HomeNewsTron Price Prediction as OneSwap and Unifi TVL Rockets Higher
Tron Price Prediction as OneSwap and Unifi TVL Rockets Higher

Tron Price Prediction as OneSwap and Unifi TVL Rockets Higher

Last updated 11th Aug 2022
  • Tron price has crawled higher in the past few days.
  • The USDD stablecoin has recently regained its peg.
  • DeFi platforms like OneSwap and Unifi’s TVL has surged.

Tron price has crawled back in the past few days as investors watch the recent performance of the USDD stablecoin and its DeFi ecosystem. TRX is trading at $0.0672, which is about 46% above the lowest level in June.

Tron DeFi growth

Tron is a leading blockchain project that acts a giant operating system. The platform, which was developed by Justin Sun, is widely used by both individuals and developers. On any given day, billions of dollars flow through Tron’s ecosystem.

Tron has been in the spotlight in the past two months as investors watch the performance of its algorithmic stablecoin that is known as USDD. The stablecoin was launched in May at a time when the Terra USD was imploding. This is a notable thing since USDD is an algorithmic stablecoin that is not backed by fiat currencies.

In the past two months, short-sellers have piled into several stablecoins, including Tether. They believe that these coins will likely not be able to defend their pegs in the long term. Tron DAO has bought billions of dollars worth of assets to defend the peg.

Still, like I have argued before, it will be relatively difficult to do that. I gave the example of the Hong Kong dollar, which is backed against the US dollar. The city’s central bank has spent over $7.2 billion this year along to defend it.

Here’s how to buy Tron.

Tron price has also risen as its DeFi platforms bounce back. According to DeFi Llama, Tron has a total value locked (TVL) of over $5.25 billion. The TVL of key apps in the ecosystem has continued rising, with JustLend, Sun.io, Just Cryptos, and Just Stables rising by over 4% in the past few days. The best performer has been OneSwap whose TVL has risen by over 13k% in the past 7 dys.

Tron price prediction

The 4H chart shows that the TRX price has formed an ascending channel that is shown in purple. The current price is along the middle line of this channel. It is also hovering near the 25-period and 50-period moving averages.

The price has moved below the important resistance level at $0.7030 while the Relative Strength Index (RSI) is pointing downwards. I suspect that the coin will have a major bearish breakout as excitement about the DeFi TVL falls. If this happens, the next key support level to watch will be at $0.96.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.