Tron (TRX) Explodes 17% As Crypto Markets Continues To Recover
Cryptocurrency price volatility is normal and investors have become used to huge gains over short intervals.
However, the current upside movement is perhaps more welcome given the rough year 2018 has been. It may be short-lived, but the pullback could catalyze further upward momentum.
At the moment, the market is trading in the green over the last 24 hours as a recovery takes shape after a weekend where most coins faced sell-off pressure.
Bitcoin (BTC) gained another 4 percent up, ETH 8 percent higher, and IOTA has gained by an impressive 10 percent.
However, the main coin of the day is undoubtedly TRON (TRX) with a superb surge in the last 24 hours. One surprise is that Justin Sun hasn’t tweeted about it.
Price surges by 16%
TRON (TRX) may not have lived to the expectation in the aftermath of its Mainnet launch.
We previously discussed how TRON (TRX) looked oversold just a day ago.
Its prices tumbled alongside every other cryptocurrency in the top 10 as sentiment went south.
However, quite encouragingly, the cryptocurrency’s development has proceeded well so far.
And it’s just now a matter of days before the migration from the Ethereum blockchain.
At the time of writing, TRX is trading 7 percent in the green thanks to an explosion that sees it top the market as it recovers from massive sell-off pressure.
TRX against BTC is also trading in the green at +11 percent and +8.56 percent against ETH.
TRX/USD is trading at $0.049 up from $0.045. On the daily charts, the coin rose to $0.052 at 16:14 UTC +3:00.
The crypto has retraced to below $0.049 but is still double digits in the green. TRX/USD has also seen its daily trading volume grow by nearly 50 percent. The equivalent of $344 million of TRX exchanged hands.
The coin has had a nice steady climb throughout the day, eliciting delight from the community.
The excitement within the TRON community is high and such a good run could be the signal for further gains in coming days.
TRX has had a mini-rally before, rising by over 200% in April. That bullish run saw its value rise from $0.02 to hit a high of $0.101.
That impressive rally, however, didn’t hold, and the coin’s value tanked to see it drop by over 50 percent over May and June.
The wider market was expected to witness some kind of price recovery as the sell-off intensified. TRON showed it had the potential to recover too.
The coin traded above its 7-day EMA, something that emboldened the bulls. At the moment, if TRX breaks above its 21-day EMA, we could see further gains above $0.05 and $0.054.
TRON’s price surge comes as the scheduled Token swap that has been supported by all the major cryptocurrency exchanges.
After the swap, TRX migration from the Ethereum blockchain will go ahead as planned from June 21st to June 25th.
The community has been aware of the token swap and migration. Trading will continue as usual without interruption throughout the period.
Deposits and withdrawals will, however, be suspended between 21st and 25th.
There are also Tron representative elections to look forward. The elections will take place ahead of its genesis block, and TRON’s community has all to look be optimistic about.
Justin Sun and BitTorrent
TRON’s build up towards its migration is also punctuated by the reported acquisition of BitTorrent by Justin Sun.
Latest indications are that the TRX CEO has bought it for $140 million. Although there hasn’t been any official word on it, it certainly could be a great piece of business for the TRON founder.
If it’s formalized, the platform could play a big role in TRON’s efforts to decentralize the internet and revolutionize the entertainment industry.
And as it is, Justin Sun is set to lead the crypto to success. Whatever the outcome, the future looks brighter for this relatively young crypto.