- TRON made significant gains on Sunday but failed to hold the ground.
- A move below $$0.02700 will close the bullish gap.
TRON (TRX) experienced strong growth on Sunday only to go down the drain on Monday. The cryptocurrency jumped above $0.0300 handle; however, the upside momentum as faded away pretty quickly. At the time of writing, TRX/USD is changing hands at $0.02783, over 7% lower on a day-over-day basis. The coin has gained nearly 50% since the beginning of the year and became a growth leader among top-20 coins, but the worsening market sentiments has taken a toll on the coin.
TRON takes the 8th place in CoinMarketCap’s rating with the market capitalization of $1.8B. An average daily trading volume reached $400M, which is twice as big as an average figure.
TRON’s victory march started on January 10, when OKEx added marginal trading functionality for TRX pairs. Also, the upcoming BitTorrent Token (BTT) issuance and a massive airdrop for TRON holders increased the speculative interest and pushed the price higher, creating a bullish momentum.
It is worth noting, that BitTorrent Token goes live today, on Monday, January 28, on Binance Launchpad. It will run until February 3, broken down in two sessions so that investors can pay in TRX and BNB. BTT airdrop will start on February 11.
A move below $0.02800-$0.02810 area has darkened the technical picture and brought $0.02700 into focus. By going under this handle, TRX/USD will close the bullish gap and return to the previous range.
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