- Tron price has pulled back from the year-to-date high.
- Tron is one of the most profitable blockchains in the industry.
Tron price retreated slightly as digital currencies pulled back. TRX retreated to a low of $0.075, a few points below the year-to-date high of $0.085. Despite the retreat, Tron is one of the top-performing cryptocurrencies this year having jumped by over 56%. It is also hovering near its highest level since June last year.
Tron ecosystem growth
One of the top reasons why TRX price has done well this year is the strong performance of its ecosystem. Data compiled by DeFi Llama shows that Tron is the third-biggest chain in the world after Ethereum and BNB Chain. While its DeFi protocols are just 22, Tron has a total value locked of over $5.6 billion. And most recently, some of its DeFi dApps like SUN and JustLend have started gaining traction.
Tron also has the most active users among big chains. Data shows that it has over 1.07 million users while Ethereum has more than 326k users. Similarly, in terms of stablecoins in its ecosystem, Tron has over $45 billion, making it second only to Ethereum, which has over $68 billion.
Therefore, these metrics show that Tron is widely used by people around the world. This usage could increase after the network bridged into Ethereum’s network. This bridge is being powered by BitTorrent Chain.
Read more: How to buy Tron.
Tron price has also jumped because of the continued profitability of the chain. Data by TokenTerminal shows that it is one of the most profitable players in the blockchain industry. The network made over $563 million in the past 365 days, making it the third most profitable after Ethereum and Uniswap. In the past 30 days, Tron’s revenue came in at over $87 million, making it the third network after Ethereum and Bitcoin.
Tron price prediction
TRX crypto price has been in a bullish trend in the past few months. It recently moved above the important resistance point at $0.072, the highest point on February 21st and August 14 last year.
Tron is being supported by the 50-day and 25-day exponential moving averages (EMA). The Relative Strength Index (RSI) has moved from the overbought point of 80 to 60. It also seems like it is forming a break and retest pattern as it approaches the key support at $0.072.
Therefore, I believe that Tron will retest the support and then resume the bullish trend. This makes it a good coin to buy the dip in.
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