Justin Sun, founder of the Tron blockchain and also the issuer of BitTorrent tokens (BTT) which were issued on the Tron blockchain, has announced another campaign. This campaign involves giveaways.
To celebrate #BTT & #USDT–#TRON success, I am planning a $20m free cash airdrop. Good news-it's coming, bad news-I may decide to give away more! First, I will randomly pick 1 winner for a #Tesla up until 3/27! To apply, follow me and RT this tweet! Simple! #Blockchain pic.twitter.com/wFyzwtB3ur
— Justin Sun (@justinsuntron) March 12, 2019
These campaigns have become a common tactic of Sun’s marketing strategy, and many criticize Sun for attempting to artificially increase the supply of Tron and BTT without doing anything to make it fundamentally more valuable.
The market would tend to agree with this assessment when it comes to BTT.
Despite the campaign, BTT has been continuing to decline in price since meeting resistance at $0.0010. BTT met resistance at this level several times, and any rises above quickly found seller liquidity that brought the price back below.
Price did manage to increase at the start of this week, but selling pressure quickly brought the price back with the Monday candle closing as a Doji.
A Doji candle is a candle where the open and the close are around the same point and typically reflects uncertainty from traders.
Price followed up with a Doji forming on Tuesday also but has since been declining.
Price has been finding some buyer liquidity from $0.00072 to $0.00075. this was an area of seller liquidity during BTT’s initial increase upon launching.
It is now acting as an area of buyer liquidity, but with numerous tests of the lower end of this range after taking place, the odds of a drop below are increased.
The top-performing cryptocurrency today is Quantum with data from Messari showing the altcoin increasing 25.64% over the past 24 hours.
The move has resulted in Quantum breaking out of an ascending triangle pattern it had been forming. An ascending triangle pattern is a bullish trend continuation pattern that consists of an upward trend line formed by higher lows and a level of resistance.
Price had met resistance at $2.15 several times prior to this breakout. Any moves above were quickly brought back below by selling pressure.
Price did manage to close above this point on the daily chart in February but trading in the following day’s price action brought the price back below.
Price has however surpassed the former high on this rise and looks likely to both close above $2.15 and maintain prices above this level in the near-term.
Price briefly rose above the $3 level which was the point where price broke bearishly in November.
Sellers quickly brought the price back below, and this level can be expected to act as resistance if price follows up with another increase.
The current 4-hour candle is recording a small loss after the large increase recorded in the last candle.
However, this is the typical price action of a bull flag forming and increases the likelihood that the next movement will be a significant one to the upside.
- BTT continues to decrease despite a campaign launched by Tron founder Justin Sun.
- BTT is finding some buyer liquidity between $0.00072 and $0.00075, but after numerous tests to the lower end of this range, the odds of a decrease are higher.
- Quantum is the top performer after an ascending triangle playing out.
- Quantum briefly rose above the $3 level, but sellers quickly brought the price back below. This level can be expected to act as resistance in the event of another increase.
- Bull flag forming on the 4-hour chart for Quantum increasing the likelihood of a move to the upside.
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