Tron is a decentralized blockchain platform that has seen massive adoption in the past few years. It was launched in 2017 and was initially an ERC-20 token on Ethereum. After one year they moved to their own network. Initially, it was created to provide full ownership rights to makers of digital content. The TRX platform also supports various smart contracts and dapps.In April 2022 the CEO of Tron announced an algorithmic stablecoin named USDD. USDD worth $1 can be minted by burning $1 worth of TRX. The minimum collateral ratio of USDD is set to be 130% which is higher than others. TRX adoption has been increasing for quite a while now and has recently reached a new milestone. TRX scan has recently revealed data that the total number of accounts has surpassed 157 Million. The fees generated in Tron in the past 30 days have surged 25.52%.
Are Bulls Of Tron Ready For A New Run?
The weekly technical chart of the Tron highlights that the bulls are taking charge. On the daily chart, it has been moving in a weak upside trend. It is trading near the value of $0.06 with a drop in the intraday session. The upside trend of the TRX can see a halt near the value of $0.07. Meanwhile, the support of the asset price can be seen near $0.06. It is trading above the 50 and 100 Daily Moving Averages. There can be a positive crossover in the future which can push the asset price to a new high in the future.
The MACD of Tron is hinting towards a strong bullish momentum. The BARS of the indicator are favoring a strong upside trend for the future.
Summary
Tron has recently hit a new milestone and has one of the biggest daily active users on the platform. TRX is trading in a weak bullish trend and can hit a new high in the future.
Technical Levels
Major Support:$0.065
Major Resistance:$0.072
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/03/tron-price-prediction-is-trx-heading-for-0-1/