Developments in the Tron community are progressing well, when compared to its counterparts. The price of Tron at press time was $0.0226, while the market cap was at $1.49 billion.
The 24-hour trading volume for Tron was $107 million and most of the trading volume for TRX came from BitForex exchange, which provides a total of $12 million in trading volume via trading pair TRX/USDT.
IDCM exchange follows BitForex by contributing a total of $9.4 million via the trading pair TRX/BTC.
The one-hour chart showed a downtrend that extended from $0.02777 to $0.0229, with no uptrend in sight. The support was seen at $0.0215, while resistance lines were set up at $0.0242, $0.0254, and $0.0283.
The Parabolic SAR markers spawned below the price candles, indicating bullish pressure for TRX in the short-term time frame.
The MACD indicator showed a bullish crossover that was extending over the zero-line.
The Relative Strength Index showed the RSI line touching the overbought zone and retracting from there.
The one-hour chart for Tron showed a small uptrend that extended from $0.0129 to $0.0220, while the downtrend extended from $0.0498 to $0.0268. The price struck immediate resistance at $0.02689, and was headed towards the support at $0.0119.
The MACD indicator showed a continuation of the bearish crossover beyond the zero-line. The MACD histogram indicated the same with red bars forming below the zero-line.
The Chaikin Money Flow showed the CMF line just below the zero-line, indicating that the money flowing out of the market dominated the influx of money for TRX.
The one-hour timeframe showed a bullish presence for TRX, as indicated by the SAR, MACD and the Relative Strength Index. The one-day chart for TRX prices showed bearish pressure, confirmed by the MACD and the CMF indicators.
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Tether [USDT] fallout buoys competing stablecoin growth, finds Diar report
Tether, the top stablecoin, maintained its vice grip on the stablecoin market, while competing fiat-pegged cryptocurrencies are experiencing steady growth. USD Coin [USDC] and TrueUSD [TUSD], the other top stablecoins, have however surged in recent months, owing to the Bitfinex-Tether episode.
According to a recent report by Diar, competing stablecoins have surged in the month of May in terms of spot trading volumes, amassing over $4 billion tokens on the blockchain. The trading volumes of the stablecoins over the past 5 months have already surged ahead of total fiat-pegged volumes in 2019.
In May alone, the Coinbase and Circle-backed stablecoin, USDC, saw a massive 130 percent rise in trading volume, accounting for $3.6 billion, compared to its April sum of $1.6 billion. Launched back in October 2018 during the prolonged crypto-winter, the stablecoin’s trading volume from the first four months of its issuance is still dwarfed in comparison to its April 2019 figure.
Since the beginning of the year alone, the stablecoin grew by 41 percent, stated Diar. Trading volumes reciprocated, recording a 435 percent top-up.
TrueUSD by TrustToken, the audit-friendly stablecoin, saw its volume increase by $1 billion from $2.8 billion in April to $3.8 billion in the current month, beating USDC’s trading volume by $200 million. Diar added,
“Notably, though, is that TUSD has a higher velocity marking it a favorite by traders as the stablecoin has 30% less in outstanding reserves than Centre’s USDC.”
Interestingly, the USDT-sans-stablecoin surge occurred as Tether experienced its first month-on-month decline in market share for the first time in 6 months. Holding 81.7 percent of the market in March, USDT’s market share declined to 78.9 percent of the total Bitcoin to stablecoin and fiat market.
May looks to paint a different tale for Tether, given the backlash its parent company is facing. Tether Limited also shares management with iFinex, the company that operates Bitfinex, which allegedly used USDT reserves to cover up its $850 million undisclosed losses.
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