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TRON Bulls Are Back To Pump Some Energy Into TRX Coin

TRON trading volume has shed a trickle at around 3%. There has been an uptrend movement seen before it recently declined.

While the TRON bulls are desperately trying to hold on and support the price, the bears have been doing the heavy lifting so TRX needs to work double and get more buyers to boost the price.

The bulls did an excellent job pushing the price of the TRX/BTC pair from a lower low that registered at $0.06613 to $0.06715 but investors still need to time the market before they go full swing.

As of this writing, TRX was trading at $0.065623, up 2.5% in the last seven days.

Suggested Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions

TRX Market Cap Up 0.43% Over The Last 24 Hours

TRX has only gained around 0.43% in terms of market cap overnight. The coin currently has a trading volume capped at 434 million and a market capitalization of 6.4 billion which rounded up a 4% loss in the past 24 hours.

The short-term analysis has shown an upside or tilting movement but has somehow flattened as the bears have been increasingly on the dominant side.

On the brighter side, the MACD indicator reveals a strong buying signal as the buyers are rushing back to the market. The coin’s RSI also skyrocketed as seen in the hourly price chart as it glides above 50. The Bollinger band cloud appears to be still and isn’t lifting any finger.

The TRX price showed a dip of 7% in the past six days which is a cause of concern for some investors. However, the hourly price chart shows some hope with the bulls going back to supporting coin pumping up the possibility of an uptrend movement.

TRX total market cap at $6.05 billion on the daily chart | Source: TradingView.com
TRX TVL Grows A Decent 47%

On July 23, the TRON network announced vital network developments that happened from July 16 to July 22. Currently, with its recent update, the TRON network is recognized as second in rank among the top blockchains in terms of transaction volume. TRX currently has processed over 3.5 billion total transactions since its launch.

Additionally, USDD, TRON’s stablecoin was also recently launched on the Arbitrum. On July 20, TRON also revealed its collaboration with WeFund.

From July 16 to July 22, TRX declined in social dominance by 2% which is very minor but TRX social volume also spiked by 22% which is very significant.

The total value locked (TVL) of TRX has grown tremendously since the first week of July. To date, the network’s TVL has ballooned exponentially by 47%.

Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

Featured image from Invezz, chart from TradingView.com

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Shiba Inu Down By 2.03% – Yet Bound To Outpace TRX And BTC?

Shiba Inu price has dipped by 2.03% overnight and is now at a current price of 0.000012 USD. Nevertheless, the most popular meme coin is now ranked as the 15th largest crypto according to market cap.

SHIB currently has a live market cap of $6,573,280,152 USD and with $428,085,679 USD of 24-hour trading volume. The coin currently has a total circulating supply of 549,063,278,876,302 SHIB coins.

Despite the entire crypto space in the red for the past couple of months, SHIB has been performing well and have in fact raised their price by 31%. With that being said, many crypto investors have started to take SHIB way seriously.

In the face of the crypto crash and with major cryptocurrencies like Bitcoin, Ethereum, and others bleeding, Shiba Inu was still able to resuscitate many crypto wallets.

Shiba Inu Can Outperform TRX and BTC?

Shiba Inu has in fact outperformed Bitcoin and is gaining traction despite the turbulent crypto crash happening. The meme coin has been taking strides in maintaining the uptrend pattern. It has been consistently going for that positive momentum with much collaboration and projects happening that will ultimately take SHIB to the next level.

SHIB investors loved the experience of having a 34% boost with a breakout point pinned at US$0000116 as seen in the Shiba Inu price in June this year. The token is definitely winging it with a bullish streak signaling that the market is steering closer to a bullish run.

Many SHIB investors are looking forward and optimistic for the meme coin to go over the US$0.0000139 zone very soon.

With the issue concerning Shiba Inu hitting $1, Ethereum whales have definitely set their eyes on the top meme coin to gain as much as 11% and 24% respectively this current month.

The overall market trend is looking bullish for SHIB and the trajectory is uphill. With that in mind, many ETH whales have been hoarding and adding a total of $560 million SHIB tokens into their portfolios; that consist of around 22% of their entire digital assets.

SHIB total market cap at $6.57 billion on the daily chart | Source: TradingView.com
SHIB To Launch SHIB.io Metaverse

SHIB investors are also excited with Shiba Inu developmental projects in collaboration with The Third Floor such as Shibarium, which is a SHIB.io metaverse together with the SHIBASWAP V2 and SHI token that aims to design virtual environments or a metaverse.  

Shiba Inu has recently launched this burning portal that is designed to reward investors. With the increased amount of pressured placed on the demand and supply of SHIB, the meme coin also skyrocketed in price.

SHIB is now outpacing Tron (TRX) in terms of total market cap. Tron has a market cap of $6.33 billion while SHIB has a total market cap of $6.66 billion.

The total SHIB supply is currently at 589,625,603,102,909 and the total that has been burned out of the initial supply is at 410.37 trillion.

Featured image from BeChewy, chart from TradingView.com

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Tron Falls Sharply As Sun Scrambles To Save Stablecoin

Tron price momentum faded over the weekend, and the price has dropped by more than 40% since then. The cryptocurrency is presently having difficulty gaining traction.

Tron Falls AS USDD  Depegs

TRX has dropped 19% and is now trading at $0.05, its lowest level in 15 months. In the last 24 hours, the token has also been the worst performer among the top 50 cryptocurrencies.

The token’s weakness follows the loss of the USDD algorithmic stablecoin’s dollar peg, despite founder Justin Sun’s repeated efforts to keep the peg.

In the last 24 hours, the token’s entire market valuation has dropped by nearly 1% to $701.4 million. The token has garnered comparisons to Terra’s UST stablecoin, which vanished in May due to its algorithmic nature.

USDD/USDT breaks dollar peg. Source: TradingView

Fear began as soon as the USDD’s 1:1 peg to the dollar was lost. TRX hasn’t been able to reverse the downward trend since then, plummeting by more than 40% in less than a week. TRX may face tremendous sell pressure to close the gap as long as USDD is below one dollar.

TRX has found support at the $0.05 level, from which it has bounced higher. TRX’s resistance is at $0.057, and given the current fundamentals, it doesn’t appear likely that the trend will shift.

Related reading | TRON Has a Record-Setting Month

Justin Sun Scrambles To Save USDD

However, Tron, like Terra, is putting billions of dollars behind the coin. Because USDD is not as large as UST, which was worth roughly $20 billion at its peak, crypto specialists think that it will not suffer the same fate.

USDD had recently been changed by Tron’s Sun to strengthen collateralization and make it less vulnerable to a crash like Terra.

This week, Tron spent over $700 million on the open market to sustain the USDD peg. Justin Sun also stated that a $2.5 billion fund would be set up to help TRX.

Tron has purchased TRX on multiple occasions to support the token, most notably withdrawing $948 million ($47 million) from Binance. The Tron DAO has made a number of withdrawals from Binance and has also used its USDC assets to purchase more tokens.

Tron has also announced a mining pool with Curve Finance and Convex Finance, which is intended to attract yield-hungry traders with an estimated APR of 96.25%.

Despite Justin Suns’ assertions that the USDD is unduly collateralized, the market does not appear to agree. The trend for TRX is likely to be negative as long as this continues, and the next significant support is identified at $0.040.

Related reading | Why TRON Has Seen a 45% Hike in Total Value Locked (TVL)

Featured image from Pixabay, chart from TradingView.com

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Why Justin Sun Reported A 500% APR To Short TRX On Binance

TRON (TRX) founder Justin Sun has come out in defense of the network stablecoin, USDD. The digital asset began deppeging from the U.S. dollar value and hinted at another catastrophic event in the crypto market, like the one experienced by Terra (LUNA) and its native stablecoin UST.

Related Reading | TA: Bitcoin Dives 10%, Why BTC Could Even Break $25K

At the time of writing, the value of TRON’s stablecoin has been climbing back to its 1:1 parity to the U.S. dollar. Earlier, the digital asset started trending to the downside forcing the TRON DAO Reserve, the entity responsible for protecting USDD’s peg, to deploy $2 billion.

TRX trends to the downside on the 4-hour chart. Source: TRXUSDT Tradingview

This created an increase in selling pressure for TRX which moved to the downside on the back of this event, and a crypto market already trending to the downside along with traditional investments.

Justin Sun wrote the following via his Twitter account, at this time, TRX shorters had the opportunity to benefit from market conditions:

Funding rate of shorting TRX on Binance is negative 500% APR. Trondao Reserve will deploy 2 billion USD to fight them. I don’t think they can last for even 24 hours. Short squeeze is coming.

The TRON DAO Reserves continued to inject millions to protect the USDD peg to the U.S. dollar. Due to its mint and burn mechanism, the price of TRX broke below critical support levels but became more stable as USDD returned to its U.S. dollar parity.

In the last few hours, the entity in charge of protecting USDD claims it has increased the stablecoin’s collateralization to meet “extreme market conditions”. The collateralization rate reported by this entity stands above 300%. The entity wrote the following:

To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have increased 650,000,000 USDC supply on TRON. Currently USDC supply on TRON has reached $2.5 billion.

Who Is Buying TRX, Conditions For A Short Squeeze?

Data from Material Indicators shows thin support for TRX’s price as it approaches these levels. Currently, there are around $500,000 in bid orders with no extra support below.

This suggests TRX’s price could continue to see losses if bulls are unable to maintain current levels. Additional data from Material Indicators records an increase in selling pressure from small investors.

As seen below, retail investors (yellow and green on the chart) have been shaken out of their positions as TRX crashes. Larger investors seem more resilient and willing to buy into the current price action.

Related Reading | Bitcoin Drops To 18-Months Lows, Has The Market Seen The Worst Of It?

This could support a short squeeze scenario, as Sun claimed. However, the market continues to trend to the downside and could re-test lower levels.

Small investors (yellow and green) sell into TRX’s price action as larger investors (red and purple on the chart) buy. Source: Material Indicators

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Why TRON Has Seen a 45% Hike in Total Value Locked (TVL)

According to Wu Blockchain, the TRON network has seen a hike in its total value locked (TVL) over the past 30-days. This increase seems to be related to the launch of this network’s native algorithmic stablecoin USDD.

Related Reading | Tether CTO Says, USDT-Dollar Remains Strong Amid Stablecoin Crises

As reported by NewsBTC a month ago, TRON’s founder Justin Sun announced the deployment of USDD for May 5, 2022. This digital asset operates similarly to LUNA CLASSIC network’s Anchor Protocol. USDD allows users to earn a 30% annual percentage yield (APY) for staking it on the JustLend platform.

TRON launched its own algo stablecoin to capitalize on the popularity of this product. However, May has seen a massive LUNA-UST (Terra Classic’s algo stablecoin) which has impacted the crypto industry.

The crash in the price of LUNA and the UST deppeged appears to have little impact on TRON. Data from DeFi Llama supports the increase in TVL.

This number stands at $6 billion with a 14% increase in the past week alone. TRON’s TVL has grown beyond that of Polygon, Avalanche, Solana, and Fantom. If the trend continues, the metric could surpass the TVL on Binance Smart Chain which currently sits at almost $9 billion.

Further data provided by DeFi Llama indicates JustLend is the protocol with the percentage of TVL. The platform records $2.8 billion in TVL followed by JustStables’s $1.4 billion.

In a short period of time, JustLend and the algo stablecoin seem to have taken over the TRON ecosystem pushing it to the top 3 in TVL across the DeFi sector. This seems to suggest that algo stablecoin still are very popular in the crypto space, despite the events on the Terra Classic network.

Source: DeFi Llama
Can TRON’s USDD Survive After The Events On Terra Classic

Last week, a pseudonym analyst looked into USDD and the TRON ecosystem to determine if the new digital asset can withstand current market conditions. The analyst pointed at the collapse in the old Terra Classic network and its implications for all-algo stablecoins.

However, the analyst believes USDD and its network are in a different state. Right now, the TRON-based algo stablecoin, the analyst claims, is mainly supported by insiders.

Therefore, there could be room for retail and other investor classes to adopt USDD. This could benefit TRX and its ecosystem, as it seems to have recently. The analyst said:

(USDD) It is in its fairly early stages, with only insiders in. There is room for latecomers and eventually even retail to enter before it carries the same risks as Luna. Timing is everything in musical chairs. USDD mcap is at only 2.5% of UST’s peak.

In addition, the analyst believes that USDD doesn’t operate exactly like UST but “is actually more like Maker” with a different collateralization mechanism but with the buying pressure for TRX. The altcoin has been performing well compared to other assets.

Related Reading | TRON Joins Stablecoin Wars Will Launch USDD With 30% APY, Here Is When

TRX’s trades at $0.08 with sideways movement in 24-hours. Despite the downside price action in larger cryptocurrencies, TRX has been able to rally on the back of its algo stablecoin.

TRX with big spikes in its price since the launch of its stablecoin USDD on the 4-hour chart. Source: TRXUSDT Tradingview

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Tron Is Trading Within Its Triangle Pattern; What Awaits The Coin Next?

Tron’s native coin TRX has been moving on bullish price action since the beginning of the month. Tron had announced in the past weeks, that, it is soon to be going live with its algorithmic stable coin USDD. Ever since this development, the anticipation caused prices of TRX to surge.

TRX has been one of the top gainers in the industry. The bullish stance has made the coin go past its immediate price ceiling and pushed the coin to eye its next resistance mark. On the chart, according to its past trading sessions over the months, the coin is seen to be trading within a triangle pattern.

The triangle trading pattern has highlighted ascending support lines and descending price ceilings. TRX’s prices have shot up but even in the middle of last month, the coin was seen trading close to its crucial support level. Prices of the coin was seen dipping slightly on charts, due to a case of profit taking at the time of writing.

Tron Price Analysis: One Day Chart
Tron was priced at $0.081 on the one day chart. Image Source: TRX/USD on TradingView

Tron was priced at $0.081 at the time of writing. Soon after touching the resistance mark of $0.087, the coin noted a pull in prices. This can be pointed towards profit-taking. A heavy inflow of buyers in the market also validates the same reading.

A fall from the current level could push the coin to trade near the $0.075 price level, breaching which TRX could trade close to $0.067. On the upside, if prices don’t correct then TRX might push further up as buyers have flocked the market.

In case of a bullish pressure, the coin could move near the $0.090 price level over the next trading sessions. Volume of TRX was seen in green and that is indicative of positive price action.

Technical Analysis
Tron has seen an upsurge in the number of buyers on the one day chart. Image Source: TRX/USD on TradingView

Tron at the moment remains quite bullish on the 24 hour chart. This can be said so because the coin’s prices were seen above the 20-SMA line depicting that buyers drove price momentum in the market. The coin was above the 50-SMA line which is also a sign of positive price action.

At press time, TRX was also seen trading above the 200-SMA line indicating bullishness. On the Relative Strength Index, TRX depicted increased number of buyers as the indicator stood above the 60-mark. It also confirms profit-booking because the coin was overbought in the previous trading sessions.

Related Reading | TRON Joins Stablecoin Wars Will Launch USDD With 30% APY, Here Is When

Tron depicted bullish momentum on the one day chart. Image Source: TRX/USD on TradingView

MACD indicated strong bullish momentum on the chart. The indicator underwent a bullish crossover and flashed green histograms which were increasing in size. This meant that the bulls were still in charge at the time of writing.

The Directional Movement Index which depicts market momentum was certainly quite bullish as the -DI was under the +DI line on the chart at press time. It indicated bullish price action.

A chance of a price pullback after a rally cannot be ruled out. TRX registered increase in the price by double-digits over the past 24 hours. In the last week, TRX gained close to 29%.

Related Reading | TRON DAO Reserve Appoints Alameda Research as the First Member and Whitelisted Institution

Featured image from UnSplash and the chart from Tradingview.com

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eToro Announces Cardano (ADA) And Tron (TRX) Delisting, Points To Regulatory Concerns

Crypto exchange eToro has just announced that it is delisting two major cryptos from its platform. As regulatory concerns grow, crypto exchanges have found themselves bearing the brunt of the weight and have had to take steps to avoid this. This has led to the delisting of cryptocurrencies from crypto exchanges in order to maintain compliance with the regulatory environment.

The latest of the exchanges that have been bucking under the weight of regulatory concerns is eToro. On Tuesday, the exchange announced via a blog post that it will be delisting community favorites Cardano (ADA) and Tron (TRX). Users of the crypto exchange also received emails informing them of the latest development.

Related Reading | Kraken Is Delisting Top Privacy Coin Monero (XMR) For UK Users

eToro Limits Access For US Users

According to the announcement, US users are the core user base that will be affected by the delisting of the coins. In what looks to be a multi-phase delisting, eToro is limiting access to these digital assets for users in the United States on December 26th, 2021.

The first phase of this is preventing US users from opening up new positions in Cardano (ADA) and Tron (TRX). While users will still be able to close their positions, they will not be allowed to open new ones. In addition, eToro will also remove staking features for US users for both Cardano (ADA) and Trong (TRX), with final reward payouts happening on January 15th, 2022.

ADA price drops to $1.8 | Source: ADAUSD on TradingView.com

The statement cited the “evolving regulatory environment” as the reason behind the delistings. This is in line with Kraken delisting privacy coin Monero for its UK users. The crypto exchange had also stated regulatory concerns for the move.

How Will This Affect ADA And TRX Holders?

The blog post explained that Cardano (ADA) and Tron (TRX) holders will still be able to hold both assets on the exchange following the delisting. Furthermore, they will be able to sell their positions for USD. However, this, too, has an expiry date as it stated that the selling of both assets will also be limited in the first quarter of 2022.

Related Reading | Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic

For users invested in Smart Portfolios that contain either or both of these assets, eToro will convert them to open positions, which the user can choose to hold or close. Users whose portfolios copy others will be subjected to the same action taken on the portfolio being copied. So if the latter sells their Cardano (ADA) and Tron (TRX), then the assets in the copying portfolio will also be sold.

Finally, users will still be able to send their holdings to the eToro Money crypto wallet past the deadline for selling and will not be forced to sell any of their holdings in either asset.

Featured image from Time.com, chart from TradingView.com