Tron (TRX) Surges Over 7% as Altcoins Suffer Moderate Correction

Tron’s Mainnet Just Clocked 2.5 Million Active Accounts

Following a bullish weekend for the market, the week has started with a pullback. During the weekend, the market climbed above $300 billion for the first time in 2019 and saw a number of cryptocurrencies set new 2019 highs. In its peak, the market climbed as high as $336 billion and saw the total trading volume nearly hit $100 billion on Sunday.

Tron, in particular, soared to a little under $0.039. This remains below its Year-to-date high of just above $0.040, set in early June. But just because it was not re-tested during the weekend, doesn’t mean it is not still in play. Today as many of the altcoins suffer a moderate pullback, Tron is resisting this and recording an equally moderate gain.

Tron Chart
Via Coinmarketcap

Through the weekend rally, Tron appeared to be everywhere, rising and dropping sharply. For every surge, the asset encountered a strong pullback and by the end of it had established resistance of $0.038 and support of $0.036.

Today the cryptocurrency started at around $0.037 before dropping to its support of $0.036 following a pullback starting yesterday. Quickly after finding support, the bulls have responded by pushing prices back above $0.038. The coin now looks set to re-test $0.039 and its year-high of $0.040 in the next couple of hours.

Tron (TRX) Price Update And Prediction

At the time of press, Tron is up by around 7% and exchanging for a little over $0.039. With a market cap of $2.6 billion, the asset has climbed back above Cardano (ADA), getting back in the top ten rankings.

The battle for the number ten spot has in recent weeks intensified with Stellar (XLM), Cardano and Tron looking to claim it. At the time of press, there is a little over $100 million separating the three.

Market Visualization
Via Coin360

Tron in the next few hours will look to maintain its current momentum and try to retest its all-time high. However, even if this is achieved, it is likely that it will cool down and drop a little if the rest of the market continues to slide further in the red zone.

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