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TRON Crypto Takes Off Ahead of USDD Launch Tomorrow

Cryptocurrency May 04, 2022 06:22AM ET
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© Reuters.

By David Wagner

Investing.com - In contrast to most crypto-currencies in recent days, and in particular with Bitcoin, which remains stuck under $40,000, the TRON (TRX) crypto is soaring by 10% since yesterday, and by nearly 25% over a week. This sharp rise has also allowed it to enter the Top 20 most important cryptocurrencies, currently in 20th position.

In addition, it is the best performing cryptocurrency in the Top 20 at the time of writing, both over 24 hours and over 7 days.

The main factor behind the TRON cryptocurrency's outperformance is the upcoming launch (tomorrow, Thursday, May 5) of the USDD or "Decentralized USD", which claims to be "the most decentralized stablecoin in human history", and will be launched on the TRON network.

That's not all, as TRON also announced plans to create a TRON DAO reserve, or in its own words, "the blockchain industry's first decentralized reserve," news that is generating hype that benefits the cryptocurrency.

Important technical thresholds for the TRON (TRX) cryptocurrency

As far as TRON's chart evolution is concerned, it should be noted that the cryptocurrency sent a positive signal today by crossing its 200-day moving average, after having moved below this indicator since the end of 2021.

Currently at $0.07616, this MM200 days are to be considered as the first support near the current prices.

On the upside, the psychological threshold of $0.08000, coupled with the March 31 high of $0.07950 form the first resistance zone to be considered. Beyond that, the key threshold of $0.1 could be quickly targeted.

TRON Crypto Takes Off Ahead of USDD Launch Tomorrow
 

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