Tron price jumped to the highest point since June 11th of 2022 as its DeFi ecosystem did well. TRX, one of the biggest coins in the ecosystem, jumped to a high of $0.078, 78% above the lowest level in 2022. Similarly, other tokens in its ecosystem like SUN and UniFi were among the best performers.
Tron DeFi TVL rising
There was no immediate Tron news on Monday that pushed its price higher. First, data compiled by DeFi Llama shows that the network’s DeFi ecosystem is doing well. In total, the TVL jumped to more than $5.2 billion, making it the third-biggest chain in the world after Ethereum and Binance Chain. Most ecosystem dApps in the ecosystem like JustLend, JustStables, and SUN have seen their TVL jump by over 3% in the past 24 hours.
The other likely reason why TRX price jumped is online rumors that the coin could become a legal tender in Hong Kong, one of the biggest cities in the world. This speculation should be taken just like that since nothing has been confirmed yet. In the past, we have seen Tron price jump ahead of a major news event.
Read more: How to buy Tron.
Meanwhile, data compiled by CoinGlass shows that the volume of shorts liquidations has jumped sharply in the past three days. Liquidations happen when exchanges forcefully close short positions in order to protect their balances.
On Saturday, the volume of shorts liquidations jumped to over $330k from the previous day’s $2k. On Sunday, the volume of shorts liquidations jumped to over $798k, and on Monday, the shorts stood at over $731k.
Additional data shows that exchange open interest has drifted upwards in the past few days. In all, as shown below, open interest has jumped by almost 40% in the past 24 hours.
Tron price prediction
Turning to the daily chart, we see that the TRX price has made a strong bullish trend in the past few days. As it rose, the coin jumped above the important resistance point at $0.07330, the highest point on February 19. Tron has jumped above the 50-day and 100-day moving averages.
Therefore, using trend-following principles, I suspect that the bullish trend will continue in the coming days as buyers target the next important resistance point at $0.092, which is about 18% above the current level. A move below the support level at $0.073 will invalidate the bullish view.
