- Tron crypto price has made a strong comeback in the past few months.
- Data published on Friday showed that the Fed’s favorite inflation tool was falling.
- Tron’s ecosystem is doing well as its DeFi ecosystem holds steady.
Tron price drifted upwards on Friday after the US published encouraging consumer inflation data. TRX token rose to a high of $0.084, the highest level since July 23rd. The coin has been in a relentless rally this year having gained by more than 50% this year.
Tron’s ecosystem is doing well
Tron price held quite well after the US published another set of encouraging inflation data. According to the Bureau of Labor Statistics (BL), the personal consumption expenditure (PCE) dropped rose from 0.1% to 0.2% on a MoM basis. It rose by 3.0% on a year-on-year basis.,
Core PCE, on the other hand, dropped from 0.3% to 0.2% on a month-on-month basis. It moved from 4.6% to 4.1%. These are important numbers because they are Fed’s favorite inflation gauge.
The other inflation gauge, consumer price index (CPI), also showed that the country’s inflation was falling. It declined from 4.1% in May to 3.0% in June. Core CPI dropped from 5.3% to 4.8% during the month.
These numbers mean that the country’s consumer and producer inflation has been in a strong downward trend. On Wednesday, the Federal Reserve decided to hike interest rates by 0.25% to the highest level in 22 years.
Read more: How to buy Tron.
Therefore, there is a likelihood that the Fed will maintain its interest rates at the current level for a while. That’s a good thing for Tron and other cryptocurrency prices.
Tron price has also done well as open interest in the futures market has held quite steady. Open interest stands at over $13 billion, higher than this month’s low of $11 billion. This metric has stood in this level in the past few weeks. Most of the open interest is in Binance, Bitmex, Bybit, and CME.
Tron’s ecosystem has been strong as well. The total value locked (TVL) stands at over $5.76 billion while stablecoins stands at more than $43 billion. The biggest dApps in the ecosystem are JustLend, JustStables, Sun, and UniFi Staking.
Tron price forecast
The daily chart shows that the TRX price has been in a strong bullish trend in the past few months. In this period, it has formed an ascending channel, which is shown in black and the price is at its middle.
Tron has moved above the 25-day and 50-day exponential moving averages (EMA). The MACD indicator has moved above the middle line while the Relative Strength Index (RSI) is nearing the overbought level.
Therefore, Tron will likely continue rising in the coming weeks as buyers target the next key resistance point at $0.10, which is about 20% above the current level.
