The Tron is a decentralized protocol created by Chinese Justin Sun, which aims to create a Blockchain-based entertainment platform. It promises to offer security, scalability and privacy. Like Ethereum, it intends to make other currencies / tokens available within its platform for other services to use. The Tron Foundation recently bought BitTorrent, a company with 1 billion installed customers and 100 million monthly active users, taking its first (and big) steps into the dreamed up decentralized internet, creating a token for the bought company named BTT.
The BitTorrent Token was listed in February 2019 on several exchanges and since then has had two fundamental pumps that have raised their price by 132% and 182% respectively. The token is linked to Tron as it is a token created on the platform, it also has an airdrop system for everyone who has Tron in portfolio for 6 years.
The monthly distribution will increase each year. This will happen until February 11, 2025. This distribution will take place as follows (number of BTT distributed on the 11th of each month: 1,402,500,000):
February 11, 2019 - Initial Airdrop of 10,890,000,000 BTT
March 11, 2019 to February 11, 2020 - Number of BTT distributed on the 11th of each month: 990,000,000
March 11, 2020 to February 11, 2021 - Number of BTT distributed on the 11th of each month: 1,072,500,000
March 11, 2021 to February 11, 2022 - Number of BTT distributed on the 11th of each month: 1,155,000,000
March 11, 2022 to February 11, 2023 - Number of BTT distributed on the 11th of each month: 1,237,500,000
March 11, 2023 - February 11, 2024 - Number of BTT distributed on the 11th of each month: 1,320,000,000
* Tron/USD - Daily chart *
The tron began the year 2019 making a parabolic move valuing about 200% by touching the key resistance of $ 0.11. It is also possible to observe that the downward pressure is depleting as the correction passes.
If the chart copies its previous move, the price may fall further, come close to support and undergo a strong appreciation over a short period of time. During the pump we saw earlier this year, the RSI indicator hit 20 when it quickly broke support and on the satellite dish was pointing to 36, at the moment it is pointing to the same value of 36, but all other indicators still point to fall beyond a low trading volume. If this scenario continues we can see Tron back to support at $ 0.11 leaving the RSI oversold, giving us more security when buying. Historically Tron tends to lateralize between $ 0.18 and $ 0.28 so if this hypothesis occurs we can see a valuation of at least 60%.
* Tron/USD - 15 minutes chart *
On the 15-minute chart you can still find great entry points for scalping trades using indicators like William's fractal (you can learn how to use reading this great article), bollinger bands or whatever you prefer. Candles are usually long, which provide faster entries and high gains.
BTT price appreciations were purely speculative based on the hype formed prior to its launch. As the chart is recent there is not much information to collect from it (moving average lagumas are taking shape now), but it can be said that during this period of decline the chart has cut its support zone and is not having sufficient forces to return due to its low volume. Just before the pump between May and June the RSI indicator was pointing to the same value as it is currently (40) but this is unlikely to occur - again - due to the low trading volume.
It is also possible to identify that the strong link established between BTT and TRX (by airdrop and blockchain) shows us an influence on the price of BTT compared to TRX, in the same periods in which TRX appreciated, those of BTT happened. This may indicate that if the theory set for the TRX price is correct we may see an appreciation in the price of BTT as well.
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