TRX Surges as Trump-Backed USD1 Stablecoin Debuts on TRON

TRON climbs 6.7% as TRX challenges the $0.2971 resistance. With RSI and MACD signaling bullish strength, a breakout could push the price toward $0.3226. As bullish sentiment continues across the crypto market, Tron has surged nearly 7% on Tuesday. The extended uptrend now targets a breakout above the $0.30 resistance level. WLFI Launches USD1 on Tron World Liberty Financial Inc., backed by U.S. President Donald Trump, has announced minting its USD1 stablecoin on the Tron blockchain. Sharing the news in a recent tweet, Tron founder Justin Sun described the launch as a "giant leap for stablecoins." Notably, Justin Sun is the largest holder of TRUMP Token, the official meme coin associated with President Trump, and attended a dinner at the White House for major Trump Token holders. https://twitter.com/justinsuntron/status/1932712060548497687 Optimism Surges in Tron with Rising TVL and Open Interest According to DeFiLlama, the total value locked (TVL) on the Tron blockchain has reached $5.118 billion. On June 6, the network also recorded an influx of 4.58 million returning user addresses.

Data from CoinGlass also shows a significant increase in optimism in the TRX derivatives market. Open interest surged by 8.25% in the past 24 hours, reaching $329.90 million.

Furthermore, the open interest (OI) weighted funding rate has risen to 0.0097%, reflecting bullish sentiment among derivative traders. Notably, short liquidations over the past 24 hours were nearly double the amount of long liquidations, indicating a major wipeout of bearish positions. Tron Price Analysis On the daily chart, TRX shows a bullish breakout above the intermediate resistance at $0.2860. It is now challenging the critical $0.2971 resistance level, which was marked by two peaks in December 2024.

Currently, TRX is trading at $0.2923. As the uptrend gains momentum, the daily RSI line approaches the overbought zone, reflecting strong bullish sentiment. Additionally, a recent positive crossover in the MACD and signal lines has triggered a resurgence in bullish histogram bars. These technical indicators support an optimistic outlook for TRX. A potential breakout above $0.2971 could propel the price toward the 50% Fibonacci level at $0.3226, as there are no significant resistance zones above. On the downside, critical support remains at $0.2806, followed by the 23.60% Fibonacci level at $0.2643.