- TRX/USD is recovering from the recent lows.
- The coin got a boost on TRON-based USDT issuance announcement.
TRON (TRX), now the 11th largest digital asset with the market value of $1.8, is changing hands at $0.0271 with mild bearish bias. The coin has gained 1.4% in recent 24 hours, though it is still locked in a range limited by $0.0280 on the upside and $0.0255 on the downside.
The lower boundary of the above-said channel is strengthened by DMA100. It is closely followed by DMA50 at $0.02480. A sustainable move lower will trigger a sell-off towards $0.0226
On the upside, a sustainable move above $0.0280 is needed to inspire buying interest and push the price towards psychological $0.030.
What’s going on
Tether issuer launched USDT coins based on TRON’s blockchain. The news was announced on Wednesday, April, 17 by TRON’s creator Justin Sun.
Thrilled to announce that the first 10 $USDT has been issued in #TRON #blockchain. This is a huge milestone for stablecoin and a new beginning for #USDT. For partner, exchanges and wallets, feel free to support it,” he wrote in hist Twitter account.
Apart from that he asked cryptocurrency exchanges and wallets to support the initiative. Currently, several large platforms including cryptocurrency exchanges Bitfinex, OKEx, Gate.io and Huobi announced that they would list the new token.
Also, Justin Sun offered a renumeration for early investors who would convert Bitcoin or Ethereum-based USDT into the stablecoins based on TRC-20.
Read more about USDT based on TRC-20