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- Tron price stabilizes around $0.270 on Tuesday, following a 3.5% recovery the previous day.
- Tether’s USDT supply on the TRON blockchain has surpassed $80 billion, with a $20 billion increase since January.
- The technical outlook suggests a recovery targeting the $0.296 mark.
Tron (TRX) stabilizes around $0.270 at the time of writing on Tuesday, following a 3.5% recovery the previous day. This recovery was supported as TRX reached a major milestone for the network, as the supply of Tether’s USDT stablecoin on the Tron blockchain has surpassed $80 billion, reflecting rapid growth and adoption. As the bullish momentum gains traction, the technical outlook suggests further recovery, targeting the $0.29 mark in the upcoming days.
Tron’s stablecoin supply hit a new all-time high
Token Terminal data indicate that Tether’s USDT supply on TRON’s blockchain has been steadily rising and reached a milestone of $80 billion on Tuesday, marking a new all-time high and a $20 billion increase since January. Such stablecoin activity and value increase on the TRX project indicate a bullish outlook, as it boosts network usage and can attract more users to the ecosystem, driven by Decentralized Finance (DeFi), meme coins, and payment use cases.
Tron Price Forecast: TRX rebounds after retesting its 100-day EMA
Tron price dipped 2.7% on Sunday and retested its 200-day Exponential Moving Average (EMA) at $0.259, which coincided with the daily support level and recovered 3.49% the next day. At the time of writing on Tuesday, it trades at around $0.272.
If the 200-day EMA at $0.259 continues to hold as support, TRX could extend the recovery toward the next daily resistance at $0.296.
The Relative Strength Index (RSI) reads 49, approaching its neutral level of 50, indicating fading bearish momentum. For the bullish momentum to be sustained, the RSI must move above its neutral level of 50, which will support the recovery ahead.
TRX/USDT daily chart
However, if TRX fails to find support around the 200-day EMA at $0.259 and closes below it, the correction could extend to retest its May 7 low of $0.243.