TRX Crossroads :: Strong Support For a Stablecoin

Tron overclocking by USDT is good news for the network. However, the current situation with TRX shows that profit taking could prevent TRX from rising.

• Tron is gearing up for more stablecoin activity.
• TRX is at a crossroads: small leaks disrupt its recent rally.

The TRON blockchain is arguably one of the fastest blockchain networks. Stablecoins have played a key role in this growth, and Tron’s recent announcements highlight the potential for further growth in the future.

According to the latest reports, the Tron network will facilitate Tether’s plans to inject another $1 billion into the market.

While this highlights that the USDT market is shrinking, it also calls into question another important advantage of Tron.

This network has become a favorite among stablecoin issuers, which is not surprising given the rapid growth in the number of its users.

The expansion of the USDT network on Tron is good news for the network, but it's not the only stablecoin-related development: Justin Sun recently confirmed the launch of stUSDT on the Tron network.

This event highlights the huge benefits stUSDT has for the network, especially as it is used to verify ownership of real assets.

Will TRX benefit from the above developments?

The development of the Tron stablecoin indicates a continuation of the positive growth trajectory. Perhaps more importantly, it can grow more organically in the long run.

Such progress will inevitably lead to an increase in the use of the TRX cryptocurrency. It is possible that liquidity will increase due to promising growth opportunities.

Will these very opportunities be enough to support the expansion of the recent TRX rally: TRX has been gaining momentum since the second week of June, rising 25% from last month's lows.

This rally continued through the end of this week, peaking at $0.092. Since then, the stock has experienced some selling pressure and is trading at $0.081 at the time of writing.

The position of TRX in the press showed some strengthening of the Money Flow Index (MFI). However, it also reflected the general confidence in the market.

Meanwhile, the relative strength index (RSI) confirmed that there is still room for growth. On the other hand, sentiment is leaning towards the bearish side.

Interestingly, the chain data shows that a significant proportion of traders are betting on the bearish side.

This is reflected in the increase in negative funding rates over the past few days, especially in the derivatives market.

Trading volumes on TRX remain relatively stable. Some may interpret this as a sign that retail demand is not as strong. On the other hand, sentiment on TRX is generally bullish, indicating an improvement in investor sentiment.

---

To earn TRX I use the service Feee.io is a TRON energy trading platform, you want to receive income from 50% APY. Join our friendly team!