It seems today is off to a bit of a rocky start as of right now. Although a temporary setback is nothing to be overly concerned at this point in time, it does show bearish momentum can form at any given moment. The top three are still in a safe position, for now, but the Tron price is getting a lot more pushback than expected at this point.
What is Happening With the Tron Price?
With most of the cryptocurrencies going through a very solid run all week long, it is only normal a slight dip is forming. As is usually the case, the weekend is usually a time during which odd price momentum forms. While yesterday was still pretty positive in general, today is off to a bit of a bad start. The Tron price is a nice illustration of how this trend is shaping up.
To be more specific, the Tron price has lost 7.46% of its value in the past 24 hours. Albeit that is not necessarily unique or worrisome when looking at the bigger cryptocurrency picture, it comes as a bit of a surprise. Even though this negative pressure has been looming overhead for quite some time now, it does appear today may be the day when all currencies see a bit of a setback.
The Tron price is also suffering from declines over both Bitcoin and Ethereum. It is evident the top cryptocurrency markets will continue to do well, even though they are both suffering from a dip as well. With a 6% loss over Bitcoin and a 5.77% drop against Ethereum, it will be interesting to see if and when the Tron price can recover. Judging by this week’s momentum, that should not necessarily take all that long.
The Tron trading volume is still pretty strong right now, although it has declined slightly. While $445m in 24-hour volume is still rather impressive, it seems the investors and speculators have cooled off on Tron for today. Considering how it is Sunday, that is not really surprising, as we have seen similar trends before in the world of cryptocurrency. If the bearish pressure on both Bitcoin and Ethereum disappears, the Tron price will likely recover as well.
In the world of altcoins, there is only one exchange that really matters. Binance is leading the charge in terms of Tron trading volume, followed by Upbit and Bithumb. This South Korean interest in Tron has been apparent for some time now and it seems the momentum isn’t slowing down just yet. Unfortunately, the South Korean crowd isn’t capable of making much of an impact in this regard, but that is only to be expected on a Sunday.
For the time being, it remains a bit unclear what today will bring for the cryptocurrency industry. A temporary setback formed last week as well and it was bought up pretty quickly. Whether or not history will repeat itself in this regard, is a different matter. There isn’t much to be worried about right now despite some minor setbacks. It seems evident the Tron price will recover sooner rather than later, but this volatile industry is very difficult to predict.