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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Tron Price Analysis: BitTorrent Paying Dividends, TRX Suppressed

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis altcoins

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  • Tron prices steady but under heavy sell pressure
  • BitTorrent surge 1,000 percent days after ICO
  • Transaction volumes low but likely to increase

Even with sellers threatening to reverse gains, TRX is stable above a critical support level as it trades within a bullish breakout pattern. With BTT rising demand and astronomical volumes, TRX will be the main benefactor.

Tron Price Analysis

Fundamentals

BTT is finally retracing allowing more investors as well as believers to “catch” the token at a discount. While the ride may just be starting, it is the right time for traders to get off the bull ride and re-load. That means fine-tuning entries in lower time frames and preparing for the next leg up, a reminiscent of the now distant glory of late 2017.

It will also be another opportunity to pile up profits despite BTT ballooning 1,000 percent a few days after launch. These price swings show how shrewd and ingenious the Tron Foundation and Justin Sun were when they sunk in $120 million, gambling with a law-breaking protocol.

Early—but limited adopters–are now reaping benefits. Besides, there is a contagion effect, and TRX–whose owners will receive airdrops in the next six years, will undoubtedly receive a boost as BTT demand increase.

Candlestick Arrangements

Tron

Currently, TRX is changing hands at around 26 cents, but prices are all over. Because of BTT bull injection, we expect TRX to expand. However, prices remain steady above 2.5 cents and trending below pre-ICO rates.

All the same, our medium-term trajectory has been set, and as long as bulls maintain TRX prices above 2.5 cents, every low should be a buying opportunity for risk-off traders aiming at 4 cents. If not, and TRX prices slide as dropping BTC prices weigh negatively on BTC, then traders ought to exit their longs once bears breach 2.3 cents–the lows of the double bar bull reversal pattern of Jan 20-21.

Before then, risk-averse traders should set up their trades as laid out before. Triggers remain at 3.1 cents or Jan 27 highs, and upon activation, targets will be modest at 4 cents and later 6 cents.

Technical Indicators

Volumes are thin but rising. As expected, participation levels dropped at Feb 4 upswings—42 million versus 17 million. All we need is a confirmation of this bull bar with heavy sell pressure—notice the long upper wick. Lifting prices above 3 cents confirming Feb 4 bulls should be high volumes exceeding recent averages of around 15 million and 42 million of Feb 4. Those will be the hallmark of bulls hinting of resumption.

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Dalmas Ngetich
Dalmas Ngetich

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.

Read more

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.

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Reason to trust

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