Tron price has held steady on Saturday as investors focus on the ongoing crypto recovery and the gains made by UNIFI. The TRX token rose to $0.70, which is about 50% above the lowest level this year. Its market cap has jumped to over $6.4 billion, making it the 17th biggest cryptocurrency in the world.
Unifi Protocol and USDD growth
The TRX price has jumped sharply in the past few weeks as cryptocurrencies rebound. Indeed, most coins like Ethereum, Bitcoin, and XRP have all gained recently, with the total market cap of all digital coins soaring to over $1.1 trillion.
Tron has also risen because of the substantial gains made by USDD, the stablecoin that was launched in May this year. USDD is an overcollateralized algorithmic coin that it hopes will become a leading player in the crypto industry.
Still, there are concerns about the little growth of the coin. After moving from $0 and seeing strong inflows, its market cap has been stuck at $725 million. This is a sign that demand for the coin may have peaked.
For one, investors are scared about its future since the coin is algorithmic in nature and is backed by risky cryptocurrencies like TRX and Bitcoin.
Tron price has jumped because of its expanding DeFi universe. For example, according to DeFi Llama, the total value locked (TVL) in Tron has jumped to over $5.88 billion, making it the third biggest platform after Ethereum and BNB.
Most of this growth has been driven by Unifi Protocol. The total value locked in Unifi has jumped by 581% in the past 30 days to $1.5 million. This is notable since this is a small platform that is gaining traction. Unifi is a platform that offers several products like uTrade, uStake, bridge, and Unifi Bridge.
Tron price prediction
The four-hour chart shows that the TRX price has been in a strong bullish trend in the past few days. It has remained above the ascending trendline shown in red. At the same time, it has moved slightly above the 25-day moving average while the Relative Strength Index (RSI) has moved slightly below the overbought point at 70.
Therefore, there is a likelihood that Tron price will continue rising in August as demand for the coin rises. If this happens, the next key resistance level to watch will be at $0.80.