Tron (TRX) Price Analysis: Still Range-Bound Despite VM Launch
Tron has been bouncing up and down between support at 0.0330 and resistance around 0.0410, with resistance holding on the latest test. Price is now halfway past its move lower, setting its sights on another test of the floor.
The 100 SMA is attempting to cross above the longer-term 200 SMA to reflect a pickup in buying pressure. However, this bullish crossover is yet to be completed, and failing to do so could mean another round of selling pressure.
RSI is still pointing down to signal that bears have control and could continue to push for more losses. Stronger selling pressure could even lead to a break of support and a downtrend that’s the same height as the range.
Stochastic, on the other hand, is already dipping into oversold territory to reflect exhaustion among sellers. If profit-taking ensues and buyers return, another test of resistance might be seen.
Tron released a few details on its “secret project” Atlas, which is connected to their recent acquisition of BitTorrent. Founder Justin Sun said that this is a system designed to strengthen the foundations of TRON and make the altcoin more efficient. He said:
“Currently we are exploring the possibility of using the Tron protocol to improve the BitTorrent protocol, in order to make the BitTorrent protocol faster… I hope the integration of Tron and BitTorrent will allow both parties to work better as one in the future.”
To do this, Tron will reward users who share files on the BitTorrent network in exchange for making the network stronger.
“At this point, there is no incentive for peers who have completed downloading to continue to seed. We intend to extend the rewards to peers who seed torrents, infusing more resources into the current ecosystem.”
This is in line with their push to decentralize the internet, seeing Tron as a hub for digital content creators.