Decentralized stablecoin-USDD launch news gave a huge boost to a fresh reversal surge.
TRON has been down 2.52% in the last 24 hours.
As a result of Justin Sun’s announcement that he aims to establish a decentralized algorithmic stablecoin-USDD, the TRON (TRX) price surged by 13 percent on April 21. Unfortunately, buyers could not break through local resistance at $0.0716 after the news increased the coin’s price. Today, the cryptocurrency has fallen and will likely retest the recovered EMAs for support.
Higher Inflows Recorded
As of May 5, the USDD will be linked to the Tron (TRX) currency and will be accessible on the Tron network and Ethereum and BNB Chains through the BTTC cross-chain protocol. H.E. Justin Sun developed the TRON network in September 2017, intending to speed up the decentralization of the Internet using blockchain technology and decentralized apps (Dapps).
On April 11, the price of TRX fell below the $0.058 level as a result of the latest downturn in the crypto market. This support zone kicked off the March rally, which pushed the currency up to the $0.0751 level. TRX price recovered from this support with an inner day candle as history repeated itself. Decentralized stablecoin-USDD launch news gave a huge boost to a fresh reversal surge and encouraged substantial inflows. Although the price could not maintain its momentum and entered a correction phase.
Do Kwon, the leader of a group that has been buying up bits of Bitcoin as reserves for the UST stablecoin, hailed Tron’s action, stating on Twitter that “decentralized economies deserve decentralized money”. UST and Terra’s LUNA tokens have witnessed considerable improvements in market capitalization due to the decision to create Bitcoin reserves.
According to CMC, the TRON price today is $0.066069 USD with a 24-hour trading volume of $790,128,601 USD. TRON has been down 2.52% in the last 24 hours.