“`html

TRON has achieved a significant milestone in the stablecoin market, but the price of its native token, TRX, appears to be struggling to gain upward momentum.

TRON Sets Record Stablecoin Supply

Recent data indicates that as of May 7, TRON’s stablecoin supply has reached an all-time high of $71.9 billion. This achievement follows Tether’s recent minting of $1 billion USDT on May 6, marking the sixth consecutive billion-dollar issuance on the TRON network since April. This growth underscores TRON’s expanding role within the stablecoin ecosystem.

TRON’s Ecosystem Shows Robust Growth

The broader TRON ecosystem is also demonstrating notable progress. Monthly decentralized exchange (DEX) volume surged by 40%, rising from $3.4 billion in March to $4.9 billion in April. Additionally, the network’s total value locked (TVL) has shown signs of recovery, increasing from approximately $4.4 billion in March to just over $5 billion in May.

TRON’s user base continues to expand, boasting over 302 million accounts and surpassing 10 billion transactions. The network is currently processing up to $19 billion in daily USDT transfers, highlighting its role as a major player in the blockchain space.

USD1 Stablecoin Launch and Institutional Interest

On May 1, World Liberty Financial introduced the USD1 stablecoin on the TRON network. Backed by U.S. Treasuries and cash equivalents, USD1 is aimed at increasing institutional adoption while diversifying TRON’s growing list of stablecoins.

Other developments include P2P.org being approved as a TRON Super Representative, enabling the staking provider to participate in block validation. Additionally, in April, Canary Capital filed for a spot TRX exchange-traded fund (ETF) that incorporates staking, signaling growing interest from traditional financial institutions.

TRX Price Analysis: Struggling to Break Resistance

Despite these fundamental advancements, TRX is facing challenges in the market. Currently trading at around $0.243, TRX is struggling to break above the $0.25 resistance level after a 6.2% decline in the past 24 hours.

Technical indicators offer mixed signals. While most moving averages and the moving average convergence divergence (MACD) suggest bearish pressure, momentum and Bull Bear Power indicators reflect some buying strength. The relative strength index (RSI) sits at 49, indicating market indecision.

Key Levels to Watch

  • Support: If TRX falls below $0.240, it could test lower levels around $0.235 or below.
  • Resistance: A clean break above $0.25 could pave the way for further upside movement.

TRON founder Justin Sun remains optimistic, stating that he expects TRX to reach a new all-time high in Q2. He attributes this confidence to the market’s growing maturity and TRON’s increasing correlation with Bitcoin (BTC).

“`

Post Views: 5