpreted both as a sign of strength and as an indication of the need to calm down and experience a significant setback.
An entry point at 0.00000650 BTC would be more cautious than a point of entry at its current level.
What do you think of the price of TRON (TRX) before the first air drop of BTT? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, TradingView.
[Disclaimer: This article is not investment advice and should not be taken as such. Neither the author nor Bitcoinist is responsible for any investment decisions. Always consult a trained financial professional and be prepared to lose your entire investment, as cryptocurrencies are particularly volatile. The author of this article holds TRON (TRX).]
Source link
