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Here’s the impact on TRX after USDT minting on TRON nears record high.
USDT minting on TRON has been witnessing a significant surge, nearly reaching an all-time high. This phenomenon could have a profound impact on TRX. As the asset approaches this milestone, AMBCrypto delves into the implications for TRX’s price movement.
The recent surge in USDT minting has seen $1 billion added to the total supply, which stands at $61.7 billion at present. The chart indicates strong demand for USDT and stablecoins overall, indicating a positive development for TRON. However, this trend does not directly correlate with TRX’s price.
Data from IntoTheBlock reveals that both retail and whale investors have been exhibiting reduced interest in the asset. Retail addresses holding between $10,000 and $100,000 observed an 8.7% decline in transaction activity over the last 24 hours. Furthermore, whales holding between $100,000 and $1 million and $1 million to $10 million saw declines of 49.54% and 45.44%, respectively.
These decreases indicate a loss of conviction among the typical cohorts that drive price movements. This decrease in participation has led TRX’s price action to be somewhat isolated from the USDT minting activities.
At present, TRX is consolidating within a defined range on the chart between $0.2201 and $0.2547. The asset is possibly preparing for an imminent move. An upper target of $0.30 and a lower target of $0.20 have been identified.
The recent action indicates that TRX has merely reacted off a support level before trending higher. However, this momentum appears fragile at best.
In addition, the Parabolic SAR suggests a potential decline as the dotted markers are positioned above the price candles. If such a bearish trend unfolds fully, there may be two points of interest to keep an eye on: the $0.2201 support level that could spark a rebound and $0.20 which could lead to further depreciation.
While TRX’s price movement is not directly correlated with USDT minting activities, its current consolidation phase might precede a significant shift. The cryptocurrency’s future trajectory will depend heavily on whether it can break through the resistance at $0.2547 or retest the support level.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
Source: https://ambcrypto.com/heres-the-impact-on-trx-after-usdt-minting-on-tron-nears-record-high
