Tron has reached an important milestone on the Stablecoin market, but TRX Price seems to have difficulty getting strength.
According to Defillama factsFrom 7 May there are $ 71.9 billion in stablecoins on the network, which means a new record is set for Tron’s (TRX) Stablecoin Supply. This increase comes after Tether (USDT) hit another $ 1 billion USDT on 6 May, so that the sixth billion dollar coin has been marked on Tron since April.
The ecosystem of Tron as a whole also blooms. The monthly decentralized exchange volume increased by 40% of $ 3.4 billion in March to $ 4.9 billion in April. The total value of Tron has been found somewhat and now rose from around $ 4.4 billion to just over $ 5 billion. The network has surpassed 302 million accounts and 10 billion transactions and processes up to $ 19 billion in daily USDT transfers.
On May 1, World Liberty Financial announced that Tron is now offering its USD1 Stablecoin, which is supported by American treasuries and kasequivalents. In addition to increasing institutional participation, this expands the list of stablecoins.
Other developments include P2P.org that is approved as a tron super representative, so that the expansion provider can help to validate blocks. In April, Canary Capital also submitted a Spot TRX ETF with deportation, which shows further interest of traditional finances.
The price of TRX is still under pressure despite these solid basic principles. TRX is currently trading around $ 0.243 and has difficulty breaking over the resistance level of $ 0.25 after falling 6.2% during the last day. Technical indicators show mixed signals.
The majority of the advancing averages and the advancing average convergence diversity indicate bearish pressure, but momentum and nullry capacity indicate any buying strength. The relative strength index is on 49, which indicates that indecision.
TRX can go to $ 0.235 or lower if it breaks under support for $ 0.240. At the top, a clean break above $ 0.25 could open the door to higher levels. Justin Sun, the founder of Tron, has stated That he believes that TRX will reach a new of all time in Q2, pointing to the rising maturity of the market and refers to the growing correlation with Bitcoin (BTC).
