The Tron price has gone nowhere in the past few days. The TRX token is trading at $0.1095, where it has been in the past few days. It remains about 40% below the highest level this year. As a result, its total market cap has crashed to about $7.8 billion. This makes it the 27th biggest cryptocurrency in the world. It sits between Crypto.com Coin and Filecoin.
What happened? Tron is a large and often underrated blockchain project that was built by Justin Sun. In the past few years, Tron has transitioned itself into the biggest blockchain operating system in the world.
For example, looking at stablecoins, we see that Tron has the most Tether in circulation on a daily basis. In the past 24 hours, Tether worth about $11 billion has moved through its network. This is relatively higher than what flowed through Ethereum.
Meanwhile, Tron is also becoming an important part in the DeFi industry. Data compiled by DeFi Llama shows that DeFi platforms built on Tron have a total value locked (TVL) of about $6 billion. This makes it the sixth platform in the industry after Ethereum, Binance, Solana, Terra, and Avalanche. So, what next for the Tron price?
The daily chart shows that the TRX price has been in a relatively tight range in the past few weeks. We also see that the coin has formed a symmetrical triangle pattern. Indeed, the coin formed what seems like a false breakout on Wednesday. It also along the standard pivot point while the price is being supported by the 25-day and 50-day moving averages.
Therefore, in my view, I believe that Tron will likely keep rising as bulls target the next key resistance level at $0.15, which is about 38% above the current level. On the flip side, a drop below $0.10 will invalidate the bullish view.
This post was last modified on Nov 11, 2021, 07:30 GMT 07:30