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Wednesday's Tron (TRX) price kept its bullish momentum despite a vigilant sentiment on other cryptocurrencies.
The TRX / USD rate peaked at 0.0306 today, up 53% for the week after recording five consecutive daily purchase sessions. Over a period of 24 hours, the pair recorded a gain of 13.56% compared to the US dollar. The strong buying sentiment pushed Tron's market capitalization to skip two sides, leaving Craig Wright in Bitcoin SV and the Tether stallionist.
Tron also shows strong muscles against Bitcoin. According to an aggregate price index, the TRX / BTC pair jumped 13.15% to 722 satoshi.
Launch of BitTorrent tokens
The upward sentiment seems to have increased after the launch of the BitTorrent cryptographic token (BTT). It is the native cryptocurrency of the BitTorrent protocol, the popular torrent file sharing platform that Tron took over last year. According to the press announcement, BitTorrent users will be able to earn awards for planting and file sharing in BTT. According to the BitTorrent whitepaper, BTT is based on Tron's TRC-10 standard.
CZ, the CEO of Crypto Exchange Binance, has called development an "interesting case study".
Dapp's grandfather finally finds his decentralized currency and business model. It should be a very interesting case study.
– CZ Binance (@cz_binance) 5 January 2019
The overall development seems to have attracted sentimentalists to the Tron market, especially when the rest of the early currencies struggle to reach their next upward targets. He explains the impetus of the token crypto against Bitcoin.
Will the Tron Rally last?
Sentimental trading signals suggest that traders will want to abandon their long positions on a profitable note at the first sign of pullback action.
The TRX / USD rate has exceeded its upward targets based on the impulse of the Relative Strength Indicator (RSI) indicator. Now it is close to 80, which indicates a downward correction in the next few sessions. In the best case, the TRX / USD pair will form a bullish flag as it corrects to the south, after which it will resume its uptrend to form new higher highs. In the other scenario, which is not entirely the worst case, the pair will extend the downward correction to re-establish 0.0182 as support.
As of now, Tron has already formed what the market calls a cup and handle model, followed by a breakout. Generally, the cups with us stronger and the size of the handle smaller than the size of the half of the cup provide strong signals. We are simply discussing the model to achieve the temporary bias of the Tron market.
In the case of an extended breakout action, such that TRX / USD breaks above 0.0310, the next upside target will move towards 0.0443, the maximum since the July 18 trading session.
Shutterstock foreground image. Price charts from TradingView.
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