2023-09-29 12:46:01 ET
Tron (TRX) price continued its remarkable rally on Friday as demand for the coin jumped. It jumped to a high of $0.090, the highest level since July 22nd. It is approaching the year-to-date high of $0.094, making it one of the best-performing major cryptocurrencies this year.
Tron DeFi TVL hits a record-high
Tron has outperformed other cryptocurrencies, thanks to its strong performance of its DeFi ecosystem. Data by DeFi Llama shows that Tron’s DeFi total value locked (TVL) has jumped to a record high of over $6.8 billion. Tron started the year with a TVL of more than $4.7 billion.
A closer look at its ecosystem shows that this growth is being driven by JustLend , a lending and borrowing protocol. The network’s TVL has jumped by more than 30% in the past 30 days and now stands at over $4.7 billion. Other large players in the ecosystem are stUSDT and JustStables, which have a TVL of over $1.7 billion and $1.54 billion, respectively.
Other data shows that Tron is the most active cryptocurrency in the industry. Its stablecoins are valued at over $44.5 billion while the number of active users in the ecosystem has jumped to over 1.47 million. In contrast, networks like Ethereum and BNB Chain have a substantially smaller user base.
Tron has also done well because of the strong performance of USDD, the stablecoin launched in 2022. The stablecoin has maintained its peg, thanks to the over-collateralization strategy.
Most importantly, TRX price has risen because of the strong performance of the crypto market. Bitcoin has jumped to $27,000 while XRP soared to $0.052.
Tron price forecast
The daily chart shows that the TRX price has been bullish in the past few months. Tron has flipped the important resistance level at $0.085, the highest point on July 28th. It has also formed an ascending channel shown in green.
Tron has jumped above the 25-day and 50-day exponential moving averages (EMA) while the Relative Strength Index (RSI) and the Stochastic Oscillator (SO) have moved above the overbought level. Therefore, the outlook for the coin is bullish, with the next level to watch being at $0.10. The stop-loss of this trade will be at $0.085.
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