TRX Price Up As Tron Rolls Out The Red Carpet For Trump-Backed Stablecoin

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Tron’s blockchain just added a USD1 stablecoin from World Liberty Financial Inc. That move put the spotlight back on TRX. And traders are paying attention to what comes next.

Significant Price Movement

According to trading data, TRX climbed 6% on Tuesday. It broke above the $0.2875 level on the daily chart before hitting resistance at $0.2980.

A clean break past that hurdle could send the token toward $0.3230, the 50% Fibonacci retracement level. Currently, TRX trades around $0.2920, sitting between support at $0.2808 and the 23.6% Fib mark of $0.2645.

High-Profile Stablecoin Launch

Based on reports from World Liberty Financial Inc., the new USD1 stablecoin is now live on Tron. The issuer has ties to US President Donald Trump, and Justin Sun—Tron’s founder and the largest holder of the Trump Token meme coin—called the launch a “giant leap for stablecoins.”

Sun also joined a White House dinner for top Trump Token holders. This link to big names has drawn fresh eyes to Tron’s ecosystem.

On-Chain Growth Signals

According to DeFiLlama, the total value locked on Tron reached over $5 billion. On June 6, the network saw 4.50 million returning user addresses. Those stats suggest people keep coming back to DeFi apps on Tron, but it’s worth watching whether those funds stay in place or chase higher yields on other chains.

Bullish Bets in Derivatives

Based on CoinGlass data, TRX derivatives open interest rose by 8.25% over the past 24 hours to $329 million. The weighted funding rate open interest rose to 0.0098%, indicative that bullish long positions are greater than shorts. Short liquidations in the past day were almost double that of longs, which settled a bearish bet wave.

Technical analysis supports this positive perspective. The RSI on the daily chart is inching up to the overbought region, indicating heightened buying pressure. A recent MACD crossover drove histogram bars into positive territory, which means momentum has favored the buyers.

Meanwhile, traders will keep a close eye on Bitcoin’s moves too. A pullback there could drag altcoins lower, while a fresh rally could lift TRX even more. For now, the combination of a big-name stablecoin launch, rising TVL, swelling open interest and positive technical signals gives Tron fans reason to watch for a potential breakout.

Featured image from Getty Images, chart from TradingView

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
This Altcoin Looks Like PEPE Before It Exploded, Analyst SaysA cryptocurrency analyst has pointed out how Pudgy Penguins (PENGU) is starting to look similar to Pepe (PEPE) did before its explosion. Pudgy Penguins May Be Following A Similar Path As PEPE In a
Author  NewsBTC
16 hours ago
A cryptocurrency analyst has pointed out how Pudgy Penguins (PENGU) is starting to look similar to Pepe (PEPE) did before its explosion. Pudgy Penguins May Be Following A Similar Path As PEPE In a
placeholder
Dogecoin Under Pressure: Only Top 10 Coin Where Loss-Taking Exceeds ProfitOn-chain data shows Dogecoin is the only cryptocurrency among the top 10 where investors are currently realizing more losses than profits. Dogecoin Investors Realized $124 Million In Loss Over The
Author  NewsBTC
7 Month 01 Day Tue
On-chain data shows Dogecoin is the only cryptocurrency among the top 10 where investors are currently realizing more losses than profits. Dogecoin Investors Realized $124 Million In Loss Over The
placeholder
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC inches away from record highs, ETH, XRP on verge of breakoutBitcoin (BTC) is hovering around $107,000 on Friday, just 4% from its all-time highs. Meanwhile, Ethereum (ETH) and Ripple (XRP) are approaching their major resistance zone, and a breakout here could spark renewed interest and potential gains on the horizon.
Author  FXStreet
6 Month 27 Day Fri
Bitcoin (BTC) is hovering around $107,000 on Friday, just 4% from its all-time highs. Meanwhile, Ethereum (ETH) and Ripple (XRP) are approaching their major resistance zone, and a breakout here could spark renewed interest and potential gains on the horizon.
placeholder
Litecoin Price Forecast: LTC holders’ profit-taking activity reaches three-month highLitecoin (LTC) is stabilizing at around $85 at the time of writing on Thursday, having recovered 6% so far this week.
Author  FXStreet
6 Month 26 Day Thu
Litecoin (LTC) is stabilizing at around $85 at the time of writing on Thursday, having recovered 6% so far this week.
placeholder
Stellar Price Forecast: XLM derivatives data hint at double-digit rally as bullish bets surgeStellar (XLM) is hovering around $0.242 at the time of writing on Thursday, having recovered nearly 6% so far this week. The derivatives data suggest rising investor confidence as XLM’s funding rate turns positive and the bullish bets reach their highest level in over a month.
Author  FXStreet
6 Month 26 Day Thu
Stellar (XLM) is hovering around $0.242 at the time of writing on Thursday, having recovered nearly 6% so far this week. The derivatives data suggest rising investor confidence as XLM’s funding rate turns positive and the bullish bets reach their highest level in over a month.
Real-time Quote