• May 27, 2022

Tron price prediction: USDD concerns

Tron price prediction: USDD concerns

The price of Tron has been a bit volatile in recent days due to concerns about its new stablecoin USDD which looks a lot like Terra USD. The coin is trading at $0.069, which is about 25% lower than last week’s high. Its total market capitalization has fallen to about $6.82 billion.

USDD’s concerns remain

The biggest cryptocurrency story this month was the collapse of Terra USD, the third largest stablecoin in the world. At its peak, it was the third largest stablecoin in the world after Tether and USD Coin.

Another big story was the launch of USDD Coin by Tron. USDD is a stablecoin that is very similar to Tron USD in that it is not backed by US dollars. Instead, it is an algorithmic stablecoin that automatically rebalances itself when it goes below or above $1.

The USDD has been one of the most successful stablecoins launches of all time. In less than three weeks, its total market capitalization jumped to more than $310 million. This makes it one of the largest stablecoins in the world and the 147th largest coin in the world.

Learn more about how to buy Terra Luna .

The TRX price has fallen due to the concerns of the USDD stablecoin. With algorithmic stablecoins like DEI, Neutrino and Terra USD losing their foothold, there are fears that the USDD could do the same. For now, however, the coin’s peg has held up relatively well and has been between $0.998 and $1.01.

The price of Tron has also fallen due to the low performance of its DeFi platform. Like all platforms, its total locked value has fallen hard in recent days. It dropped slightly to about $4.2 billion, making it the 4th largest chain in the world.

Tron price forecast

As for the four-hour chart, the TRX price reached a high of $0.092 as demand for the USDD coin increased. In recent sessions, however, the coin has fallen sharply and has fallen below the 25- and 50-day moving averages. The coin remains above the ascending trend line indicated in black.

Tron’s stochastic oscillator moved slightly above the neutral level at 50. Therefore, the outlook for the price of Tron is a little bearish, with the next key support level being at $0.065. A move above the resistance at $0.0072 will invalidate the bearish view.