Tron price has done spectacularly well in the past few days as investors react to the new game in town, USDD. TRX is trading at $0.0870, which was the highest level since December last year. It has jumped by more than 70% from the lowest level this year, pushing its total markt cap to over $8.8 billion, making it the 18th biggest cryptocurrency globally.
The TRX price has been in a strong bullish rally in the past few weeks as investors react to the launch of the USDD stablecoin. The coin was launched earlier this week and has seen significant inflows. At the time of writing, its market capitalisation has risen to over $90 million, making it the fastest-growing stablecoin globally.
Therefore, Tron is rising as investors compare the network to Terra. Terra is one of the most successful blockchain projects in the world. According to CoinGecko, LUNA has a total market cap of over $30 billion, making it the 8th biggest coin in the world. In addition, Terra has been known for Terra USD, its stablecoin that has over $15 billion in assets.
Therefore, since Tron also has a vibrant DeFi ecosystem, analysts believe its performance could be like Terra’s. According to DeFi Llama, Tron has a total value locked (TVL) of more than $4.8 billion, making it the 6th biggest chain in the world.
The TRX price has been in a strong bullish trend in the next few days. The coin managed to move above the important resistance level at $0.08, which was the highest level on March 31st. In addition, it has risen above the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) has moved close to the overbought level. The coin has also moved above the ascending trendline that is shown in black.
Therefore, the coin will likely keep rising as bulls target the next key resistance level at $0.10. A drop below $0.08 will invalidate the bullish view.
This post was last modified on May 05, 2022, 07:24 BST 07:24