Solid Gains Push Tron Price to $0.0825 Without Much Resistance

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It has been an interesting weekend for most cryptocurrencies. With the Bitcoin price regaining some value, all altcoins are flourishing as well. The Tron price, for example, has noted a very strong growth over the past 24 hours. Thanks to a 14% increase, the Tron price now sits above $0.082 once again.

Tron Price Momentum Turns Bullish Again

After a relatively boring period of trading last week, it seems things are picking up again for the Tron price. With solid momentum building over the weekend and spilling over onto Monday, the uptrend is firmly in place. Despite reaching a high of $0.084, the Tron price took a small hit on the chin in the past few hours, pushing its value down to $0.08 once again.

As such, the 14% Torn price increase over the past 24 hours is still in place. It is quite a steep gain, considering most of the top cryptocurrencies have gained anywhere from 1% to 4% in the same time span. At the same time, Tron hasn’t suffered much from the overall decline in cryptocurrency trading volume which started becoming apparent last week.

Thanks to solid gains over both Bitcoin and Ethereum, it seems the Tron price momentum could remain in place in the coming hours. With the TRX/BTC ratio improving by 11.13% and the TRX/ETH ratio gaining 13.12%, things are looking pretty solid for this particular altcoin. There has been a lot of hype associated with Tron these past few weeks, and it seems that situation will not change in the near future either.

As mentioned before, the Tron trading volume is still in a good place right now. Thanks to $763.49m in 24-hour trading volume, the demand to buy and sell TRX is very tangible. Considering how the overall cryptocurrency trading volume has dipped below $17.6bn over the weekend, these numbers are more than respectable at this point in time.

Similarly to what we have seen in previous weeks, the TRX trading volume mainly comes from the Upbit exchange. Its lead over Binance and Bithumb is not all that big, though. OKEx’s BTC and USDT pairs complete the top five, which confirms there are just two fiat currency pairs in the top five for Tron. So far, that hasn’t hindered the Tron price trend in the slightest,  but it is still worth keeping an eye on.

Whether or not the Tron price will continue to rise in the coming hours, remains to be determined. There is some minor bearish pressure on the hourly charts right now, but that is not entirely uncommon in the world of cryptocurrency. In fact, not a day goes by without some currency’s hourly “candle’ turning red for no apparent reason.




via The Merkle https://themerkle.com
May 21, 2018 at 04:19AM

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