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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 , 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.
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bitcoin is still enjoying bullish momentum as it broke past the $9000 mark and is nearing $10,000. Price could find resistance around this area, which previously held as support and resistance.
The 100 SMA is crossing above the longer-term 200 SMA, though, so the path of least resistance is to the upside. This suggests that the uptrend is more likely to continue than to reverse. But if the area of interest keeps gains in check, price could retreat to the inflection points at the moving averages.
Stochastic is pointing up to show that there’s some bullish pressure left but the oscillator is nearing overbought conditions to reflect exhaustion among buyers.
Remarks from the Federal Reserve Bank of St Louis on bitcoin turned out positive for the cryptocurrency as the report showed that they believe there is demand for virtual currency that is issued by a trusted party and can be used to save outside of the private financial system. Furthermore it stated:
“On the one hand, governments can be bad actors and, on the other hand, some citizens can be bad actors. The former justifies an anonymous currency to protect citizens from bad governments, while the later calls for transparency of all payments. The reality is in between, and for that reason we welcome anonymous cryptocurrencies but also disagree with the view that the government should provide one.”
bitcoin is still riding from the rally after the tax season as investors reopen positions to profit from the new developments in the industry. Sentiment has been more and more positive over the past couple of weeks, driven by news of big hedge funds investing in the space and acquisitions by well-known entities.
Looking ahead, an extension of risk-taking int he markets should prove more bullish for bitcoin, with more and more analysts predicting that bitcoin could surpass its $20,000 highs soon.
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