Category: TRON

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Crypto News Market Analysis Ripple The Sandbox Trading TRON

Top 3 Coins to Watch Today: XRP, SAND, TRX – July 6 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 7th cryptocurrency globally and the current price is US$0.3249. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP printed some gains during Q1 and Q2 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.

However, bulls are showing some interest at the 80% retracement, near $0.3210. If this level breaks, a move into possible support – just below the lows near $0.2932 – seems likely.

If the price does rally through the swing high at $0.3755 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.4050. 

Overlapping swing highs and lows near $0.4426 may provide the next target, where bears immediately forced the price down in late December.

More bullish market conditions could shift targets up near the midpoint of Q1’s consolidation, near $0.5032, where higher timeframes show an inefficiently traded zone.

2. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 34th cryptocurrency globally and the current price is US$1.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s impressive gains during Q1 halted at $3.10 before retracing 85% of the move. This price action created several areas of possible higher-timeframe resistance in the process.

The price found resistance on its last swing upward near $1.27 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $1.40. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.

The fast move up left little higher-timeframe support. However, a vast zone between $0.9890 and $0.9146 has provided support before and could give support again on a retest. This zone is between the 71.8%-to-88.6% retracement levels of 2021 Q4’s parabolic move.

Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q2’s move to the next higher-timeframe support near $0.8645.

3. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment, and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing and driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 13th cryptocurrency globally and the current price is US$0.06821. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market during the Q2 drop, falling nearly 54% from mid-May until it found a low last week.

Price action formed a weekly support level near $0.06254, which has so far held up the price. The most recent swing low inside this range, near $0.06049, may be the target for any future stop runs. After this low, the swing low near $0.05689 and the gap beginning near $0.05126 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.08492, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.09235 but could reach as high as $0.1093.

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Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Justin Sun Markets Stablecoins TRON USD Coin

Tron to Deploy $2 Billion to Stabilise Broken USDD Stablecoin Peg

Tron blockchain founder Justin Sun has declared that US$2 billion will be deployed to “fight” investors shorting Tron’s native currency, TRX, in an attempt to stabilise the Tron-based algorithmic stablecoin USDD:

USDD lost its US dollar peg on June 13, dropping as low as US$0.91 on the KuCoin exchange. 

Many investors now fear the Tron ecosystem may follow in the wake of Terra, which spectacularly collapsed last month after its algorithmic stablecoin, UST, suddenly and dramatically depegged. At the time of writing USDD had still not regained its peg. CoinGecko was reporting its price as US$0.98.

USDD Over-Collateralisation Fails to Prevent Depegging

The launch of USDD was first announced in April, just days before UST began to lose its peg. 

In the wake of the Terra collapse, Tron announced USDD would become an over-collaterised stablecoin – that is to say that each USDD would be backed by more than US$1 in assets held in the Tron DAO Reserve. This move was intended to shore up investor confidence in the new stablecoin and to prevent the kind of depegging event we are now witnessing.

Since USDD lost its peg this week, the Tron DAO Reserve has added another US$650 million worth of USD Coin to its reserves in what it describes as an attempt to “safeguard the overall blockchain industry and crypto market”:

Sun Confident USDD Will Recover Peg

In his tweet about the depegging of USDD, Sun indicated that the massive shorting of TRX was the cause and he believes the deployment of US$2 billion to protect TRX will be enough to swiftly restore USDD’s peg. 

Although Sun’s big talk may appease some Tron diehards, it likely won’t comfort the broader market. The Terra-based algorithmic stablecoin experienced a similar ‘minor wobble’ the day before it depegged catastrophically, with no amount of spending by the Luna Foundation Guard, the Terra equivalent of the Tron DAO Reserve, sufficient to save it.

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Crypto News Market Analysis NEO Shiba Inu Trading TRON

Top 3 Coins to Watch Today: TRX, NEO, SHIB – June 13 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment, and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, and driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 13th cryptocurrency globally and the current price is US$0.07827. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market during the Q2 drop, falling nearly 45% from early May until it found a low last week.

Price action formed a weekly support level near $0.06654, which has so far held up the price. The most recent swing low inside this range, near $0.06249, might be the target for any future stop runs. After this low, the swing low near $0.05789 and the gap beginning near $0.05126 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.08892, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.09535, but could reach as high as $0.1173.

2. Neo (NEO)

NEO bills itself as a “rapidly growing and developing” ecosystem with the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities and assets come together. As well as drawing a worldwide community of developers who create new infrastructure for the network and lower barriers to entry, the team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain.

NEO Price Analysis

At the time of writing, NEO is ranked the 54th cryptocurrency globally and the current price is US$12.54. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during May, NEO has gained nearly 20% into resistance that starts near $13.24.

Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $14.33 might look for bids near $13.86. More significant resistance rests above, near $14.85. A group of significant swing highs at $15.36 and $17.29 give possible targets if this resistance breaks.

A stop run on the recent low at $12.09 into possible support beginning near $11.63 might see stronger bidding. This area also has a confluence with the previous monthly low.

A bearish market shift could reach the swing low at $10.30 into possible support beginning near $9.84.

3. Shiba Inu (SHIB)

Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained traction and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities including Elon Musk and Vitalik Buterin.

SHIB Price Analysis

At the time of writing, SHIB is ranked the 17th cryptocurrency globally and the current price is US$0.000009129. Let’s take a look at the chart below for price analysis:

Source: TradingView

SHIB performed well during Q1, reaching over 45% from the first week of February into the resistance near $0.00002542.

For the past several days, the price has been moving in a falling wedge and appears to be flipping old support near $0.000009042 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.000008329.

Bulls entering at these levels could set their first target near the previous resistance near $0.00001280. Beyond this level, probable targets include the new monthly highs near $0.00001324 and the resistance above near $0.00001452.

A break of this resistance later this month could continue to the new highs near $0.00001682 and $0.00001824.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Justin Sun Stablecoins TRON

Tron Stablecoin Over-Collaterises 200% to Prevent UST-like Collapse

TRON has announced that its recently launched algorithmic stablecoin, Decentralised USD (USDD), will be over-collateralised by a ratio of at least 130 percent in an effort to prevent a UST-style depegging event and to inspire confidence in the new coin.

When USDD launched on May 5, just before the Terra collapse, it was structured like most other algorithmic stablecoins with little in the way of collateral backing its value. Since then, TRON has prioritised increasing USDD’s collateralisation – according to data on the TRON DAO Reserve website, the ratio at the time of writing was 219.8 percent.

Ratio Among Highest In Crypto

The claimed guaranteed minimum 130 percent collaterisation of USDD touted by TRON makes it perhaps the most highly collateralised stablecoin in all of crypto, outdoing the previous standard bearer, DAI, with its collateralisation ratio of 120 percent.

According to TRON, the TRON DAO Reserve (TDR) currently consists of around US$1.37 billion of what it describes as “highly liquid assets”, including 10,500 Bitcoin (BTC), 240 million Tether (USDT), and 1.9 billion in TRX, TRON’s own coin. Currently there is around US$667 million USDD in circulation.

Move Intended to Instill Stability, Confidence

TRON founder Justin Sun says the over-collaterisation of USDD is one of several strategies being used to maintain the coin’s stability and promote market confidence:

Spearheading the Stablecoin 3.0 era, the upgraded, over-collateralised USDD will add more diversified features to underpin its stability. The US$10 billion reserves pledged by the TDR will enable USDD to become the most reliable decentralised stablecoin with the highest collateral ratio in blockchain history. Currently, the 200%+ collateral ratio offers USDD a very strong safety net.

Justin Sun, founder, TRON

As seen with the catastrophic collapse of Terra, having collateral as backing is no guarantee that an algorithmic stablecoin won’t suddenly and spectacularly lose its peg. During Terra’s collapse, the Luna Foundation Guard deployed billions in Bitcoin and other assets to restore UST’s peg, to no avail.

Since the launch of USDD, TRON has become the third-largest blockchain for DeFi by total value locked (TVL), soaring to over US$6 billion and promising intrepid users Terra-like annual rates of return of over 20 percent.

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DeFi Stablecoins TRON

Tron DeFi Soars to $6 Billion Amid Release of New Stablecoin

Tron has become DeFi’s third-largest blockchain, with the launch of its new Terra-like algorithmic stablecoin promising yearly returns of more than 20 percent.

In terms of total value locked (TVL), Tron now trails only Ethereum and BNB Chain. The surge in TVL can be attributed to its algorithmic stablecoin USDD, which has grown to US$545 million on the promise of 30 percent “risk-free” yields.

Top 10 ecosystems. Source: DeFi Llama

Tron’s USDD follows a similar stabilisation method to Terra’s UST stablecoin, which suffered a US$40 billion loss last month. According to data from DeFi Llama, Tron’s DeFi ecosystem has grown by almost 44 percent over the past 30 days, from US$4 billion to US$5.99 billion at the time of writing. BNB Chain and industry leader Ethereum are at US$10.8 billion and US$93 billion, respectively.

What is Driving Tron’s Growth?

The growth observed on the Tron network is primarily driven by the double-digit returns promised by USDD – very similar to what Terra’s UST offered. USDD is not backed by anything, but governing the stablecoin’s dollar peg is an arbitrage trade between USDD and TRX, Tron’s native token.

Investors can always swap 1 USDD for US$1 worth of TRX, and if the price of USDD falls below the dollar peg, they can buy the discounted USDD and swap it for TRX, thus pocketing the difference by selling TRX on the open market.

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Compound Crypto News Market Analysis Ripple Trading TRON

Top 3 Coins to Watch Today: XRP, TRX, COMP – May 20 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is US$0.4198. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP printed some gains during Q1 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.

However, bulls are showing some interest at the 70.6% retracement, near $0.4372. If this level breaks, a move into possible support – just below the lows near $0.3752 – seems likely.

If the price does rally through the swing high at $0.4955 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.5850. 

Overlapping swing highs and lows near $0.6546 might provide the next target, where bears immediately forced the price down in late December.

More bullish market conditions could shift targets up near the midpoint of Q1’s consolidation, near $0.7217, where higher timeframes show an inefficiently traded zone.

2. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment, and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 14th cryptocurrency globally and the current price is US$0.07396. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market during the April drop, falling nearly 60% from early May until it found a low last week.

Price action formed a weekly support level near $0.06754, which has so far held up the price. The most recent swing low inside this range, near $0.06329, might be the target for any future stop runs. After this low, the swing low near $0.05889 and the gap beginning near $0.05426 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.07892, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.08235, but could reach as high as $0.08737.

3. Compound (COMP)

Compound COMP is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform. When a user deposits tokens to a Compound pool, they receive cTokens in return. These cTokens represent the individual’s stake in the pool and can be used to redeem the underlying cryptocurrency initially deposited into the pool at any time. These COMP tokens can be bought from third-party exchanges or can be earned by interacting with the Compound protocol, such as by depositing assets or taking out a loan.

COMP Price Analysis

At the time of writing, COMP is ranked the 90th cryptocurrency globally and the current price is US$66.93. Let’s take a look at the chart below for price analysis:

Source: TradingView

After rallying over 60% from its March low, COMP is encountering resistance near $75.43.

This resistance and the monthly open at $80.13 currently have the price trapped. The swing high and resistance near $86.27 provide a likely target before any major bearish market shift, with continuation through this resistance possibly reaching for short stops and resistance near $92.55.

The daily gap at $62.12 could provide support, while the area beginning near $58.49 could see more substantial interest from the bulls. A longer-term bearish shift in the marketplace will likely reach the relatively equal lows near $50.48, possibly finding a floor at possible support beginning near $45.81.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Market Analysis Polkadot Trading TRON

Top 3 Coins to Watch Today: DOT, TRX, CRO – May 4 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 14th cryptocurrency globally and the current price is US$14.91. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 62% during Q1, showing little sign of interest from buyers.

April’s consolidation at possible support from $15.68 to $19.57 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of January’s consolidation range, near $22.70, and the monthly high near $26.88 may see profit-taking from bulls.

The first test of possible support near $14.80 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $14.10, running stops under the Q3 2021 swing low. If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $13.55 to $12.37.

2. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment, and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 20th cryptocurrency globally and the current price is US$0.07217. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market during the January drop, falling nearly 60% from its mid-December high until it found a low in March.

Price action formed a weekly support level near $0.06054, which has so far held up the price. The most recent swing low inside this range, near $0.05829, might be the target for any future stop runs. After this low, the swing low near $0.05589 and the gap beginning near $0.05326 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.07592, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07835, but could reach as high as $0.08637.

3. Crypto Coin (CRO)

Crypto.com coin CRO is the native cryptocurrency token of Crypto.com Chain, a decentralised, open-source blockchain developed by the Crypto.com payment, trading and financial services company. Crypto.com Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data, and protecting users’ identities. The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.

CRO Price Analysis

At the time of writing, CRO is ranked the 22nd cryptocurrency globally and the current price is US$0.2877. Let’s take a look at the chart below for price analysis:

Source: TradingView

CRO went parabolic during November, reaching nearly 115% percent within a few days as it blasted through its old all-time high.

This fast move left little compelling higher-timeframe support near the current price. A level near $0.2522, which has confluence with the 8 EMA and 127% extension of H2 2021’s swing, could provide support.

Further below, near $0.2291, 2021’s previous monthly high could also provide some support on a retest. The last consolidation before the breakout, near December’s open, might give the most substantial support. However, this would require significant retracement from the current price point.

While next targets are impossible to predict, extensions from H1 2021’s move suggest that the 40% extension, near $0.3675, could provide some resistance. Above this level, the 48% extension near $0.4348 could also trigger bulls to take profits.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Blockchain DeFi Stablecoins TRON

Tron to Launch an Algorithmic Stablecoin Backed by $10 Billion in Crypto

Tron CEO Justin Sun has announced his plan to launch a decentralised algorithmic stablecoin known as Decentralised USD (USDD) on the Tron blockchain, scheduled for May 5.

Tron CEO Justin Sun. Source: azcoinnews.com

Unlike traditional stablecoins such as Tether (USDT), which already runs on Tron, USDD will supposedly be “fully decentralised” – it won’t be backed by centralised assets held in traditional financial institutions such as banks, but will depend on algorithms to keep its peg to the US dollar.

Tron’s ‘Self-Imposed Revolution’ 

Sun characterised the plan as a “self-imposed revolution”, going on to describe USDD as “a fully decentralised stablecoin underpinned by mathematics and algorithms, bringing the development of stablecoins to the next level”.

He explained how he envisions USDD maintaining its peg to the US dollar even in the face of extreme market conditions:

USDD will be pegged to the underlying asset, TRX, and issued in a decentralised manner. When USDD’s price is lower than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD worth of TRX. When USDD’s price is higher than 1 USD, users and arbitrageurs can send 1 USD worth of TRX to the decentralised system and receive 1 USDD. Regardless of market volatility, the USDD protocol will keep USDD stable at 1:1 against the US dollar via proper algorithms in a decentralised manner.

Justin Sun, CEO, Tron

Tron DAO to Establish US$10 Billion Reserve, Offer 30% Interest Rate

In a related announcement, Sun explained that Tron DAO, the decentralised autonomous organisation created to manage USDD, will establish the Tron DAO Reserve, which aims to raise US$10 billion from unnamed “prominent blockchain industry players”. This plan closely mirrors a recent announcement from Terra founder Do Kwon, who outlined his intention to acquire US$10 billion in BTC to act as a reserve for Terra’s algorithmic stablecoin, UST.

Sun said that the purpose of the Tron DAO Reserve would be to “safeguard the overall blockchain industry and crypto market, prevent panic trading caused by financial crises, and mitigate severe and long-term economic downturns”.

Sun added that Tron DAO Reserve would offer a “basic risk-free” interest rate of 30 percent, which surprised some Twitter users who considered it unrealistically high and unsustainable:

Announcement Sparks Gains and Scepticism

According to CoinGecko, TRON’s native token TRX gained about 18 percent following the announcement, hitting a high of US$0.074. TRX has since lost about half those gains and sits at US$0.067 at the time of writing.

While the announcement sparked investor interest, not everyone was convinced. Several Twitter users pointed out that the Tron blockchain itself isn’t exactly leading the way on decentralisation. Others pointed out that the plan resembled a poor man’s version of Terra’s UST being run by a guy with a less than stellar reputation:

Terra’s UST is the most popular algorithmic stablecoin in current circulation: UST flipped Binance USD to become the third-largest stablecoin by market cap earlier this week.

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Justin Sun Press Release TRON

TRON Founder H.E. Justin Sun Announces the Launch of USDD – a Decentralised Stablecoin

H.E. Justin Sun, founder of TRON, announced today in an open letter on Twitter that an all-new stablecoin is launching on the TRON blockchain, USDD (or Decentralised USD), marking its official entry into the field of decentralised stablecoins.

TRON DAO will partner with other blockchain industry leaders to establish USDD. It will leverage the power of mathematics and algorithms to achieve the overarching goal of financial freedom for all. In another open letter, Sun mentioned that a TRON DAO Reserve would be established to ensure the sustainable development of USDD.

At the start, USDD will be issued as a TRC token on the TRON network. The TRON DAO Reserve will serve as a transparent mechanism to manage the reserves backing the USDD.

USDD will not rely on any centralised institutions for redemption, management, and storage. Instead, it will achieve full on-chain decentralisation. USDD will be pegged to the underlying asset, TRX, and issued in a decentralised manner.

When USDD’s price is lower than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD worth of TRX. When USDD’s price is higher than 1 USD, users and arbitrageurs can send 1 USD worth of TRX to the decentralised system and receive 1 USDD. Regardless of market volatility, the USDD protocol will keep USDD stable at 1:1 against the US dollar via proper algorithms in a decentralised manner.

Taken together, this decentralised currency protocol with a stable price will significantly expand use cases of crypto, making it truly accessible with far-reaching implications for the blockchain space and the real economy.

After four years of growth, TRON has seen over 87 million on-chain users and 3 billion transactions in its ecosystem. The circulating supply of TRC-20 USDT has exceeded that of ERC-20 USDT, standing at US$41 billion, making TRON the world’s largest stablecoin network. It boasts over US$55 billion worth of financial assets, including on-chain stablecoins, and has settled and cleared total financial assets of over US$4 trillion. In December 2021, the TRON network became fully decentralised and was restructured into the TRON DAO, the world’s largest decentralised autonomous organisation (DAO).

Around that same time, Sun was officially appointed by the government of Grenada as its Ambassador and Permanent Representative to the WTO. Since then, Sun has been actively representing Grenada at different WTO meetings. During his mandate, Sun said that he would proactively promote the integration of cryptocurrencies and sovereign states to build a stronger financial infrastructure that is secure, efficient, and inclusive. Sun has also expressed that he will continue to leverage his experience in digital currency for a joint response to the new challenges facing digital transformation in the post-pandemic era.

USDD on TRON marks a small step for developing TRON-based stablecoins and yet a giant leap for mankind in pursuing the ultimate financial freedom. 

People should enjoy more than the four freedoms that Franklin Roosevelt once proposed – freedom of speech, freedom of worship, freedom from want, and freedom from fear. They should also be entitled to freedom of finance, freedom of wealth, and freedom to protect their private properties.

The end goal is to make equitable access to financial services a fundamental human right. In time, financial services will become a necessity like water and air, accessible to people worldwide.

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Crypto News Market Analysis Solana Terra Trading TRON

Top 3 Coins to Watch Today: SOL, LUNA, TRX – April 11 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 6th cryptocurrency globally and the current price is US$113.76. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL has retraced 60% from its December highs and reached possible support last month near $85.34. Resistance might begin near $115.24, which has confluence with the 9 and 18 EMAs.

A more substantial rally might reach near the swing high at $120.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.

While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $126.42 and $139.94. This zone is where the last movement down accumulated positions before breaking down. 

Possible support rests near $105.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $96.10 and $90.54. If the price reaches this zone, the May 2021 swing high near $84.13 might mark a more sensitive level.

2. Terra (LUNA)

Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its whitepaper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin, and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.

LUNA Price Analysis

At the time of writing, LUNA is ranked the 9th cryptocurrency globally and the current price is US$94.89. Let’s take a look at the chart below for price analysis:

Source: TradingView

LUNA showed significant strength in the face of a mostly bearish altcoin market, rallying over 95% during Q1.

The price is currently retracing from resistance near $114.90, just below the all-time high. Bulls might begin eyeing entries near $90.00, which will soon be near the 18 EMA and between the 61.8% and 78.6% retracement levels of the last leg upward.

A deeper retracement might reach an inefficient zone and the 40 EMA under the last daily swing low, between $87.44 and $84.07. A move below this low suggests a more bearish shift in market structure. If this shift occurs, it could create a short setup to target possible support at the upmove’s accumulation zone, near $79.41.

While the price is retracing, $98.44 offers the closest probable resistance at the yearly open. Just above, near the March monthly open, the consolidation lows near $101.69 are also a reasonable candidate for resistance.

If the price breaks through these resistances, the significant resistance at $107.69 might also break and allow LUNA to set new monthly highs. However, bulls should keep in mind that the overall market is mostly bearish, decreasing the chances of a massive bullish breakout. If the price does break the all-time high and enter discovery, overlapping extensions near $125.40 offer a possible significant target.

3. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 25th cryptocurrency globally and the current price is US$0.06387. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market during the January drop, falling nearly 50% from its mid-December high until it found a low early in February.

Price action formed a weekly support level near $0.06154, which has so far held up the price. The most recent swing low inside this range, near $0.05929, might be the target for any future stop runs. After this low, the swing low near $0.05789 and the gap beginning near $0.05555 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.07092, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07535 – but could reach as high as $0.08137.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.