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BitTorrent & Tron Experience A Sudden Gush Of Volume, Will BTT And TRX Price Rise?

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Many blockchains are emerging in the crypto space, BitTorrent Chain recently went live to mark its existence among flourishing blockchains. In no time, BTT received a huge influx which uplifted the price by nearly 15%. However, the asset has experienced a slight dump, yet managed to sustain above crucial levels. Hence the probability of a notable uptrend with even TRX price along with BTT price surfaces. 

BTT Price Poised To Surge More Than 50% Soon

The asset maintains a silent trend most of the time, but ever since the BTT price showcased a gigantic rally, it has gained mainstream attention. The crypto asset almost traded with three zero’s in its price for more than a couple of years. However, with the monstrous rally in the first half of 2021, the asset eliminated a couple of them. Woefully, the rally was followed by a drastic dip which dragged the price below $0.01.

bttprice
Source: Tradingview

BTT price after dipping a couple of times to the immediate support levels has formed a ‘w-shaped’ pattern. Moreover, the daily wick is been placed at the neckline of the pattern at $0.004205. Yet in the hourly chart, the price since the past couple of days is trending within a rising parallel channel. And with a healthy consolidation within the channel, the price could eventually regain the positions above $0.00500.

Tron(TRX) Price Could Hit $0.12 But After A Notable Plunge

Tron had a spectacular start in 2018 with smashing its highs at around $0.35 within 6 months of its inception in trade. Woefully, the asset could not maintain the uptrend and quickly slashed to $0.02 levels. And since then it maintained a silent trend until the 2021 bull run uplifted the price to the yearly highs at $0.179. No doubt the TRX price yet again stumbled and fell down to $0.05 levels, yet with building bullish momentum, it’s ranging high towards its target. 

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trxchrt
Source: Tradingview

Ever since the price flipped the major support at $0.08 and hit the resistance at $0.105, the asset is trending within a similar range. However, the support levels were elevated a little above $0.09, yet the upper levels remained the same. In a recent couple of days, the price dropped drastically and rebounded in a similar fashion. After testing the neckline, the price could drop back to the support levels at $0.0907, forming a ‘w-shape’ pattern and testing the neckline and pierce through soon. 

Collectively, BitTorrent and Tron prices are experiencing a notable jump in the upcoming days that may add up enough bullish momentum. Both the asset aim at nearly 30% to 40% jump in the coming weekend or the next week. And flowing with the other altcoins within the altseason 2021, ATH may also be not much distinct. 

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Tron

TRON price kick-starts 20% rally as TRX shatters vital trend line

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  • TRON price breached through a declining trend line on November 29, signaling the start of a new uptrend.
  • A minor downswing to $0.09 is likely before TRX rallies to $0.109. 
  • A daily close below the $0.082 to $0.087 demand zone will invalidate the bullish thesis.

TRON price experienced a two-week downswing that ended recently with an uptick in buying pressure. This move suggests that TRX has kick-started an uptrend and is likely to continue higher.

TRON price looks to set up higher highs

TRON price has corrected 30% over the past two weeks and set a swing low at $0.089. Connecting the swing highs between November 22 and November 29 using a trend line reveals a bear trend line and a declining resistance level. A potential increase in buying pressure reversed the trend and broke this hurdle, propelling TRX by 7.7% to where it currently trades – $0.096. Going forward, investors can expect TRON to head lower and retest the $0.092 support level before firmly launching.

The immediate resistance level at $0.10 is the first hurdle TRX will encounter after a 10% upswing. Clearing this barrier will allow TRON price to retest the 50% Fibonacci retracement level at $0.109. This move will indicate a 20% upswing from the current position and is likely where the upswing will face a decisive moment.

If the buying pressure continues to increase, investors can expect TRON price to retest the 62% Fibonacci retracement level at $0.11 or the following one at $0.12.

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TRX/USDT 4-hour chart

TRX/USDT 4-hour chart

TRON price needs to stay above the $0.92 support level, a failure to do so will indicate a lack of buying pressure and push TRX down to the daily demand zone, ranging from $0.082 to $0.087.

As long as TRX stays above this area of support, buyers can make a comeback. However, a daily close below $0.082 will create a lower low and invalidate the bullish thesis.

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Tron

TRON bears remain in control but TRX price downside limited at $0.08

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  • TRON price action shows a bearish Ichimoku breakout developing.
  • Oscillator readings indicate that any move lower could be limited.
  • Strong support exists near the $0.08 value area.

TRON price has entered into the most bearish trading conditions on its daily Ichimoku chart since June 2021. An Ideal Bearish Ichimoku Breakout entry was generated last Friday, but it could be a developing bear trap.

TRON price action has mixed signals, may dip to $0.08 before creating new highs

TRON price has displayed a relatively muted response to the steep drop on Friday. The resulting sell-off on Friday positioned TRON into extremely bearish trading conditions, but the bears have been unable or unwilling to keep up with the selling pressure.

Reasons why the perceived inability for short-sellers to take control could be due to the gap between the daily candlestick bodies and the Tenkan-Sen. Additionally, the Optex Bands oscillator shows TRON price trading in extreme oversold levels, not seen since July 2021.

A key test of near-term resistance is ahead at the critical $0.10 value area. $0.10 is not just an important psychological number, but it also contains the 2021 Volume Point Of Control, Tenkan-Sen, and Senkou Span A. Sellers may be waiting to trigger bearish pressure on TRON price at that level.

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The 50% Fibonacci retracement and second-highest high volume node in the 2021 Volume Profile, share the $0.09 level. If TRON price falls below that support, then a quick trip towards $0.08 is probable. The 61.8% Fibonacci retracement is at $0.08, along with a high volume node.

TRX/USDT Daily Ichimoku Chart

For TRON to resume a clear uptrend and a move towards new all-time highs, it must fulfill an Idea Bullish Ichimoku breakout entry. For that to occur, TRON has an extensive road ahead of it. TRON would need to close at or above the $0.115 value area to resume the prior bull market.

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Cardano

Cardano and Tron Will Soon Be Removed From eToro

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The trading app has cited unspecified regulations as the reason behind the delistings.

  • Trading platform eToro has announced that it will delist Cardano (ADA) and Tron (TRX) for American users.
  • The company did not explain why those assets were targeted or which regulations influenced its decision.
  • The new policy will take effect in late December.

Trading app eToro has announced that it will remove Cardano (ADA) and Tron (TRX) from its listings before the end of the year.

Policy Will Hit eToro Users in December

The new policy means that eToro users will not be able to open positions in those cryptocurrencies beginning on Dec. 26.

Additionally, users will not be able to receive staking rewards for the two cryptocurrencies beginning on Dec. 31.

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These restrictions will only apply to users in the United States, according to the policy update posted by eToro on Tuesday.

The company cited “business-related considerations in the evolving regulatory environment” as the reason for the delistings, but did not say which regulations influenced its decision.

Neither TRX nor ADA has been targeted by regulatory action. It is possible that new reporting requirements for crypto brokerages in the U.S. have played a part in eToro’s decision, but this does not explain why TRX and ADA were specifically targeted.

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Crypto Market Is Largely Unaffected

Though early reports suggested that each token had seen losses, both had recovered by the time of writing. As of 3:30 PST on Nov. 25, Both ADA and TRX saw gains of roughly 0.5% over 24 hours.

Given that Cardano ranks among the top six tokens, it seems unlikely that other exchanges will follow eToro’s lead and delist it. TRX ranks somewhat lower as the 32nd largest cryptocurrency, but it does not seem to be a target for delistings, either.

In fact, both coins have recently gained new listings elsewhere. Cardano’s ADA token was listed on Bitstamp on Wednesday, while Tron saw a TRX ETN listed on Deutsche Börse in September.

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Furthermore, eToro is primarily a stock trading app with crypto features, meaning that its regulatory concerns may not reflect those of dedicated crypto exchanges.

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