TLDR
- TRX is currently trading at $0.247-0.2495, showing a 0.7% increase in 24 hours and 2.6% over two weeks
- Tron DEX trading volume reached a yearly high of over $750 million
- Stablecoin market cap on Tron network has hit an all-time high near $72 billion
- On-chain metrics suggest the network is in an accumulation phase with decreased new wallet creation
- Weekly support level at $0.244 remains crucial for potential upside to $0.26
TRX has shown resilience in a market where many altcoins are experiencing flat price action. The cryptocurrency currently trades around $0.249, maintaining an upward trend with a 2.6% increase over the past two weeks and a 0.7% gain in the last 24 hours.
Market analysts have noticed TRX’s stability amid broader volatility. This strength comes as on-chain metrics paint an interesting picture of the network’s current state.
According to CryptoQuant contributor BorisVest, Tron is showing signs of entering an accumulation phase. The number of new wallets and transaction fees has declined, pointing to reduced network activity.
This slowdown in activity doesn’t necessarily indicate weakness. Rather, it may represent a consolidation period that often precedes stronger market movements.
The network experienced a spike in complex transactions and gas usage during recent price highs. However, both average and maximum gas usage have fallen since then.
Despite occasional price surges, new wallet address creation has remained either flat or declining. This trend suggests limited retail or organic growth during the current market phase.
DEX Volume Surges to Yearly High
While some metrics show decreased activity, Tron’s decentralized exchange (DEX) trading volume tells a different story. According to data from DefiLlama, DEX volume on the Tron blockchain reached $751.08 million on Tuesday, marking a new year-to-date high.
This surge in DEX volume indicates increased user activity and liquidity in the TRX ecosystem, potentially supporting a positive price outlook.
The rise in trading volume comes amid growing stablecoin usage on the Tron blockchain. Stablecoin market capitalization on Tron has reached an all-time high of nearly $72 billion.
This places Tron just behind Ethereum, which currently hosts around $75 billion in USDT. The increasing stablecoin supply demonstrates strong demand for value transfer and settlement use cases on the network.
The growth in stablecoin usage can be attributed to Tron’s low transaction costs, making it an attractive platform for users. As more liquidity flows into the Tron ecosystem via USDT, the network’s role in decentralized finance continues to expand.
From a technical perspective, TRX has been consolidating around its weekly support level of $0.244. If this support holds, TRX could potentially extend gains and retest its April 14 high of $0.259.
The Relative Strength Index (RSI) currently hovers around its neutral level of 50, indicating indecisiveness among traders. For bullish momentum to continue, the RSI would need to move above 60.
The Moving Average Convergence Divergence (MACD) indicator also shows signs of indecision, with the indicator coiling. A bullish crossover would be needed to confirm an uptrend.
If TRX maintains its position above the weekly support at $0.244, it could target the $0.26 level in the near term. However, a close below this support could lead to a retest of the April 11 low of $0.234.
The current price action comes as the broader crypto market experiences consolidation. TRX’s relative strength during this period has drawn attention from market participants looking for potential opportunities.
As the Tron network continues to see growing stablecoin activity and record-high DEX volume, these fundamental factors may provide support for future price movements.
The latest data shows TRX trading at $0.247 on Tuesday, slightly down but still holding above the critical support level at $0.244.
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