Tron which remained under the shadows of the other popular assets has showcased its acute strength over the past couple of weeks. The TRX price raised extremely high by more than 40% from its bottoms, slicing through 50-day MA & 200-day MA levels comfortably. Moreover, the price is now aiming to slash a zero from its value at the earliest.
But why TRX Price is surging high?
The blockchain’s native stablecoin, USDD recently went live and entered the circulation, made available on Ethereum and BNB chain, through BTTC cross-chain protocol. The total supply of the USDD is $103,640,005.499. And moreover, to celebrate the launch, nearly 950 million TRX tokens worth $67 million were burnt.
On the other hand, the Total Value Locked(TVL) in Tron DeFi has surged to highs exceeding $10 billion. Also, the TRC staking governance tops the leader board with the highest TVL on Tron which has increased by more than 25%. These moves were recorded just before the USDD stablecoin went into circulation.
With the positive sentiments hovering around the Tron ecosystem, TRX price was also largely impacted. And hence the asset broke above the huge consolidation that it followed for a very long time. Therefore, the price now appears to be primed to achieve $0.1 before the end of the day’s trade.
The TRX/BTC pair has broken out of descending consolidation that it was swinging from its 2018 highs. The pair after slicing through the 1577 day-old resistance may find its way out to hit 0.00000294 BTC or $0.12 in the next couple of days. However, there are minor possibilities of a pullback as Tron (TRX) price surpasses $0.1, but the asset may rebound without heading back to its previous levels hence the current phase may also be the best time to enter as the asset is primed to go 5x to hit $0.2 very soon.
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Source: https://coinpedia.org/price-analysis/traders-look-out-for-these-entry-levels-as-trontrx-price-poised-for-a-5x-rally-to-hit-0-2-soon/