The price of TRON (TRX) holds support from previous resistance at the time of this writing. This price promotion takes place just a few days before BitTorrent delivers BTT tokens to all TRX coin holders.
TRON has been one of the top performing altcoins in recent months. On the much-vaunted project, the price of its coin rose from roughly 0.00000262 BTC in August 2018 to 0.00000861 BTC last month – an increase of over 228 percent for those who bottomed out.
Currently, the price of TRON (TRX) is holding at a crucial support level against the previous resistance of around 0.00000725 BTC. If the price of TRX continues to hold and consolidate at this level, it could be another uptrend to 0.00001000 BTC before the first Bit Torrent (BTT) air drop occurs on Monday.
That would be a very optimistic scenario, however – especially given that most of the air drops and similar events in the cryptocurrency space will result in a sell-off before the event actually occurs.
Even so, TRX had enough time to consolidate that a sell-off over the weekend may not be possible.
At Binance, holders of the TRON coin will receive 0.11 BTT for every single TRX they own at the time of the snapshot – which will take place on Monday.
While some technical analysts are currently predicting that the popular altcoin will drop below this level and test 0.00000650 BTC, the daily stochastic RSI suggests otherwise.
The price for TRX is currently in the oversold territory of the popular indicator and is about to break high. This can be seen as a positive sign that the altcoin on the back of the BTT airdrop hype is striving for a further rise. However, this is just one of many indicators and is far from foolproof.
As always, those who want to rely on TRX for a long time at these levels should exercise extreme caution and define logical stopping losses. The altcoin has already gotten quite a crack – which can be interpreted as both a sign of strength and an indication that it needs to cool down and experience a significant withdrawal.
An entry point at 0.00000650 BTC would be more conservative than an entry point at the current level.
What do you think of the price of TRON (TRX) before the first BTT air drop? Let us know what you think in the comments below!
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[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).]