- Tron price vibrant, adds 4.7 percent in the last day
- BitTorrent Speed to reward and incentivize users
- Participation on the rise, bulls in control
A combination of favorable candlestick formation and fundamentals mean TRX is a top performer in the last day. The coin is up 4.7 percent and looks likely to expand towards 4 cents in coming days validating our previous TRX/USD trade plans.
Tron Price Analysis
Behind Tron is BitTorrent. Billed as the world’s largest peer to peer network, it is more than software. BitTorrent is a protocol complete with 170 million users on a monthly average. After a successful acquisition, the protocol is now under Tron, and after successful tokenization and crowdfunding off Binance Launchpad, Tron and BitTorrent Foundation plan to roll out a new product. Dubbed BitTorrent Speed, it shall operate according to the tenets of BitTorrent and BTT—that of rewarding and oiling a token economy.
“BitTorrent Speed is a new product that rewards BitTorrent users with BitTorrent (BTT) in exchange for seeding and bandwidth, enabling faster downloads on BitTorrent products.”
The product will launch on the “µTorrent Classic Windows client.” Before then, users will have the option of purchasing the facilitating, TRC-10 utility token not only from Binance or Kucoin but from CoinTiger, UpBit, OkEx, and BitBNS. BitTorrent Speed will launch in Q2 2019.
So far, TRX is the top performer after adding 10 percent in the Asian session. Prices have since cooled off but in line with our previous TRX/USD trade plans. All the same, it is up 4.7 percent in the last day meaning it is a top performer in the top 10.
From recent TRX/USD price analysis, we had maintained that bulls are in control within a bull trade out pattern as long as prices trend above 2.5 cents. Our assertion was for aggressive traders to buy on every dip while risk-averse traders should wait for a clear close above the inverted hammer of Jan 27 at 3.1 cents.
Since risk-off traders are in green, our trade plan remains valid, and we expect BTT induced pump to thrust TRX prices above 4 cents and later 6 cents.
Like before the trend is bullish and with an influx of bulls earlier today, we expect buyers to sustain this pump. However, for risk-averse traders to initiate positions on dips, there must be a high-volume bullish candlestick pattern driving prices above 3.1 cents. Accompanying this bull bar should be volumes exceeding Jan 14’s 50 million.