Gate news, following a rebound of 3.5% the previous day, on Tuesday (June 24) during the Asian afternoon session, TRON (TRX) stabilized around $0.270. This rebound is attributed to TRX achieving an important milestone on the network, with the supply of Tether's USDT stablecoin on the TRON blockchain exceeding $80 billion, reflecting its rapid rise and popularity. As bullish momentum strengthens, the technical outlook suggests a further rebound in the coming days, with a target price of $0.29.
Token Terminal data shows that Tether's USDT supply on the TRON blockchain has steadily increased, surpassing the $80 billion mark on Tuesday, setting a new historical high, with an increase of $20 billion since January. The stablecoin activity and value growth of the TRON project indicate a bullish outlook, as it will enhance network usage and attract more users to the TRON ecosystem driven by decentralized finance (DeFi), meme coins, and payment use cases.
TRX Price Prediction: Rebound After Retesting Its 100-Day EMA
FXStreet analyst Manish Chhetri stated that the TRX price fell by 2.7% on Sunday, retesting the 200-day Exponential Moving Average (EMA) at $0.259, which aligns with the intraday support level, before rebounding by 3.49% the next day. As of Tuesday when this article was written, it was trading at approximately $0.272.
If the 200-day EMA continues to act as support at the $0.259 level, TRX may sustain its rebound momentum until the next daily resistance level at $0.296.
The Relative Strength Index (RSI) is at 49, close to the neutral level of 50, indicating that bearish momentum is weakening. To maintain bullish momentum, the RSI must break through the neutral level of 50, which will support future recovery.
However, if TRX fails to find support near the 200-day EMA at $0.259 and closes below it, the correction may extend to retest its low of $0.243 from May 7.
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TRX price prediction: Tether's USDT supply on TRON exceeds $80 billion.
Gate news, following a rebound of 3.5% the previous day, on Tuesday (June 24) during the Asian afternoon session, TRON (TRX) stabilized around $0.270. This rebound is attributed to TRX achieving an important milestone on the network, with the supply of Tether's USDT stablecoin on the TRON blockchain exceeding $80 billion, reflecting its rapid rise and popularity. As bullish momentum strengthens, the technical outlook suggests a further rebound in the coming days, with a target price of $0.29.
Token Terminal data shows that Tether's USDT supply on the TRON blockchain has steadily increased, surpassing the $80 billion mark on Tuesday, setting a new historical high, with an increase of $20 billion since January. The stablecoin activity and value growth of the TRON project indicate a bullish outlook, as it will enhance network usage and attract more users to the TRON ecosystem driven by decentralized finance (DeFi), meme coins, and payment use cases.
TRX Price Prediction: Rebound After Retesting Its 100-Day EMA
FXStreet analyst Manish Chhetri stated that the TRX price fell by 2.7% on Sunday, retesting the 200-day Exponential Moving Average (EMA) at $0.259, which aligns with the intraday support level, before rebounding by 3.49% the next day. As of Tuesday when this article was written, it was trading at approximately $0.272.
If the 200-day EMA continues to act as support at the $0.259 level, TRX may sustain its rebound momentum until the next daily resistance level at $0.296.
The Relative Strength Index (RSI) is at 49, close to the neutral level of 50, indicating that bearish momentum is weakening. To maintain bullish momentum, the RSI must break through the neutral level of 50, which will support future recovery.
However, if TRX fails to find support near the 200-day EMA at $0.259 and closes below it, the correction may extend to retest its low of $0.243 from May 7.
(Source: FXStreet, Trading View)