TRON records 25% increase in 24 hours; 7th spot a close success now

The TRON (TRX) price  continues to maintain bullish sentiment and has risen by 25% in the past 24 hours.  The sudden price spike in the week has also left behind Bitcoin SV and stablecoin Tether behind. TRON is also showing terse strength  against Bitcoin. An aggregate price index notes that TRX/BTC pair has jumped 13.15% to 722 satoshis. It is presently trading at $0.032838, as per press time. 

Is BitTorrent Token Launch responsible for the Price Surge ?

The bullish trend is attributed to  the launch of the BitTorrent crypto token (BTT), the native cryptocurrency of the BitTorrent protocol, the popular torrent file sharing platform which TRON took over last year. BitTorrent users will purportedly earn rewards for seeding and sharing the files in BTT. Twitter is ablaze with TRON price surges and even say that it will occupy the 7th position on CoinMarketCap.

A Continued Rally or Dead Cat Bounce?

The signs of sentimental trading indicate that traders will want to exit their long positions on a profitable note on the first sign of pullback action. The TRX/USD rate has overshot its upside targets and implies the Relative Strength Indicator (RSI) momentum. In an idealised scenario, the TRX/USD pair will form a bull flag as it corrects to the south.

Later, it will resume its uptrend to form new higher highs. In yet another case, the pair will extend its downside correction to restest 0.0182 as its support.

Also Read: Report: Single Wallet Owner holds 51% of Hashrate for Dash Network

While the crypto market is recovering from the massive corrective rally, supporters suggest holding the currency for major gains. Some even believe that it will soon dethrone Bitcoin Cash  and EOS to snatch the 4th position.