The cryptocurrency market has been on a rollercoaster ride in the past few days despite experiencing a fair run since the start of the year. Top altcoins witnessed a rather slow sideways movement in price in the past week before breaking out to new resistance levels that may well signal the start of an altcoin season. Tron (TRX) has been one of the standout performers through the year and the past 24 hours price increase by 8.34% is a testament to the excellent performance recorded by the token, now trading at $0.01850 USD.
The soar in TRX price comes at a time Tron Foundation, the leading developer on Tron, announced an airdrop OF WIN tokens to TRX holders. Moreover, the total number of Tether (USDT) on Tron blockchain is a short while away from surpassing the Omni-based USDT tokens, with close to a billion dollars on the chain.
There's now close to a billion dollars worth of Tether issued on Tron (USDT-TRX).
That's in addition to the $2.29B and $1.55B issued on Ethereum and Omni…
Read more:https://t.co/J2DMEWuvhU data via @coinmetrics pic.twitter.com/PUEobWqUVH — Nate Maddrey (@natemaddrey) January 28, 2020
TRX/USD spikes over 8% following a blitz of activities
Since crossing the falling wedge resistance at $0.01400 USD on Jan. 6, the price of TRX has been on a steady uptrend beating key resistance levels at $0.01500, $0.01600 and $0.01730. The bulls further tested the major resistance at $0.018200 USD, breaching it in the early trading hours of the Asian market, as the price targets a spike to the $0.020 USD level in coming days.
The daily relative strength index is oscillating in the overbought level at 69.26 with a bullish projection on the price. The moving average divergence convergence (MACD) further signals a continuation of the bullish run after a golden cross formation.
The spike in Tron’s price may be closely related to the recent announcement by TRON Foundation to offer airdrops to TRON holders on Poloneix exchange. The official announcement states,
“Following our announcement that we’re listing WINk (WIN) soon, we’re excited to announce that we also will begin supporting WINk’s monthly airdrop program for our TRON (TRX) holders.”
Each user holding at least 100 TRX at 16:00 UTC on the 27th of each month are eligible for the airdrop.
