There is never a boring day in the world of cryptocurrency. As of right now, most of the markets are in surprisingly good shape, although that situation can change at any given time. The Tron price, for example, is shooting upward quite rapidly. Over the past 24 hours, it has surged by nearly 40%, which is more than impressive.
Tron Price Momentum is Very Bullish
It has become evident the cryptocurrency markets are in a very peculiar state as of right now. With such bearish pressure during the past week, it has become evident there is a lot of momentum in the tank for both gains and losses as of right now. Addressing that situation is not easy by any means, yet it remains to be seen how things will play out exactly. If the Tron price is any indication, things may improve from here on out.
To put this into perspective, things are looking quite good for the Tron price as of right now.Thanks to solid gains in the past 24 hours, we are now looking at a TRX price of $0.0499. Very impressive, especially for an altcoin which has gotten battered in value since early January. Then again, the same can be said for virtually all other cryptocurrencies, as the year 2018 has not been too impressive by any means.
Thanks to solid gains over Bitcoin – 31.73% – and Ethereum – 33.31% – things look very promising for the Tron price right now. While this is clearly reminiscent of a pump-and-dump cycle, there is some room left for future growth, by the look of things. Reaching $0.05 seems to be a matter of time, but anything beyond that is anybody’s guess as of right now. The markets are still very fragile, and the weekend is usually the worst time for trading cryptocurrencies.
With $518.47m in 24-hour trading volume, one can say the demand for Tron is very real and looking surprisingly solid, all things considered. Whether or not it will remain that way, remains to be seen, as there is still a lot of bearish pressure on the markets. It is certainly possible this Tron price momentum will reverse course in quick succession, but for now, we will have to wait and see how things unfold in this regard.
As of right now, Binance is the largest trading platform when it comes to Tron volume. Their lead over Upbit is quite impressive, considering how South Korean exchanges usually destroy other trading platforms in terms of trading volume. Bittrex completes the top three, which is pretty interesting as well. With no fiat currency markets in sight, it is evident things will get quite interesting for Tron, but we will have to wait and see how limiting this factor will be in the long run.
For the time being, the Tron price is looking quite impressive, although it remains to be seen how long this trend will continue. Such big gains in a short amount of time will usually result in a temporary price reversal at some point, and things could get messy for the Tron price when it happens. For those in profit, now would be a good time to effectively cash out and wait until things go back to normal, as this trend will not continue unabated.