Tron Price Analysis: BTT Token Sale Marked By Sharp TRX Price Declines

Dalmas Ngetich

1 year ago

2 mins read

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Tron prices drop 11.7 percent
BTT token sale in progress at Binance Launchpad
Transaction volumes pick up, bulls still in control

Asset prices may be dropping, but TRX is still a top performing coin. It is up one spot in the liquidity ranking displacing XLM as the eighth most valuable. While sellers are firmly in control, we expect support at 2.5 cents before prices snap back to trend and rally to 4 cents.

Tron Price Analysis

Fundamentals

There has been a reshuffle, and TRX is now the eighth most valuable coin. However, with thin margins separating TRX, Litecoin, and XLM, this was bound to happen. Going forward, we expect a TRX—LTC flip as the gap between the two stands at $60 million. Litecoin’s market cap is at $1,835 million while TRX’s stands at $1,776 million.

Behind this reasoning is increasing demand stemming from BTT token sale. Investors willing to invest and contribute towards tokenization of the BitTorrent protocol must do so only if they own Binance Coin (BNB) or TRX. Owners of these two coins can buy BTT, and if they choose not to, they will receive an Airdrop from Feb 11.

Combined with BTT purchase requirements and demand for TRX—one of the top performers in the top 10, chances are TRX valuation will inch higher displacing LTC in the process.

Candlestick Arrangement

Coinciding with BTT token sale, TRX is marking the date by dropping a massive 11.7 percent. As a result, we now have a double bar bear reversal pattern in the midst of a bullish trend.

Although we are net bullish on TRX, we expect prices to continue dropping in the next few days as it has been the case every time Tron announces a significant event.

Even as TRX shed, we expect support at the main support line of 2.5 cents. If not, the worst TRX prices can retest before resuming trend is 2.1 cents or the lows of the double bar bull reversal pattern of Jan 13-14.

Technical Indicators

Technically, the path of least resistance is upwards. Propping this position is price action and accompanying trade volumes of the last few days.

While holders contend with a wave of bears, we are net bullish. Part of this is because today’s drop is at the back of low volumes—23 million versus 15 million, which is less than 50 million versus 35 million average of Jan 14.

The only time our bullish stance will be shelved is when there is a near perpendicular drop fuelled by abnormal volumes exceeding 50 million or 95 million of Jan 10.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.