As of the current moment, TRON is priced at $0.1986, commanding a market capitalization that exceeds $17 billion. Over the past week alone, this alternative coin has seen a 12.13% surge – Demonstrating significant confidence among investors and a bullish sentiment in the market.
However, it’s not just about the price movement. Beyond that, TRON’s network has observed a notable increase in USDT (Tether) transaction volumes since 2019, with a noticeable uptick in recent months.
Weekly USDT transaction volumes have now crossed 150 billion, reflecting TRON’s increasing popularity as a favored platform for stablecoin transactions.
Furthermore, TRON’s dominance is further emphasized by USDT’s position as the primary stablecoin in the market, representing roughly 70% of the total stablecoin market cap which currently stands at $184.02 billion.
The recent surge is a result of TRON’s efficient transaction processing, low transaction fees, and its ability to handle high-volume transfers effectively. These aspects make it an appealing choice for users looking for cost-effective and swift transactions.
With TRON contributing a significant $61.7 billion to USDT’s market cap through extensive transaction activity, it has solidified its role as a crucial facilitator in the stablecoin ecosystem.
Despite USDC being favored by regulators, USDT has surpassed its competitors with a 7.64% increase in market cap, a 31.55% rise in monthly transfer volume ($1.95 trillion), and a 7.99% growth in active addresses (22.09 million) over the past 30 days.
TRON sees a strong year with TVL recovery
TRON’s Total Value Locked (TVL) has shown significant recovery since early November. The numbers gained momentum towards the end of last month after a two-month decline starting from September.
This recovery indicates renewed interest and confidence in TRON’s ecosystem as market conditions become more stable.
Beginning the year at approximately $8 billion, TRON’s TVL hit a peak of $10 billion in April before experiencing fluctuations in the middle of the year.
Despite a decrease in September and October, the bounce back in November showcased TRON’s resilience. Currently, the TVL has settled around $7 billion.
Stochastic RSI suggests a potential price recovery
On the price charts, TRX appears to be consolidating around $0.1986, with a significant support level at $0.1930. A breach beneath this level could mark the start of a short-term bearish trend.
Conversely, breaking the $0.2070 mark could lead to a rally towards the resistance zone at $0.2200.
The convergence of the Alligator lines indicates a decrease in market momentum and a potential consolidation phase. Traders should keep an eye out for a crossover to confirm a probable trend reversal. Additionally, the AO signals a decline in bullish momentum through the appearance of red bars, indicating weakening buying pressure. Confirmation of short-term bearish momentum could come with a continuing trend below the zero line.
Finally, the Stochastic RSI shows an oversold zone with a reading of 25.23, suggesting the possibility of a price reversal. An upbeat crossover at this point could trigger a recovery rally.