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Why is Tron up more than 11% today?

 


The cryptocurrency market has been showing mixed performance since the start of the week.


The broader crypto market continues its mixed performance since the start of the week. The market is up less than 1% in the last 24 hours with the total market cap still at $1.7 trillion.


Bitcoin has found it difficult to breach $39,000 despite adding 0.95% to its value over the past few hours. Ether is at risk of falling below $2,800 after losing 0.35% of its value in the past 24 hours.


However, TRX, the native token of the TronDAO ecosystem, is the best performer among the top 20 cryptocurrencies by market cap. TRX has increased in value by more than 11% in the last 24 hours, outperforming the other major cryptocurrencies.


The main catalyst behind TRX's ongoing rally is the upcoming launch of TronDAO's decentralized stablecoin USDD.


Justin Sun, CEO of TronDAO, will present and launch the USDD stablecoin tomorrow, May 5 during a live event .

The TRX/USDT 4 hour chart is the most bullish among the top 20 cryptocurrencies by market cap. The technical indicators show that TRX is currently outperforming the other major cryptocurrencies.


The MACD line is inside the positive zone, which indicates bullish momentum. The 14-day Relative Strength Index of 67 shows that TRX could soon enter overbought territory if the rally continues.


At the time of writing, TRX is trading at $0.07758. TRX is preparing to scale the first major resistance level at $0.7825 and it might do so before the end of the day. However, the $0.0800 resistance level should limit any further upside in the short-term.


On the upside, TRX could break below the first major support level at $0.07326 if the bears regain control. However, it should easily defend the $0.07004 support level for the next few hours and possibly days.

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