๐ TRX Targets 40% Rally as Tether Injects $1B Into the TRON Network
TRX bullish structure anticipates a 40% advance to $0.4501, a record high after a 54% rebound from April lows.
Tether has added 1 billion USDT stablecoin tokens to the TRON network, raising the total to 83 billion.
The consistent financing rate and high futures Open Interest support investor interest in TRX.
TRON (TRX) traded at $0.3227 on Monday, maintaining its climb. Since July 1, the smart contracts token has gained 17% and rallied 54% from April lows.
Key derivatives market indicators, such as the futures funding rate and Open Interest, suggest ongoing interest in TRX. Technical indicators support the bullish hold, boosting the chance of TRX breaking out to its record high of $0.4501.
Tether mints 1 billion USDT on TRON.
Spot on Chain reports that Tether, the biggest stablecoin issuer, has issued 1 billion USDT on the TRON network.
"Over the past 25 days, Tether has minted 8 billion USDT on TRON ($2 billion) and Ethereum ($6 billion)," Spot On Chain said on X.
USDT's TRON circulation supply is reaching 83 billion tokens, demonstrating the blockchain's relevance in Tether's ecosystem.
After the US passed the GENIUS Act this month, stablecoin demand is projected to rise.
The GENIUS Act aims to boost financial innovation and connect the crypto sector and conventional banking by protecting consumers and stakeholders.
OI averaged $492 million on Monday after peaking at $541 million on July 23. In the next days, traders should follow the chart below to evaluate investor confidence in TRX, particularly as bulls aim a breakthrough to $0.4501.
As the RSI is overbought, traders should limit their positive expectations. Overbought RSI levels frequently precede sharp pullbacks. Traders may go to the 50-period Exponential Moving Average (EMA) at $0.2703, the 100-period at $0.2416, and the 200-period at $0.1992 for 3-day chart support during a protracted decline.