Tron TRX Price Is Flying Up

Tron TRX Price Is Flying Up

Twitter is going crazy over the recent pump from TRON (TRX) on Bitmex which saw TRX fly up by around 48% in around 15 minutes before crashing right back down liquidating both long and short positions. "Tron TRX Price Is Flying Up"

Right now users on Twitter are in a state of confusion, not quite sure what to think after the pump and subsequent dump of TRX.

Tron TRX Price Is Flying Up

A short squeeze is a swift increase in the price of an asset, occurring when there is a lack of supply and an excess of demand for the said asset. When a heavily shorted asset rapidly moves higher, the upwards movement causes the closing of similarly shorted positions, causing a domino effect which pushing the price even higher.

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.

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