- Tron prices steady but under heavy sell pressure
- BitTorrent surge 1,000 percent days after ICO
- Transaction volumes low but likely to increase
Even with sellers threatening to reverse gains, TRX is stable above a critical support level as it trades within a bullish breakout pattern. With BTT rising demand and astronomical volumes, TRX will be the main benefactor.
Tron Price Analysis
Fundamentals
BTT is finally retracing allowing more investors as well as believers to “catch” the token at a discount. While the ride may just be starting, it is the right time for traders to get off the bull ride and re-load. That means fine-tuning entries in lower time frames and preparing for the next leg up, a reminiscent of the now distant glory of late 2017. It will also be another opportunity to pile up profits despite a few days after launch. These price swings show how shrewd and ingenious the Tron Foundation and Justin Sun were when they sunk in $120 million, gambling with a law-breaking protocol.Candlestick Arrangements
Currently, TRX is changing hands at around 26 cents, but prices are all over. Because of BTT bull injection, we expect TRX to expand. However, prices remain steady above 2.5 cents and trending below pre-ICO rates.All the same, our medium-term trajectory has been set, and as long as bulls maintain TRX prices above 2.5 cents, every low should be a buying opportunity for risk-off traders aiming at 4 cents. If not, and TRX prices slide as dropping BTC prices weigh negatively on BTC, then traders ought to exit their longs once bears breach 2.3 cents–the lows of the double bar bull reversal pattern of Jan 20-21.
Before then, risk-averse traders should set up their trades as laid out before. Triggers remain at 3.1 cents or Jan 27 highs, and upon activation, targets will be modest at 4 cents and later 6 cents.