There is still a fair amount of bearish pressure on the cryptocurrency markets as of right now. While all top currencies have noted overall gains in the past 24 hours, the one-hour candles look anything but impressive at this stage. Even so, the Tron price has noted some impressive gains, as its value has risen by just over 11%. A positive trend, although one that will be difficult to maintain.
Tron Price Momentum is Rather Bullish
With all markets going through some form of a recovery process in the past 24 hours, things look a lot less bad than they did just a few days ago. It is evident there is still a lot of work to be done before we can effectively speak of a proper market recovery, but things are certainly heading in the right direction. Short-term trends do not necessarily look all that good right now, but the bigger picture seems to be just fine, all things considered.
For the Tron price, there has been a pretty interesting trend to take note of during these past 24 hours. With an 11.39% Tron price increase, one could say the future is looking pretty interesting for this particular altcoin as of right now. It is a very positive trend in general, as Tron has noted the highest gains of any cryptocurrency in the top 10. This gain also pushes the TRX value back to $0.0709., which is pretty interesting to keep an eye on moving forward.
It is also worth noting how the TRX value has gained 10.74% over Bitcoin. While that is rather positive in general, there is also a 6.94% over Ethereum. This seems to confirm we may see some more bullish Ethereum price momentum compared to what Bitcoin is doing. Even so, the gains in both departments are pretty interesting for Tron, as it simply keeps pushing the value up even further.
With $602.55m in 24-hour trading volume, there appears to be a genuine demand for Tron right now. With the bulls in control of the market, it will be rather interesting to see how high the Tron price can really go in the next few hours. Given the bearish pressure on all markets still being in place, sustaining $0.07 may prove to be a big challenge.
Surprisingly, Upbit is leading the charge in terms of TRX trading volume. Its lead over Bithumb is quite spectacular, and Binance closed the top three with one-third of Upbit’s volume. Two fiat currency pairs in the top three is pretty significant for Treon, as it may result in more gains in the coming hours and days. With South Korea leading the charge in terms of trading volume, it seems the demand for TRX will now slow down anytime soon.
It is good to see the Tron price note some strong gains at this point in time. After all, the cryptocurrency investors and speculators need some good news, and the altcoins are certainly delivering in this regard. The industry is not out of the woods yet by any means, as the bearish pressure is still mounting. If this trend remains in place, however, the Tron price may very well rise to $0.08 in the coming hours and days.