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- Tron Justin Sun is deploying more and more capital to stop depegging their stablecoin
- Technical indicators of TRX are favoring a consolidated trend. TRX/BTC pair has seen a fall of more than 0.3%
Tron was created in 2017 by Justin Sun, the founder of the Tron Foundation. It is a decentralized platform which aims to build a free, global digital content entertainment system with distributed storage technology.Tron uses a blockchain-based protocol and operates on a proof-of-stake consensus algorithm. This means that instead of mining for new blocks, users can validate transactions by holding and staking their Tron tokens. The more tokens a user holds and stakes, the more likely they are to validate transactions and earn rewards.Tron has a number of features which make it attractive to users. One of these is its high scalability, which allows it to process a large number of transactions per second. It also has low transaction fees, making it an affordable option for users. Meanwhile as per a latest report Justin sun was one of the top client of crypto asset manager valkyrie.
Tron is currently ranked 14th in the crypto verse and has a strong market dominance. The stablecoin of Tron USDD has also been seeing a strong rise in the market cap. Volume to market cap ratio of the TRX suggests a consolidated trend in price.
Is TRX Ready For Bullish Momentum?
The weekly technical chart of the Tron suggests a consolidated trend in price. On coming to the daily chart the asset price is near $0.054 with a drop of more than 0.5%. The upside momentum of Tron can see a halt near $0.08. Meanwhile the downside trend can see a bounceback near $0.025. The asset price is trading above 50 and below 100 Daily Moving Average. If the TRX price gets above 100 DMA then a strong upside trend can be seen.
Conclusion
Tron Justin Sun USDD is currently depegging and Tron foundation is deploying more capital to stop it. TRX coin price is currently in a consolidated trend and can soon see a new high.
Technical Indicators
Major Support: $0.025
Major Resistance: $0.085
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 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.
