Tanya Abrosimova
Independent Analyst
- The airdrop announcement triggered TRX buying.
- The coin has gained nearly 10% in recent 24 hours.
TRON (TRX) has been one of the best-performing cryptocurrencies lately. Having gained nearly 10% in the recent 24 hours, the coin is changing hands at $0.02635 at the time of writing. Currently, TRX is the 9th largest digital coin with a market value of $1.7B and an average daily trading volume of $280M. TRON is most actively traded on BitForex and UPbit.
The coin has enjoyed a steady flow of positive news lately. Thus, the announcement that Tron-Based BitTorrent is about to launch its own cryptocurrency (BTT) on Tron’s blockchain helped to create positive momentum and pushed the coin towards the recent high at $0.03584 (January 10).
While the currency has retraced below $0.030, it is still nearly 35% higher than at the beginning of the year.
In one of the recent tweets, TRON’s creator Justin Sun announced the upcoming BTT airdrop for all TRON holders on OKEx and Binance. These two exchanges confirmed the support to TRON and BTT.
These developments might have provided the boost to TRX in recent 24 hours.
TRX/USD, the technical picture
From the longer-term point of view, TRX is supported by DMA200 (currently at $0.02332. Once it is broken, the downside may be extended towards the psychological $0.0200, strengthened by a confluence of DMA50 and DMA100.
On the upside, the initial resistance lies with $0.02730. It is created by the upper line of the previous range and followed by psychological $0.03000.
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