- Tron price has performed well in the past few days.
- Tron’s DeFi TVL has surged to over $5.7 billion.
- USDD stablecoin has seen a strong traction among users.
Tron price has done relatively well in the past few weeks as investors react to its growing market share in Decentralized Finance (DEFi). It has also done well after the strong reception of USDD, its algorithmic stablecoin.
Tron becomes the third-biggest DeFi platform
Tron has had a strong performance in May as investors react to the launch of the USDD stablecoin. Since its launch, the stablecoin has grown its market share substantially. It now has a total market cap of over $463 million and has held its peg at $1.
This performance is notable since it happened at a time when there are worrying concerns about stablecoins in general.
This month, we saw the spectacular crash of TerraUSD, a stablecoin that had over $20 billion in assets. The collapse happened even after the Luna Foundation Guard announced that it had bought Bitcoins with $10 billion to back the coin. Even the most secure stablecoins like Tether and USD Coin have seen some outflows this month.
Learn how to buy Tron here.
Therefore, there are still concerns about whether algorithmic stablecoins that are not backed 1:1 with fiat currencies will succeed.
Meanwhile, the Tron price is rising after the network became the third-biggest platform in the blockchain industry. It did that by overtaking popular platforms like Avalanche, Solana, and Polygon. The best performers in Tron’s ecosystem are JustLend, JustStables, SunSwap, and Sun.io. JustLend has seen its total value locked jump to more than $2.57 billion.
Tron price prediction
The TRX price has done relatively well in the past few days. On the daily chart, the price has managed to move above the 25-day and 50-day moving averages and is approaching the 38.2% Fibonacci retracement level. The coin is also approaching the important resistance level at $0.0800, which was the highest point on 31st March.
Tron has also risen above the 25-day and 50-day moving averages while the Stochastic Oscillator has moved above the neutral level at 50. Therefore, the next key resistance level to watch will be at $0.090. A drop below the support at $0.065 will invalidate the bullish view.
