TRON is currently valued at $0.1986, with a market capitalization exceeding $17 billion as of the latest data. Over the past week, this digital asset has seen a significant 12.13% surge in its value, reflecting robust investor confidence and a positive market sentiment.
Moreover, aside from the price performance, TRON’s network has observed a notable increase in USDT (Tether) transaction volumes since 2019, with a noticeable uptrend in recent months.
The weekly USDT volumes have now exceeded 150 billion, showcasing TRON’s growing adoption as a key platform for stablecoin transactions. This dominance is further highlighted by USDT being the leading stablecoin in the market, constituting roughly 70% of the total stablecoin market cap, which presently stands at $184.02 billion.
The surge in TRON’s USDT-related activities can be attributed to its efficient transaction processing, cost-effectiveness, and capacity to handle high-volume transfers. These factors have positioned TRON as an attractive choice for users seeking affordability and speed.
TRON has significantly contributed to USDT’s market cap by $61.7 billion through substantial transaction volumes, solidifying its crucial role in the stablecoin ecosystem.
While USDC is favored by regulators, USDT has outperformed competitors with a 7.64% increase in market cap, a 31.55% rise in monthly transfer volume ($1.95 trillion), and a 7.99% uptick in active addresses (22.09 million) in the past 30 days.
TRON’s Robust Year Reflected in TVL Recovery
In addition to the USDT dominance, TRON’s Total Value Locked (TVL) has exhibited a significant recovery since early November. The figures gained momentum towards the end of the previous month after a two-month decline starting from September.
This rebound signifies renewed interest and confidence in TRON’s ecosystem as market conditions stabilize.
Commencing the year around $8 billion, TRON’s TVL hit a peak of $10 billion in April, followed by fluctuations mid-year. Despite dips in September and October, November’s recovery underscored TRON’s resilience, stabilizing the TVL around $7 billion presently.
Indicators Pointing Towards Potential Price Recovery
An analysis of the price charts reveals TRX consolidating near $0.1986, with $0.1930 serving as a critical support level. Should the price breach this level, it could signal a short-term bearish trend.
On the contrary, a breakout above $0.2070 may open the door to a rally towards the resistance zone at $0.2200.
The Alligator lines are converging, indicating decreased market momentum and a possible phase of consolidation. Traders are advised to monitor for a crossover to confirm a potential trend reversal. The Awesome Oscillator (AO) depicted a decline in bullish momentum, marked by the emergence of red bars, signifying weakening buying pressure. A continuation below the zero line could confirm a short-term bearish trend.
Lastly, the Stochastic RSI reading of 25.23 in the oversold territory hints at a potential price reversal. A bullish crossover at this point might instigate a recovery rally.