TRON (TRX) Price Analysis: Holding Strong Ahead of First BitTorrent (BTT) Airdrop
The price of TRON (TRX) is — at the time of this writing — holding support at previous resistance. This price action comes only days before BitTorrent will airdrop BTT tokens to all TRX coin holders.
TRON has been one of the best performing altcoins over recent months, with the much-hyped project seeing the price of its coin rise from approximately 0.00000262 BTC in August 2018 to as high as 0.00000861 BTC last month — an increase of over 228 percent for those who caught the bottom.
Currently, the price of TRON (TRX) is holding strong at a crucial support level on the previous resistance of approximately .00000725 BTC. Should the price of TRX continue to hold and consolidate at this level, it could be looking at another upwards push to 0.00001000 BTC before the first BitTorrent (BTT) airdrop occurs on Monday.
However, that would be a very optimistic scenario — especially considering the fact that most airdrops and similar events in the cryptocurrency space lead to a sell-off prior to the event actually occurring.
That said, TRX has had plenty of time to consolidate, so a sell-off could feasibly not occur over the weekend.
On Binance, holders of TRON’s coin will receive 0.11 BTT for every single TRX they possess at the time of the snapshot — which will occur on Monday.
While some technical analysts currently predict the popular altcoin will break below this level and test 0.00000650 BTC, the daily Stochastic RSI suggests otherwise.
The price of TRX is currently hanging out in oversold territory on the popular indicator and is at the cusp of crossing bullishly. This may be taken as a positive sign that the altcoin is looking to make another move up on the back of the BTT airdrop hype. However, this is only one of many indicators and is far from foolproof.
As always, those looking to go long on TRX at these levels should exercise extreme caution and set logical stop losses. The altcoin has already been on quite a tear — which may be interpreted as both a sign of strength and as an indication that it needs to cool off and experience a substantial pullback.
An entry point at 0.00000650 BTC would be more conservative than an entry point at its current level.
What do you think about the price of TRON (TRX) before the first BTT airdrop? 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).]