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Highlights
- TRON price surged 7% today after the trading volume grew 50% with the USDD 2.0 announcement.
- Despite the FUD around the Stablecoin launch and transparency issues, TRON is gaining momentum on the charts.
- Analysts predict a 128% rally supported by a bullish falling wedge pattern.
The TRON token (TRX) is buzzing with gains today amid the crypto market recovery. As the token has a significant demand in the market, the investors are eyeing further recovery, especially as Justin Sun unveiled a new stablecoin, USDD 2.0, a completely revamped version of the first one. Interestingly, this latest launch news has much to do with today’s TRON price rally. Analysts claim this could push the token to new ATH after a 128% surge.
Sun Announced USDD 2.0 Launch, Influencing TRON Price
After USDD 1.0 failed to maintain its peg to the dollar and was delisted from popular crypto exchanges, the new version is set to launch soon. This time, the team promised better performance.
TRON founder Justin Sun announced the USDD 2.0 launch recently but has received a mixed response from the community. However, as the stablecoin promotes 20% APY and uses TRON reserves to back up its reserves, the demand for the TRX token has increased in the market.
The TRON price has surged 7% today amid increased network activity, as explained by the 55% surge in trading volume to $989M. This is important because the token has been in a complete downtrend for weeks. Notably, it has lost nearly 45% of its value after hitting an ATH of $0.4407 just a month ago.
Amid concerns over transparency and stability, the launch of Sun’s stablecoin has had a positive influence on the TRX token price.
How can the TRX Price Rally 128%?
After a 7% surge within a day, the technical indicators also present a bullish outlook for the TRON token. Moreover, buying pressure is driving the token’s price trajectory. Interestingly, a crypto analyst, Rose Premium Signal, has identified the formation of falling wedge patterns in the TRX price chart, favoring an uptrend to new all-time highs.
According to Rose TRON price prediction, the falling wedge pattern is an indicator of a bullish breakout, with support near the $0.2244 level. This support zone creates an opportunity for the uptrend to reverse, leading to the TRX price to a 128% surge and reaching $0.5486 in the long term. This will happen after the TRX token successfully achieves the key targets at $0.3957 and $0.4675.
Overall, thanks to the bullish trajectory influenced by the crypto market recovery and the playing out of the falling wedge pattern, TRX price can surge 128%. However, the successful rollout of the USDD 2.0 and community sentiments are the determining factors.
Key Things To Remember From The Post
Analysts like Rose believe TRX is getting reading for the breakout, as the falling wedge pattern indicates a 128% surge from the current level. The analyst has presented three key levels at $0.3957, $0.4675, and $0.5486. However, this will happen only with the prolonged bullish momentum and successful rollout of USDD 2.0. However, considering the failure of USDD 1.0 and transparency issues, there are mixed signals from the investors. Justin Sun withdrew 12K Bitcoin from USDD’s collateral without USD DAO support, leading to all this FUD. Investors need to eye the key support level at $0.2244 to understand further the TRON price trajectory.
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