Tron is one of the most used Blockchains in the DeFi ecosystem, and its price has shown signs of recovery since January 2023 until now, but, like the rest of the ecosystem, multiple factors have been generating degrees of volatility and instability in the market. market. Due to recent events the price dropped, however has recovered more than 11% of the price in just one week.
The cryptocurrency had a brilliant performance since the first half of January, in which it was located at about 0.0579 dollars per unit, and since then it began a sustained increase for a month, which led it to reach the value of 0.0723 dollars with an increase of 25.93%
Tron (TRX) Price Over the Last 60 Days – Source: TradingView
In this quarter, the behavior of the Tron (TRX) coin has been marked by 2 specific situations, the first of which was in March, when the entire ecosystem was affected by the collapse of the three banks in the United States. By this time, Tron was trading at $0.066 and fell to $0.055, then overcome the bullish streak and appreciate 23.12% reaching 0.067 dollars.
The second has been this March 22, when the founder of the Tron network Justin Sun has been accused by the United States Stock Exchange for market manipulation and fraud. When the news was released, the coin was quoted at 0.067 and fell to 0.0571, showing a rapid recovery of around 11.24%, once again settling above 0.063 dollars.
What can we expect from Tron?
The data shows that Tron has been maturing in its ecosystem, and unfavorable news, such as the one that was released about its founder, far from reversing the growth of the ecosystem, have shown considerable stability within the volatility of cryptocurrencies.
From the social network Twitter, the Tron community announced that the network had 1.8 million active wallets, surpassing the Bitcoin, Ethereum, Stellar and Litecoin network.
#TRON ranks first in the number of active addresses, outpacing #Bitcoin, #Ethereum, #Litecoinand #stellar 🔥 pic.twitter.com/qkBE1dmkVh
— TRON Community (@TronixTrx) March 24, 2023
Similarly, the data provided by Criptorank show that Tron has had a positive quarter, above 17% profitability at the time of writing this note. Additionally, DeFiLlama data shows that it has consolidated its presence in the ecosystem with over $5 billion in total value locked (TVL).
Total Locked Value of Tron – Source: DeFiLlama
With the current volatility, but with the growth that Tron is having, it could be said that this network is far from giving in to the bears, on the contrary, the data has shown that despite the abrupt falls due to circumstances unrelated to the market, The bulls have shown strength and are maintaining the price between 0.0571 and 0.0673, which allows us to infer a resistance framework at 0.0673. If this barrier is overcome, the next target is the 0.0723 reached in February.
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