Tron [TRX] Price Reverses After Outperforming

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The cryptocurrency has returned to bearish movements today as market leader Bitcoin drops back below the $4000 level. This downturn comes after an unexpected bout of bullish movement taking place across the market.

Tron, the smart contract platform which is a key competitor to Ethereum, outperformed during this increase. Several factors may have contributed to the increase including a software upgrade to the protocol and BitTorrent Pro beginning to accept Tron as a method of payment.

Tron is reversing today with the market and has moved from opening around $0.16 to an intraday low around $0.135. It has since begun to retrace back up and currently trades around $0.145. Even with this decline, Tron remains among the top performing major cryptocurrencies over the past seven days. Tron has increased 5% over the past seven days. The only cryptocurrency in the top 20 to appreciate further was Dash which recorded a 7% increase over the past seven days.

Momentum may still be with the buyers for Tron. The MACD has increased to cross its signal line to the upside, a sign of buyer momentum and typically a bullish signal. Today’s drop is on significant volume but less than half of the daily volumes over the past two days.

Tron Daily Chart – Source: Tradingview.com

Key Takeaways:

  • Tron is the best performing major large-cap cryptocurrency over the past seven days with the exception of Zcash.
  • Tron reverses today but on lower volume. Its bullish movements over the past two days were on the twice amount of volume of today’s decline.
  • Momentum may still be with the buyers for Tron. the MACD has increased to cross its signal line to the upside, a bullish signal.
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