Tether Mints $1 Billion USDT on Tron Amidst Price Consolidation

Tron (TRX) is stable near $0.24, experiencing a minor decline of 0.91% over the past day. Analysts are monitoring for potential breakouts, particularly eyeing the $0.40 level.

Price Consolidation

TRX is consolidating between $0.21 and $0.2551.
It previously fell from $0.45 to $0.21 at the end of last year.
Current buyer support is evident at the $0.24 mark, aligning with the 50-day Exponential Moving Average (EMA).
The 50-day, 100-day, and 200-day EMAs show a bullish alignment.

Tether minted an additional 1B $USDT on Tron ~4 hours ago!

Since April 28, Tether has minted 4B $USDT on both Ethereum and Tron.

Technical Indicators

The Moving Average Convergence Divergence (MACD) suggests increasing momentum.
If purchase volume increases, TRX could breach $0.2551 and target $0.28.
A further rise may reach the 50% Fibonacci level at $0.39, just below $0.40.

Tether Minting Impact

Tether's minting of $1 billion USDT on Tron may indicate increased market activity.
This activity could enhance demand for TRX.

Network Performance

Tron's revenue chain is reportedly higher than Ethereum's, contributing 16% of total network revenue.
Total accounts on the Tron network exceed 304 million.
Total value locked (TVL) across Tron platforms has surpassed $20 billion.

The behavior of TRX around the $0.25 resistance level will influence its movement towards $0.40. Current price action and ecosystem developments suggest a bullish outlook.