TRX Price Up As Tron Rolls Out The Red Carpet For Trump-Backed Stablecoin
BY
Ben Graham
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Tron’s blockchain just added a USD1 stablecoin from World Liberty Financial Inc. That move put the spotlight back on TRX. And traders are paying attention to what comes next.
Significant Price Movement
According to trading data, TRX climbed 6% on Tuesday. It broke above the $0.2875 level on the daily chart before hitting resistance at $0.2980.
A clean break past that hurdle could send the token toward $0.3230, the 50% Fibonacci retracement level. Currently, TRX trades around $0.2920, sitting between support at $0.2808 and the 23.6% Fib mark of $0.2645.
High-Profile Stablecoin Launch
Based on reports from World Liberty Financial Inc., the new USD1 stablecoin is now live on Tron. The issuer has ties to US President Donald Trump, and Justin Sun—Tron’s founder and the largest holder of the Trump Token meme coin—called the launch a “giant leap for stablecoins.”
Sun also joined a White House dinner for top Trump Token holders. This link to big names has drawn fresh eyes to Tron’s ecosystem.
According to DeFiLlama, the total value locked on Tron reached over $5 billion. On June 6, the network saw 4.50 million returning user addresses. Those stats suggest people keep coming back to DeFi apps on Tron, but it’s worth watching whether those funds stay in place or chase higher yields on other chains.
Bullish Bets in DerivativesBased on CoinGlass data, TRX derivatives open interest rose by 8.25% over the past 24 hours to $329 million. The weighted funding rate open interest rose to 0.0098%, indicative that bullish long positions are greater than shorts. Short liquidations in the past day were almost double that of longs, which settled a bearish bet wave.
Technical analysis supports this positive perspective. The RSI on the daily chart is inching up to the overbought region, indicating heightened buying pressure. A recent MACD crossover drove histogram bars into positive territory, which means momentum has favored the buyers.
Meanwhile, traders will keep a close eye on Bitcoin’s moves too. A pullback there could drag altcoins lower, while a fresh rally could lift TRX even more. For now, the combination of a big-name stablecoin launch, rising TVL, swelling open interest and positive technical signals gives Tron fans reason to watch for a potential breakout.
Featured image from Getty Images, chart from TradingView