Tron (TRX) price is unstoppably bullish just like Solana (SOL). The two assets are defying the sluggishness across the market this week, which has seen Bitcoin price stall below $35,000 while Ethereum price wobbles around $1,800.
Up 3.2% in the last 24 hours, Tron price is trading at $0.0993 on Wednesday, backed by $463 million of trading volume and $8.7 billion in market capitalization.
Is Tron Price Poised For The Breakout?
Tron holds above key technical levels, starting with the 200-week Exponential Moving Average (EMA) (purple), the 100-day EMA (blue), and the 50-week EMA (red).
Recovery above the resistance now support at $0.08 allowed bulls to assert their control over the trend, further diminishing the influence of sellers. As investor sentiment improved and confidence in the uptrend increased, TRX ascended toward $0.01.
The Relative Strength Index (RSI) at 75 reinforces the bullish grip, which means that the uptrend is unlikely to stop, at least not in the short term. An expected climb above $0.01—the immediate resistance would serve as another signal for an even stronger bullish outlook. Such a move could blast Tron to the next major hurdle at $0.14, and possibly pave the way for gains toward $0.2.
However, the RSI holding above 70 suggests that Tron is slightly overbought. In other words, if bulls don’t put up a strong fight sellers are likely to land on TRX for another sweep at lower support areas such as $0.08 and the moving averages at $0.076, $0.071, and $0.0608.
Tron’s Steadily Growing Influence In The Stablecoin Market
The stablecoin market capitalization is growing, hitting $124 billion by the end of October and Tron is merging as a strong leader in this sector of the blockchain economy behind Ethereum, which currently accounts for 59.9% of the segment. Tron controls 26.5% of the stablecoin market, according to a report by Smart Liquidity.
⚖️ STABLECOIN MARKET OVERVIEW IN POPULAR CHAINS
• Stable coins market capitalization now ~ $124 B
• Total daily trading volume for the last 24h ~ $40 B
• Ethereum dominates the stablecoin market with a 59.9%… pic.twitter.com/nOP1AJ2RkO
— 💡 SMART LIQUIDITY (@_SmartLiquidity) November 1, 2023
Tron’s growing dominance in the stablecoin market can be corroborated by the latest sector report from Brevan Howard Digital. The report highlighted that 40% (roughly 2.4 million) of all active addresses transacting stablecoins are on the Tron blockchain, with BSC accounting for approximately 32%, approximately 1 million.
There is also a steady rise in the volume of stablecoins transacted on the Tron blockchain, “which recently topped Ethereum as the blockchain with the greatest transaction volume.” Based on the report, “Tron now settles about $70 billion of weekly on-chain stablecoin volume,” affirming the protocol’s influence and growing dominance.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.