Tron has been trading inside a range visible on the short-term time frames, and a break lower could lead to a drop to the next one visible on the daily chart.
Price has been trading below the 100 SMA on this time frame also, indicating that selling pressure is in play. A break below support could lead to a selloff that’s the same height as the current range, which spans 0.0330 to 0.0400.
RSI is still heading lower and might have some room to go before hitting oversold levels. This suggests that sellers could stay in control for a bit longer and might have enough energy to push for a test of the next support around 0.0280.
Stochastic is also pointing down but approaching oversold territory, so sellers might need to take a break soon. If the oscillators start turning back up, buying pressure could return and lead to a move back to the resistance levels again.
Investors seem unimpressed by the latest set of announcements from Tron, such as their plans for the BitTorrent acquisition and the launch of the virtual machine. Either that or the enthusiasm might keep fading until another set of updates are announced.
Still, it’s worth keeping tabs on their Project Atlas, which integrates the BitTorrent platform with Tron’s protocol in order to incentivize digital content creators and seeding. According to founder Justin Sun, this is in keeping with their ultimate goal to decentralize the internet using Tron.
Meanwhile, the virtual machine has been created as a Turing complete VM that aids in the expansion of the Tron platform. This will be fully compatible with Ethereum to add efficiency while reducing costs and tariffs. The more stable and final version of the VM will be released on August 30 and offer more stability and security to users, so this should give investors something to look forward to.