The Tron price jumped to the highest level since May even as other cryptocurrency prices retreated. The TRX price rose to $0.1168, which was more than 160% higher than the lowest level in July. The increase brought the total market capitalisation to more than $7.68 billion.
Justin Sun teases big news
The cryptocurrency industry experienced major volatility during the weekend as the recent enthusiasm waned. The price of Bitcoin declined below $45,000, which was a remarkable downfall from this month’s high of more than $52,000.
The total market cap of all cryptocurrencies tracked by CoinMarketCap declined to about $2.0 trillion, down from this month’s high of $2.3 trillion.
The Tron price is rising as activity in the network continues rising. In a statement, Justin Sun said that the total amount of USDC circulating in Tron had jumped to $200 million. At the time of writing, the USDC in the ecosystem was more than $206 million.
Similarly, the amount of Tether in the network rose to more than $35 billion, with the number of addresses rising to more than 5.9 million. Other stablecoins like TrueUSD and JustDeFi have also risen.
The Tron price is also rising after Justin Sun hinted that there will be some big news for Tron this week.
Tron price prediction
The daily chart shows that the TRX price moved above the key resistance level at $0.1072 on Sunday. This was a notable level since it was last week’s high.
The coin’s price has surged above the 25-day and 50-day moving averages. This is an indication that bulls remain in control even as the momentum fades. The price is also slightly above the 50% Fibonacci retracement level.
Therefore, the path of the least resistance for Tron is to the upside. This means that the coin will likely keep rising as bulls target the next key resistance level at $0.1300. A drop below $0.100 will invalidate this view.