Tron crypto price continued its strong bull run this week. TRX jumped to a high of $0.3330 on Tuesday, up by over 65% from its lowest level in February this year.
Tron Crypto Price Has Many Catalysts
The TRX price has been in a strong uptrend this year, driven by catalysts within its ecosystem and rising demand. One of the main catalysts is that Tron Inc., formerly known as SRM Entertainment, has started to accumulate the token.
It is currently raising $1 billion, with most of the funds going towards creating a Tron treasury. Its goal is to replicate the Strategy’s success that has made it one of the biggest American companies.
TRX’s demand could continue growing if the Securities and Exchange Commission approves the REX Shares and Canary Capital ETFs. There is a high likelihood that this approval will be granted.
The Tron Blockchain is also doing well. Data shows that the total value locked in its decentralized finance (DeFi) ecosystem is rising. It jumped by over 21% in the last seven days to $5.8 billion. The bridged TVL jumped to $90 billion, a trend that may continue.
Tron is also a major player in the booming stablecoin industry. Artemis data shows that Tron’s stablecoin supply increased by 2% to over $82.5 billion, with Tether (USDT) holding the largest market share.
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Tron’s stablecoin addresses stood at 9.7 million, while the stablecoin adjusted transaction volume stood at over $634 billion. These numbers have made it the most portable chain in the crypto industry, generating over $1.38 million in fees in the last 24 hours.
Tron utilizes the substantial fees generated by its network to burn millions of tokens daily. As a result, Tron is highly deflationary. It also generates substantial staking returns, with the 43 billion staked tokens generating over $476 million worth of staking rewards per year.
TRX Price Technical Analysis
The daily chart shows that the Tron price has jumped in the past few months, moving from a low of $0.2000 in February to the current $0.3327. It has formed an ascending channel and is now slightly below its upper side.
Tron has remained above the 50-day and 100-day Exponential Moving Averages (EMA). Also, the Relative Strength Index (RSI) and the MACD have all continued rising.
Therefore, the token will likely continue soaring, with the next point to watch being at $0.4487, up by 35% from the current level. The alternative scenario is where it drops to the 50-day moving average at $0.3032.
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