Over the past 30 trading days, the Tron market has seen a significant surge totaling up to 118%, making it the strongest performer in the top 50 cryptocurrencies. This price hike largely comes following the announcement of BitTorrent creating their own TRON-based token for their ecosystem.
BitTorrent was acquired by TRON last year for $126 million, and the merger had been dubbed as Project Atlas. It seems that the project is now starting to take shape with the launch of the BitTorrent Token (BTT).
The BTT token is designed to “empower a new generation of content creators by providing them tools to distribute their content.” Users will be incentivized to seed their files for a longer period of time and share bandwidth by receiving BTT tokens for their efforts.
BTT will be officially launched on the Binance Launchpad program which will help generate funds from non-U.S.-based customer who want to invest in the program. The whitepaper states that there will be 990 billion BTT tokens in supply that will be distributed to TRX holders, investors, and the TRON and BitTorrent foundation members.
In other Tron news, the team has recently hired an SEC veteran, David Labhart, who will act as the first head of compliance for regulations.The new signing is designed to increase the trust of investors and regulators as the TRON system continues to grow.
Labhart has described his new position a “perfect progression” within his career as he has always been at the forefront of cutting edge technology. His 15 years experience in securities, with 9 of them being at the SEC, will be an asset to the TRON team as they continue to be proactive with their compliance commitments.
Let us continue to take a look at the TRX market and highlight any potential areas of support and resistance moving forward.
TRON has seen a sharp price rise totaling 11.54% over the past 24 hours of trading, bringing the current trading price up to around $0.29, at the time of writing. The cryptocurrency has now seen a 45% price surge over the past 7 trading days, with a further 118% price boost over the past 30 trading days.
TRON is now ranked in 8th position as it currently holds a $1.96 billion market cap value. It is closely approaching the 7th position holder, Litecoin, which has a market cap value of $2.18 billion.
The 16-month old project is now trading at a value that is 88% lower than the all-time high price.
Analyzing price action from the 4-hour perspective above, we can see that TRX has managed to briefly penetrate above our previously highlighted resistance level in our last TRX/USD article, provided by the 1.618 Fibonacci Extension level (drawn in blue) priced at $0.03140.
The market continued to travel higher into resistance provided by a short-term 1.414 FIbonacci Extension level (drawn in purple) priced at $0.035301 before TRX/USD rolled over.
Price action has now retraced towards support provided by the short-term .382 Fibonacci Retracement level (drawn in green) priced at $0.02907.
After the recent price surge, the trend is now undoubtedly bullish. The market has seen a serious rise in price action over the previous 30 trading days and looks to want to continue even higher.
For this market to be considered bearish again, we would need to see price action travel much lower towards the $0.20 handle.
If the bulls re-engage and begin to climb higher once again, we can expect immediate resistance towards the upside to be located at the previous medium-term 1.618 Fibonacci Extension level (drawn in blue) priced at $0.03140.
Further resistance above this can then be located at the short-term 1.272 and 1.414 Fibonacci Extension levels (drawn in purple), priced at $0.03360 and $0.03530 respectively.
If the buyers continue to cause TRX/USD to climb further, more resistance above can be located at the short-term 1.618 Fibonacci Extension level (drawn in purple) priced at $0.03774. This is closely followed by the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.039301.
If the market can then continue to break above the $0.040 handle, higher resistance towards the upside can be located at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $0.04798.
Initial support beneath the market can be expected at the short-term .382 Fibonacci Retracement level (drawn in green) priced at $0.02907. This is followed by the .5 and .618 Fibonacci Retracement levels (also drawn in green), priced at $0.02703 and $0.02499 respectively.
The support at $0.02499 is also further bolstered as it is the February 2018 low and the November 2018 high.
If the sellers continue to drive price action further below $0.024, we can then expect more support toward the downside at the short-term .786 and .886 Fibonacci Retracement levels (drawn in green), priced at $0.02209 and $0.02036 respectively.
Project Atlas seems to be shaping up nicely as the launch of the BTT token has seemingly had some positive benefits for the TRON cryptocurrency. Furthermore, the expertise provided by David Labhart will help keep TRON at the forefront of compliance matters in the eyes of regulators.
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