The price of Tron remained steady on Saturday as investors focused on the recovery and continued gains of the UNIFI-powered cryptocurrency. The TRX token has surged to $0.70, about 50% higher than this year’s lows. Its market capitalization has grown to over $6.4 billion, making it the 17th largest cryptocurrency in the world.
Unifi Protocol and USDD growth
The TRX price has jumped sharply in the past few weeks as cryptocurrencies rebound. Indeed, most coins like Ethereum, Bitcoin, and XRP have all gained recently, with the total market cap of all digital coins soaring to over $1.1 trillion.
Tron has also risen because of the substantial gains made by USDD, the stablecoin that was launched in May this year. USDD is an overcollateralized algorithmic coin that it hopes will become a leading player in the crypto industry.
Still, there are concerns about the little growth of the coin. After rising from $0 and seeing strong capital inflows, its market cap remains stuck at $725 million. This is a sign that the demand for this coin may have peaked.
On the one hand, investors fear its future because the coin is algorithmic in nature and backed by risky cryptocurrencies like TRX and Bitcoin. The price of
Tron rises due to the expanding DeFi universe. For example, according to DeFi Llama, the total value of Tron locked up (TVL) has grown to over $5.88 billion, making it the third largest platform after Ethereum and BNB.
Much of this growth is driven by the Unifi protocol. Total value locked in Unifi increased by 581% in the last 30 days to $1.5 million
Tron price prediction
The 4-hour chart shows that TRX price has been in a strong uptrend for the past few days. It remains above the ascending trendline shown in red. At the same time, it is moving slightly above the 25-day moving average while the Relative Strength Index (RSI) is moving slightly below the overbought point at 70.
Therefore, it is likely that Tron price will continue to rise. in August. . as the demand for this part increases. If that happens, the next key resistance to watch will be $0.80.