If we Aayush Jindal of NewsBTC can be believed There is currently one altcoin that has the potential to outclass Bitcoin. It concerns Tron (TRX), which has the potential to rise by 10 percent in the short term, Jindal is convinced.
Tron retains his power
Bitcoin and Ethereum suffered massive price drops yesterday, but Tron managed to remain relatively stable above the support of $ 0.10. TRX formed a base above $0.1020 before starting fresh gains, according to Jindal.
At the time of writing, the Tron price is at $ 0.1075, which means that the recovery has already started reasonably well. In fact, while most coins around Tron are currently having to swallow huge price drops, TRX is still in reasonable shape.
According to Jindal, this has to do with the fact that Tron is currently trading above an important moving average on the four-hour chart.
At the top, we encounter the first resistance for Tron at the level of $ 0.1088. That resistance is around the Fibonacci level of 76.4 percent.
Can the Tron price also fall?
If the Tron price fails to cross the resistance above $0.1105, a new correction may begin, according to Jindal. We encounter the first support at the bottom at $ 0.1065.
The first major support is at the level of $ 0.1050. Should TRX lose that support, it is possible that the price will fall further towards the support of USD 0.0975 in the coming trading sessions.
For now, according to Aayush Jindal of NewsBTC, things look good for the coin and he even sees opportunities for better performance than Bitcoin. That would be special, especially if Bitcoin gets approval for the Spot ETFs in the United States sometime this or next week.
The post first appeared on nieuws.btcdirect.eu