Over the last two weeks, TRON’s decentralized stablecoin has made news due to the over-collateralization of USDD. The stablecoin, on the other hand, was de-pegged today, falling over 1% from its $1 peg.
The current situation of the cryptocurrency market is a frenzy, with tokens surviving on the smallest price fluctuations. Just weeks after the Terra blockchain and its token UST collapsed, the founder of Tron (TRX) has sworn to defend the under-fire decentralized algorithmic stablecoin USDD. The TRON DAO reserve, according to Justin Sun, will defend USDD from a depreciation and will be highly active in the market.
In Monday trading, the USDD fell below its dollar peg, trading as low as 91 US cents, with founder Justin Sun stating that short sellers were targeting the digital asset. As investors reacted to the mounting risks of Tron’s stablecoin, USDD, the Tron price plummeted. Let’s take a peek at the pricing of TRX
TRX Price Prediction
TRX is also feeling the heat, with a 4.1 percent drop in the last 24 hours compared to a 7 percent and a 3 percent climb for BTC and ETH, respectively. The coin ran into a lot of resistance at $0.074, which was the rising channel’s upper line.
For a relief bounce to $0.074 in the coming days or weeks, it needs to hold the $0.058 support level. TRX will fall to support levels of $0.051 and $0.04 if it breaks below this level. The largest risk that Tron’s TRX faces is the USDD, so trading this coin should be done with caution.
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Images courtesy of TradingView.
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