Tron Price Prediction As TRX Approaches $0.1 Bolstered By 26.6% Dominance In The Stablecoin Market
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
• Top 5 Leaders of usage : $USDT , $USDC , $DAI , $TUSD $BUSD
• 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.
Related Articles
- Pro-XRP Lawyer Says SBF Conduct Has “Nothing to do With Crypto”
- Canadian MP Salutes Satoshi Nakamoto on Bitcoin’s 15th Year
- Just In: Coinbase Debuts BTC and ETH Futures for U.S. Retail Traders
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
