Tron Price Analysis: Another Upside Break for TRX/USD!
Tron seems unstoppable in its climb as it moved past the rectangle resistance to show that more gains are in the cards. The range spans 0.02500 to 0.05500 so the uptrend could be of the same height.
The 100 SMA has also crossed above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the rally is more likely to be sustained from here than to reverse.
However, stochastic is already hitting overbought territory and could head back south to signal a return in bearish pressure. In that case, Tron could still make a pullback to the broken range resistance or to the inflection points at the moving averages.
Tron price surged after it announced an airdrop of 30 million coins to show its appreciation for the springboard that was Ethereum for TRON, and to also show Ethereum users the better operating platform. In its Medium post, it stated:
“Ethereum played a vital role in TRON’s early stage development, and we want to express our appreciation through this airdrop event. However, we have also discovered many issues and bottlenecks during our time on the Ethereum platform. When we see a problem — we will set out to solve it. That is why TRON wants to provide TRX to the Ethereum community, so people have a chance to experience our high TPS development platform and use TRX to vote, becoming part of our new generation decentralized network and the TRON democracy.”
Tron listed the following eligibility requirements for the airdrop:
1. Any account on the public blockchain that transfers or receives ETH from Jan-01–2018 00:00:02 AM +UTC — April 20, 2018 00:00:04 +UTC (block 4832686 to block 5471198).
2. Account has an ETH balance of over 1 on April 20, 2018 at 00:00:04 +UTC (block 5471198).
In addition, they expect to complete data collection within one week and will distribute TRX shortly after.