Tron Becomes Thirteenth-Largest Crypto Amid Bullish
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The Tron ecosystem emerged as one of the top gainers in the recent historic crash after the development team behind the crypto project took proactive measures that paid off significantly.
The TRON chain also recorded massive growth in total value locked (TVL) over the past month. The network’s TVL has spiked by over 33% in May and currently stands at $5.5 billion.
That said, Tron’s native token (TRX) and Stablecoin USDD have become two of the most attractive crypto assets for investors. Over the last 30 days, as the broader crypto market recorded its worst sell-off in several months, TRX recorded a surge of over 30%. At the same time, Bitcoin (BTC) is down by 22%.
To sustain this surge in value, Tron has reportedly burnt about $39 million (500 million TRX) worth of tokens. Interestingly, the network recently recorded a similar transaction sending 106.5 million TRX (worth $8.5 million) to an unknown wallet in the past 24 hours. However, it has yet to be ascertained whether this was a burn transaction.
Key Tron Levels to Watch — May 25
Tron retraced from the $0.0830 barrier on Wednesday as the broader crypto market took a bearish turn in the London session. The thirteenth-largest cryptocurrency has now fallen to the $0.0800 support line.
While the overall bias behind TRX is bullish, we could see a bearish decline below the $0.0800 level in the near term, albeit a likely brief one. This is due to the repeated failure of the crypto to breach the $0.0830 since the start of this week.
That said, a sustained break above the $0.0830 barrier in the near term should prompt a bullish rally towards the $0.0900 top.
Meanwhile, my resistance levels are $0.0830, $0.0850, and $0.0880, and my support levels are $0.0800, $0.0780, and $0.0760.
Total Market Capitalization: $1.25 trillion
Tron Market Capitalization: $7.6 billion
Tron Dominance: 0.6%
Market Rank: #13
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