TRX/USD stays at around $0.0113, unchanged in recent 24 hours.
Tron has launched a DeFi-platform where users can issue stablecoins.
TRX, now the 15th largest digital asset with the current market value of $751 million, has settled at $0.0113 and stayed mostly unchanged both on a day-to-day basis and since the beginning of Monday. TRX/USD hit the intraday low at $0.0106 during early Asian hours but managed to regain ground amid the improved sentiments on the cryptocurrency market.
Tron launches DeFi-platform with MakerDAO-like stablecoin
Tron Foundation announced the launch of a platform that allows issuing stablecoins with cryptocurrency as collateral. The system is very similar to the existing platform MakerDAO.
The platform called Djed will use a proprietary stablecoin USDJ pegged to USD. Djed users will be able to issue USDJ with TRX as collateral. Notably, that Tron’s founder Justin Sun announced the launch of a stable coin backed by TRX and BTT in January. However, BTT is not mentioned in the current announcement.
Just as MakerDAO, the platform Djed will have a stability fee, collateral liquidation mechanism and community-driven project management.
TRX/USD: Technical picture
TRX/USD has recovered above the middle line of the daily Bollinger Band. While this development has improved the technical picture, the [rice needs to clear the local barrier created by SMA100 1-hour at $0.0113. Once it is out of the way, the upside is likely to gain traction with the next focus on the psychological resistance of $0.01200 followed by the recent recovery high of March 20 at $0.0127. A sustainable move higher will open up the way towards $0.0130 and $0.0134 ( the upper line of the daily Bollinger Band).
On the downside, the critical barrier for TRX is created by $0.0100. This area coincides with the intraday low. Moreover, bears made several attempts to breach this barrier, to no avail. As a result, this area emerged as strong initial support for the coin. If it is broken, the price may drop to the lower line of the daily Bollinger Band at $0.0084 and the recent low of $0.0071.
TRX/USD daily chart
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