TRON Price Witnessed A Surge Amid Rising TRX Transfer Volume

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  • With an audacious 20% APY, Justin Sun, the TRON founder, announced USDD 2.0.
  • On January 15th, TRON’s daily transfer volume reaches $3.6T.
  • TRON’s price surpassed the 20-day EMA and ranked 10th in the cryptocurrency market in terms of market value.

TRON (TRX) has increased by 118% in the first three days of December. Buyers lost about 40% of their gains the following day after failing to maintain the momentum. In addition, practically all of the prior gains have been erased by the TRON price, which has continued to drop.

The chart showed that the TRX price has been falling, making lower highs and lower lows. Buyers have recovered, though, and have declined to set a new lower low. This bullish effect has caused the TRON price to surpass the 20-day EMA.

USDD 2.0’s release was announced earlier on January 15 by Justin Sun, the founder of TRON. It is a modified version of the decentralized stablecoin TRON.

This announcement’s most notable component was that USDD users would receive an APY of up to 20%. Additionally, they could see that every created interest was transmitted to an open on-chain address.

Sun said that the TRX coin has plenty of money where the yield comes from. That addressed worries about how they intend to maintain such a high yield. Despite his audacious statements, the crypto community was both excited and skeptical.

This occurred due to some investors’ faith in TRON’s financial stability. Some people weren’t so sure about these potentially significant gains, though.

TRON Achieves Second-Highest Daily USD Transfer Volume of $3.6 Trillion

In addition to the announcement of USDD 2.0, TRON witnessed a massive surge in USDD transaction volume on January 15th. With this, the daily USD transfers amounted to $3.6 Trillion.

The fact that this is the network’s second-highest daily transfer quantity reinforces its growing reputation in the blockchain ecosystem.

TRX Transfer Data
TRX Transfer Data | Source: CryptoQuant

Notable announcements about the TRON ecosystem have coincided with past transaction activity peaks. Investors were pleased with the USDD 2.0 news.

Furthermore, they seized the opportunity to purchase before further announcements were made due to the surge’s timing. The TRX coin has been a significant participant in stablecoin transactions.

Large volumes of USDT and USDC are transferred thanks to its quick settlement and low fees. The most recent data shows that TRON remained one of the most popular blockchains for payments, remittances, and DeFi applications.

TRON Price on the Verge of Potential Breakout

The TRON price was trading at $0.257 at press time, which has advanced by 1.85% over the past 24 hours. The market capitalization was $22.15 Billion, and the 24-hour trading volume was $1.12 Billion.

TRX/USD 1-D Chart\

TRX coin price has fallen through a descending channel and reached the breakout zone. Buyers might dominate ahead if the price triggers a breakout from the channel. Amid this bull run, the price might get the last swing high.

Alternatively, it could be a selling signal if the TRON price faces resistance from the upper trendline. If the price slips below the 20-day EMA, the momentum may rhythm with its recent bearish trend.

TRON Price Analysis and Daily Transaction Volume

TRON’s recent developments, particularly the launch of USDD 2.0, have generated significant interest. However, it has also sparked speculation in the cryptocurrency market.

The initial surge in the TRON price and strong investor confidence highlighted the potential for recovery and growth. However, the subsequent drop in price and formation of lower highs raises caution among traders.

A breakout from the current descending channel could signal a bullish trend and lead to further gains. However, the market remains volatile. Investors should closely monitor the resistance levels and the 20-day EMA. These will be critical indicators of the future price movement.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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