Tron Price Analysis: Bulls are Back in Control After BitTorrent Cryptocurrency Announcement

  • BitTorrent, which was acquired by Tron, will be creating its own cryptocurrency.
  • TRX/USD bulls are back in control making solid progress towards further upside.

Life has come back to the market bulls flocking into Tron, seeing TRX/USD trading back in the green again. At the time of writing it is trading up over 2% in the early part of Friday’s session. Notably outperforming several of its peers, as they either trade broadly flat or are nursing minor losses.

TRX/USD daily chart. The price remains within the confinements of the pennant structure, but a breakout could be near.

Meanwhile, as detailed in the prior Tron article, there is some considerable room for decent upside, given the technical set up eyed. The price is further heading in the right direction for that potentially explosive breakout. In terms of fundamental news surrounding Tron, this does not seem to stop flowing.

BitTorrent Creating Cryptocurrency on Tron Blockchain

BitTorrent, the giant peer-to-peer file sharing platform, is creating its own cryptocurrency. The new BitTorrent Token (BTT) will be running on the Tron network, which as a reminder, acquired BitTorrent in June 2018.

BitTorrent Token claim to have a huge 100 million users on its platform, which is very encouraging on the possible cryptocurrency adoption front. The token will be leveraged by users to pay for faster file download speeds.

The Tron founder, Justin Sun, confirmed to exciting news via an update on Twitter. He said, “Excited to unveil our new token BitTorrent BTT and its crowdfunding on #BinanceLaunchpad!! The BitTorrent token is the first of many steps towards achieving mass adoption of a truly decentralized internet.”

Elsewhere, in terms of the BTT tokens, these are to be issued by the BitTorrent Foundation, and will be native to TRC-10 compatibility. Therefore, the token is as mentioned supported by the Tron blockchain; this not being too surprising given Tron and BitTorrent’s existing business ties.

Technical Review – TRX/USD

TRX/USD 4-hour chart. Price action gunning for a breakout of the pennant.

The bulls have been well-supported, as can be viewed via the 4-hour chart view, by a near-term ascending trend line. Above all, this is seen within the bullish pennant pattern formation, which is subject to being breached by the bulls.

Furthermore, the near-term support can be observed at $0.02055, where the trend line is tracking below. If this remains intact and the bulls capitalize from the comfort they have, then eyes on the next upside move.

Lastly, resistance to the upside is seen at the upper part of the pennant is tracking at $0.021200. The price will need to see enough upside momentum, to take this above and beyond. A daily close above the technical structure, could be enough confirmation to see decent buying pressure.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.