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  • TRX/USD is retracing within the range.
  • Tron Foundation’s says Tron-based share of USDT is growing.

TRON (TRX), now the 11th largest digital asset with the market value of $1.6 billion, is changing hands at $0.0251 with mild bearish bias. The coin has lost nearly 2% in recent 24 hours, though it is still locked in a range limited by $0.0280 on the upside and $0.0250 on the downside.  

The lower boundary of the above-said channel is fortified by DMA50. A sustainable move lower will trigger a sell-off towards DMA200 at $0.0227  

On the upside, a sustainable move above $0.0280 is needed to support bullish sentiments and push the coin psychological $0.030.

What’s going on

During the previous week, Tether issuer launched USDT coins based on TRON’s blockchain. The new token was supported by  several large exchanges, including Bitfinex, OKEx, and Huobi.  

Meanwhile, the head of Tron Foundation Justin Sun has recently announced that the share of Tron in the total amount of USDT supply reached 2%. He also added that their aim was to hit 10% by the end of Q2 and 50% by the end of the year.

“TRON now occupies 2% of total #USDT supply, 50 million out of 2.5 billion. Goal for Q2 2019: Surpass #Ethereum & achieve 10%. We will reach 50% of #USDT in 2019!”he wrote in his Twitter account.