Tron Price Analysis: TRX/USD on a Dangerous Path to Repeat 2018 Low

  • The Tron (TRX) price is moving within a descending channel pattern formation, as the bears maintain control.
  • TRX holders will receive a second round of BTT tokens airdropped this week.

TRX/USD: Recent Price Behavior

The Tron price is seen trading in minor positive territory at the time of writing on Sunday. TRX/USD is heading for its second consecutive session in the green, as the bulls look to break down stubborn areas of resistance. Bears had maintained control of the price since 11th February, when the TRX/USD smashed through a key ascending trend line of support. It had initially been guiding the price from December before the bears managed to force a punishing breach.

Given the current cooling in price action within this consolidation form, TRX/USD has formed a descending channel structure. It has been respecting the confinements of this structure since mid-February, and has been gradually driven to the south. At present, there isn’t enough upside momentum to see the price break free of this channel. If the bulls fail to escape soon, then there could be quite a harsh punishment to come from the market bears.

BTT: Second Airdrop for TRX Holders

Tron holders have much to be excited about this week, as the second airdrop of BitTorrent’s BTT tokens is scheduled. The first airdrop occurred back on 11th February of this year, which saw 10,890,000,000 BTT, equating to 1.1% of the total circulating supply, distributed to TRX holders.

As a reminder, Tron acquired BitTorrent, a peer-to-peer sharing platform, in June 2018. The deal was said to have been worth $126 million. Since the purchase by Tron, BitTorrent has been expanding further with the introduction of BTT, which is a native Tron-based coin.

In terms of the second airdrop, it will total around 11,880,000,000 BTT, which would last for 12 months for TRX holders. The reward for Tron holders in this second airdrop would see 990,000,00 BTT allocated between them.

BitTorrent tweeted this update via its official Twitter account, saying:

“Are you ready for our second #airdrop? On March 11th at 00:00 UTC we will reward TRON $TRX holders with 990,000,000 $BTT. Learn more about our airdrop program, and the exchanges & wallets supporting it!”

Technical Review – TRX/USD

TRX/USD daily chart.

As earlier detailed, unless the price can break out from the channel to the south, a deep move below $0.02 territory may be observed. Immediate support is eyed at $0.021500, which is a critical daily level. The lower acting trend line of the channel is also in proximity to the above-mentioned daily support level. Failure of this holding will call into action $0.18700, another daily support. Lastly, a demand zone should be noted at the range of $0.018000-$0.01600.

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.