As all cryptocurrencies start to bounce back, it is evident there is plenty of reason to be cautiously optimistic. While that trend may not necessarily last long, the Tron price is definitely turning on the pumps to keep this momentum going. It has been a remarkable afternoon for this altcoin, although a correction seems imminent.
Tron Price Grows Increasingly Bullish
As the value of one Bitcoin continues to move in the upward direction, it is only normal all other cryptocurrencies follow a very similar path. In the case of Tron, its bullish momentum is twice as steep as Bitcoin’s, which is something that deserves to be highlighted. Despite this current trend being in place, it seems to be a matter of time until holders start cashing out their big profits.
In the past 24 hours, there has been a 31% Tron price increase. Such a blatant increase would be eerily similar to a pump-and-dump, were it not for all other cryptocurrencies rising in value as well. Tron also gained 14% over Bitcoin, which is perhaps the most important statistic to pay attention to right now.
The big news is how there is a big upgrade coming to the Tron Virtual Machine. While this technology brings forth smart contract support, the TRC10 token standard is going through a big revamp. These assets can be triggered and transferred by smart contracts, which can lead to many tokens being issued as part of the Tron ecosystem.
TRC10 Token Support for TVM
• TRC10 Smart Contracts capabilities
• TRC10 Flexibility
• TRC10 Transferable inside smart contracts
TRC10 just got a massive upgrade! pic.twitter.com/3DRNJfVwg6
— TRON News | 新聞 (@TronNews_) November 28, 2018
There are those who are confident this Tron price trend will not remain in place very long. Brent Suihaus is one of those people who know things can easily turn around in quick succession At the same time, now is a good time to cash out profits in quick succession prior to the next wave messing things up again.
— Brent Suihaus 🇨🇦/🇺🇸 (@BSuihaus) November 28, 2018
Coindorado sees things in a very bearish, albeit understandable spotlight right now. He expects the Bitcoin price to go back to $3,800 or potentially lower in the coming weeks. When that happens the value of TRX will also retrace quickly and the losses over Bitcoin will be wiped out in quick succession. For now, one has to hope this is the beginning of a major market reversal, but it doesn’t seem to be a long-term plan.
— Coindorado (@coindorado) November 28, 2018
For the time being, Tron holders should be very pleased with the current value at $0.15. It is evident this massive bullrun is not sustainable for this altcoin, and the hourly charts are already looking rather bothersome. No uptrend has been sustained in 2018, and it seems very unlikely the situation will suddenly change.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.