- Tron crypto price has jumped sharply in the past few weeks.
- The coin has formed a bullish flag pattern on the daily chart.
- Tron’s total value locked is nearing its all-time high, helped by JustLend.
Tron price has done well in the past few months as it diverged with other popular cryptocurrencies like Bitcoin, Ethereum, Cardano, and VeChain. The TRX token was trading at $0.085 on Monday, the highest point since July 29th. It has soared by more than 68% from the lowest point this year.
User metrics encouraging
Tron, the blockchain network started by Justin Sun, is doing well even as the crypto winter continues. The coin has roared back by more than 60% this year and is hovering near the highest level this year.
Recent data shows that Tron’s ecosystem is doing well. For example, according to DeFi Llama, the total value locked (TVL) in the ecosystem has jumped by more than 34% in the past 30 days. In contrast, Ethereum’s TVL has dropped by 1.34% in the same period. Arbitrum, Optimism, Polygon, and Solana’s TVL have also retreated.
A look at Tron’s ecosystem shows that Tron’s TVL stands at over $6.6 billion, a few points below the all-time high of $6.35 billion. This growth has been driven by the performance of JustLend, whose TVL has jumped to over $4.5 billion, becoming the fourth-biggest DeFi protocol in the world after Lido, AAVE, and MakerDAO.
Read more: How to buy Tron.
JustLend is a DeFi protocol similar to AAVE, Compound, and Venus. It lets people deposit funds and earn returns. This return comes from people who borrow in its platform.
Tron has other notable metrics in its ecosystem. Its stablecoins have a market cap of over $44 billion. It is also one of the most profitable platforms in the world. Its fees in the past 24 hour stood at over $920k. It has made over $492 million in the past 180 days and $655 million this year.
Tron price forecast
The daily chart shows that the TRX crypto price has been in a bullish trend in the past few months. Along the way, the coin has formed an ascending channel shown in green. The price is between this channel.
Most importantly, the coin has remained above the 25-day and 50-day moving averages. It has also formed a bullish flag pattern, which is a positive sign. Therefore, the outlook for Tron is bullish, with the next key level to watch is at $0.09, the upper side of the channel.
