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- Tron is currently trading near the value of $0.068 and has seen a pump of more than 0.43% in the past 24 hours. Meanwhile, TRX/BTC pair has observed a drop of more than 1.43%
- The total volume of the tron has observed a drop. In contrast, technical indicators are favoring the consolidation in the asset.
TRX price has seen a drop to $0.04125 on 13th june and is currently trading in consolidation range. The asset price is hovering in between $0.057 and $0.071 from the past 45 days. Tron has added more than 105 million accounts in the recent months as per the data published by Tronscan. The total value locked by the Tron has surpassed $11 billion dollar market as per the tweet by Tron Network explorer.
The stable coin of Tron USDD is currently ranked 64th as per its market cap. It is also overcollateralized with a minimum collateral ratio of 130%. USDD was deppeged previously but has now regained its mark of $1. The volume of USDD has seen a spike of 315% in the previous trading session. Investors are being benefited with their high APR rate.
Are Tron Bulls Preparing for Something Big?
Tron has been forming an upside trend line in the past few days. The asset price is currently trading below 100 Daily Moving Average and above 50 DMA. If the price jumps above 100 DMA then one can see a formation of bullish trend for the future. The consolidated momentum of the Tron can see a positive breakout in the future. Tron is correlated with bitcoin at the ratio of 0.61.
If the correlation between the asset increases then a strong momentum can be seen in the future. TRX/BTC pair is also looking for a breakout in the near future.
RSI: RSI of TRX is near 54 with a lower-lower formation. The current trend of the RSI is suggesting a consolidated move. If the RSI sees a jump to 65 then a bullish move can be seen.
Conclusion
Tron is one of the biggest crypto asset in the current market. They have launched USDD to increase financial inclusion. It is currently in a consolidated move but can observe a breakout to a new high in the future.
Technical Levels
Major Support:$0.054 to $0.056
Major Resistance:$0.068 to $0.071
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
