TRON (TRX) has made significant gains this year, and in just one year, the token has gained around 200%. Just like the majority of the crypto market, TRX also dipped during the May market crash, but it has made some gains in June and July that have enabled it to recover.
TRX is trading at $0.0604 on major exchanges at the time of writing after a 1.5% dip in 24 hours.
TRX Price Analysis
TRX is currently trading above $0.060, which may be suitable for the token if it manages to maintain its prices at this level. However, the critical support level for the token is at $0.050, and despite any declines, it needs to maintain its prices above this to prevent sharper bears. Looking at the coin’s price fluctuations in the past few days, volatility is relatively low.
To retreat to below $0.050, there needs to be a lack of market support, and after bitcoin retreated to $33K, TRX might find it hard to go to higher levels. Moreover, going below this support level might lead to a downtrend that will reach around $0.03 before the token stabilizes again.
If an upswing registers, TRX might retest the $0.070 level before trying to push past the $0.080 resistance. To gain such an uptrend will require market support from bitcoin and the broader market. If the token goes beyond the $0.1 mark, bulls will have officially resumed.
In the first week of July, the TrueUSD stablecoin was launched on the TRON blockchain, in a move that had a slight impact on the token’s value before a retreat happened shortly after. If more use cases for the blockchain are developed, TRX’s prices might increase again.
🤗Welcome $TUSD to join #TRON family!
Stay tuned for more details of the #TUSD x TRON Collaboration in the future!$TUSD is the world’s most transparent #stablecoin, fully collateralized and independently attested live on-chain! https://t.co/U6yitIJsLQ
— Justin Sun 🅣🌞 (@justinsuntron) April 7, 2021
Activity on the TRON blockchain has in recent weeks shown significant improvement. The DeFi total locked value (TVL) on the blockchain recently surpassed $8 billion, signalling that the platform was achieving high liquidity and increased support from DeFi developers.
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