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DEX Volume Reaches Yearly High of $750M as Support Holds at $0.244
By: bitcoin ethereum news|2025/05/06 21:45:02
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TLDR TRX price currently trading around $0.247, holding firm above weekly support at $0.244 Tron DEX trading volume reaches yearly high of over $750 million Stablecoin market capitalization on Tron nears $72 billion, reaching all-time high Technical indicators show consolidation with potential upside target of $0.260 On-chain analysis suggests Tron is in an accumulation phase despite decreased wallet creation Tron (TRX) has maintained stability in a volatile market, currently trading at $0.247 while holding above its important weekly support level of $0.244. This price action comes as the network experiences significant growth in trading volume and stablecoin usage, potentially signaling a bullish outlook for the cryptocurrency. Data from crypto intelligence tracker DefiLlama shows that on Tuesday, the Tron decentralized exchange (DEX) trading volume surged to a new year-to-date high of $751.08 million. This volume increase points to heightened user activity and greater liquidity within the TRX blockchain ecosystem. The stablecoin market on Tron has also seen steady growth since mid-March. The current stablecoin market capitalization stands at $71.93 billion, reaching a new all-time high. This places Tron just behind Ethereum, which hosts around $75 billion in USDT. The increasing stablecoin supply on Tron indicates strong demand for value transfer and settlement use cases. These developments suggest growing trust in the ecosystem, which could attract more users driven by DeFi applications, meme coins, and payment solutions. Technical Analysis Shows Potential Upside From a technical perspective, Tron has been consolidating around its weekly support level of $0.244. If this support holds firm, TRX could extend gains and potentially retest its April 14 high of $0.259. The Relative Strength Index (RSI) currently hovers around its neutral level of 50, indicating some indecision among traders. For the bullish momentum to continue, the RSI would need to move above 60. Similarly, the Moving Average Convergence Divergence (MACD) indicator shows signs of consolidation, with the lines coiling against each other. A bullish crossover in the MACD would support an upward trend. However, traders should note that if TRX closes below the weekly support level of $0.244, it could decline to retest its April 11 low of $0.234. On-Chain Indicators Point to Accumulation Phase On-chain analysis presents an interesting contrast in Tron’s current market dynamics. According to a report by CryptoQuant contributor BorisVest, the Tron network is showing signs of an accumulation phase despite decreased activity in some metrics. The number of new wallets and transaction fees on the network has declined, indicating a cooldown in network activity. Both average and maximum gas usage have fallen from recent highs, suggesting a temporary slowdown in usage intensity. This pattern of reduced user growth and fee activity has historically preceded stronger market moves for Tron. The decline in wallet creation may signal a broader accumulation pattern where existing holders quietly increase their positions. Tron’s low transaction costs make it particularly attractive for stablecoin users. As more liquidity flows into the Tron ecosystem via USDT, the network’s role in decentralized finance continues to expand. The cryptocurrency has recorded a 2.6% increase over the past two weeks and shows a 0.7% uptick in the last 24 hours, demonstrating relative strength compared to several major altcoins experiencing muted price action. If TRX continues to hold above its weekly support level, the price could target $0.260 in the near term. Current trading remains slightly below recent highs but maintains a positive structure as long as support levels hold. Source: https://blockonomi.com/tron-trx-price-dex-volume-reaches-yearly-high-of-750m-as-support-holds-at-0-244/
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