It has become apparent the cryptocurrency markets are going through another rough period as of right now. With virtually all currencies in the red again, there is still no actual price bottom in sight. Surprisingly, the Tron price is making volatile moves in the other direction. It has shot up by 27% in the past 24 hours, even though no one can explain why that is the case.
Tron Price is on a Rampage
With all other cryptocurrency markets losing value, one would not expect the Tron price to do the exact opposite. As we have witnessed through the eyes, there is plenty of price manipulation in the cryptocurrency industry, and altcoins can get pumped out of the blue for no reason. It is rather clear the Tron price going through such a pump cycle right now, as the current gains make zero sense.
Even so, we are looking at a new Tron price of $0.0415. Although this value has been reached several times in the past, it seems Tron struggles to get past this value most of the time. For a currency which only recently unveiled its working testnet- despite a multi-billion dollar market cap – it is not entirely surprising people are thinking twice about investing at such a high price. Then again, it seems the sentiment is turning in favor of Tron as of right now.
Thanks to solid gains over Bitcoin and Ethereum, it seems the Tron price may effectively remain above $0.04 for quite some time to come. At the same time, we see most other markets regain a bit of the lost momentum, and it becomes evident the top altcoins with working technology will take center stage once again.
With $841.613m in 24-hour trading volume, things are looking pretty good for Tron as of right now. It is a lot more trading volume compared to pretty much all alternative cryptocurrencies as of right now, albeit things will always be subject to change in this particular industry. Right now, the volume seems to be mainly made up of buyers, rather than sellers, although it is still too early to draw any real conclusions.
Upbit is the place to be when it comes to trading Tron, as they clearly lead the pack. Binance is in second place, with Bittrex taking up the third spot. It seems evident Binance and Bittrex are just following the pump initialized by the Korean exchange as of right now, although that doesn’t necessarily have to be a bad thing. For now, traders should remain cautious, as there is a very real chance we will see a major Tron dump in the next 24 hours.
Whether or not the Tron price can sustain its momentum, seems highly doubtful at this time. This current trend is not natural by any means, and every pump cycle is usually followed by a dump. Whether or not the Tron price will drop below $0.04 again later today, is difficult to predict. Taking profits is still a top priority for any TRX holder, as positive cycles like this one do not come around all that often.