Market Analysis

Flash Hike: Tron [TRX] surges by over 10% in an hour; undergoes immediate correction

from Amb Crypto 5 years ago 0 0 726

The cryptocurrency market has been taking most of the major coins on a ride over the past few weeks. Tron [TRX], the tenth-largest coin on the CoinMarketCap list, has been rescued by the bull and is seeing large growth over the past hour.

At the time of press, Tron [TRX] was seen pumping by over 10 % in the past hour. The coin was valued at $0.0279, with a market cap of $1.864 billion. The coin registered a 24-hour trade volume of $213 million while noting a growth of 7.93% over the past day. TRX, which the eighth-largest coin, has noted a growth of 1.08% over the past week and currently seeing a staggering high. The coin has broken earlier marked resistances within the past hour on February 4 and is now undergoing correction with the same speed.

The similar hike was observed a week back when Tron pumped and took over the Stellar Lumens [XLM] and Litecoin [LTC] for a while to go as high as the sixth position on the CoinMarketCap list when the coin touched the $2 billion mark in terms of market cap. However, on January 28, the coin settled for the eighth position with a market cap of $1.929 billion.

At the time of press, the coin was highly traded on OEX, which registered a volume of $58 million with the TRX/ETH pair. OEX was followed by UPbit, noting a volume of $20 billion with the TRX/KRW pair.