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TRX News: Surge in Price as Tron Introduces Trump-Backed Stablecoin
Tron’s blockchain network recently introduced a USD1 stablecoin by World Liberty Financial Inc., spotlighting TRX as it gains trader focus. The integration of this stablecoin marks a significant event in the crypto space, potentially altering market dynamics for Tron’s native token, TRX.
Significant Price Movement
Trading data reveals a 6% increase in TRX value last Tuesday, breaking past the $0.2875 mark and approaching a resistance level at $0.2980. Overcoming this barrier might propel TRX towards $0.3230, aligning with the 50% Fibonacci retracement level. Currently, TRX is priced around $0.2920, fluctuating between the $0.2808 support and the 23.6% Fibonacci level at $0.2645.
Launch of a High-Profile Stablecoin
The newly minted USD1 stablecoin is now active on the Tron network. This development comes with noteworthy connections, including ties to US President Donald Trump. Justin Sun, Tron’s founder and a significant figure in the crypto community, heralded the launch as a major advancement for stablecoins. He recently attended a White House dinner, highlighting the growing intersection of cryptocurrency and high-level political figures, which has brought increased attention to Tron’s ecosystem.
On-Chain Growth Indicators
According to DeFiLlama, Tron’s total value locked has surpassed $5 billion, with the network experiencing significant user return rates. This suggests a robust and growing interest in the DeFi applications running on Tron, although the sustainability of these funds remains a key area to monitor.
Bullish Movements in Derivatives
Data from CoinGlass indicates a notable 8.25% rise in TRX derivatives open interest over the last 24 hours, reaching a total of $329 million. The increase in weighted funding rate to 0.0098% suggests a dominant bullish sentiment among traders. Furthermore, short liquidations have nearly doubled compared to longs, reinforcing a bullish outlook supported by technical analysis. The RSI is nearing the overbought territory, and a recent MACD crossover has shifted momentum in favor of buyers.
Keeping an Eye on Bitcoin’s Influence
While the TRX market shows promising signs, it remains sensitive to Bitcoin’s fluctuations. A downturn in Bitcoin could negatively impact TRX, whereas a rally might further boost its value. For now, the combination of a significant stablecoin launch, increasing total value locked, and positive derivative market trends provide solid reasons for optimism among Tron enthusiasts.
You can explore more about these developments on our dedicated crypto section and find additional insights on Binance.
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