November 1, 2023
Tron (TRX) price is showing strong bullish momentum, defying the sluggishness in the overall market. This week, while Bitcoin price remains below $35,000 and Ethereum price wobbles around $1,800, Tron and Solana (SOL) have been performing exceptionally well.
Tron price has seen a 3.2% increase in the last 24 hours and is currently trading at $0.0993. The trading volume for Tron is $463 million, with a market capitalization of $8.7 billion.
Tron holds above key technical levels, including the 200-week Exponential Moving Average (EMA), the 100-day EMA, and the 50-week EMA. The recovery above the resistance now support at $0.08 has allowed bulls to assert their control over the trend. The Relative Strength Index (RSI) at 75 reinforces the bullish grip, indicating that the uptrend is likely to continue in the short term.
An expected climb above $0.01 would serve as another signal for a stronger bullish outlook. This move could potentially push Tron towards the next major hurdle at $0.14 and open the way for gains towards $0.2. However, the RSI holding above 70 suggests that Tron is slightly overbought, and if bulls don't put up a strong fight, sellers may target lower support areas.
Tron is steadily gaining dominance in the stablecoin market. According to a report by Smart Liquidity, Tron currently controls 26.5% of the stablecoin market, second only to Ethereum, which accounts for 59.9% of the segment.
The latest sector report from Brevan Howard Digital further corroborates Tron's growing influence in the stablecoin market. The report reveals that 40% of all active addresses transacting stablecoins are on the Tron blockchain, with Binance Smart Chain (BSC) accounting for approximately 32%.
Tron's influence is not only limited to the number of active addresses but also extends to the volume of stablecoins transacted on its blockchain. Tron now settles about $70 billion of weekly on-chain stablecoin volume, surpassing Ethereum as the blockchain with the greatest transaction volume.
In conclusion, Tron's price is showing strong bullish momentum, and its growing influence in the stablecoin market is evident. With its technical indicators and market dominance, Tron has the potential for further price appreciation. Investors should keep an eye on Tron's performance as it continues to defy the market's sluggishness and solidify its position in the blockchain economy.