TRON (TRX) Captures Trader Attention as Multiple Developments Converge to Drive Price Momentum

TRON has captured trader attention this week as multiple developments converge to drive price momentum. The TRX token posted a 6% gain on Tuesday, breaking above the $0.2875 level before meeting resistance at $0.2980.

Multiple developments are converging to drive attention and price momentum to TRON this week. The TRX token rose 6% on Tuesday, breaking above the $0.2875 level before meeting resistance at $0.2980.

World Liberty Financial launched its USD1 stablecoin on the TRON network. The company, which has ties to President Donald Trump, is launching the stablecoin in a bid to diversify revenue streams and expand into the cryptocurrency market.

“A GIANT LEAP for stablecoins as @WLibertyFin is launching USD1 stablecoin on the TRON network today!” TRON founder Justin Sun said.

Top Trump Token Holder Invited For White House Dinner

Sun was also invited for a White House dinner with top Trump Token holders. This connection to high-profile figures has drawn fresh interest to TRON’s ecosystem.

The network’s fundamentals continue to strengthen. According to DeFiLlama, total value locked on TRON reached over $5 billion. On June 6, the network recorded 4.50 million returning user addresses.

Growing Fee Dominance

TRON has emerged as a leader in Layer 1 fee generation. The network now processes approximately $3 billion in annual fee volume. This exceeds the combined totals of Ethereum, Bitcoin, and Solana.

Stablecoin activity drives much of this fee volume. TRON has increased its share of Layer 1 fees from less than 30% to around 80%. The addition of USD1 could further boost these numbers.

TRX currently trades around $0.2920, positioned between support at $0.2808 and the next resistance level at $0.2980. A break above this point could target the 50% Fibonacci retracement at $0.3230.

The daily chart shows TRX maintaining an ascending channel pattern. The token has printed higher lows while respecting the lower trendline. Recent price action broke above a descending resistance line that had capped gains for months.

The RSI remains in mid-range territory at 50, leaving room for continued gains. A recent MACD crossover has pushed histogram bars into positive territory.

Derivatives data shows growing bullish sentiment. Open interest in TRX futures rose 8.25% over 24 hours to $329 million. The weighted funding rate climbed to 0.0098%, indicating more long positions than shorts.

Short liquidations nearly doubled long liquidations in recent trading. This cleared out bearish positions and reduced selling pressure.

Halving Proposal Gains Support

A new voting proposal could implement a TRX halving mechanism, which would reduce block rewards by 75% and potentially create supply pressure. The proposal is gaining support among network participants.

Immediate price targets include $0.35 and $0.38 if TRX breaks above current resistance. Some analysts see potential for a move toward $0.45 if momentum continues.

The 200-day exponential moving average sits far below current levels at $0.11, highlighting the strength of the current uptrend.

TRX faces immediate resistance at the $0.30 level on some timeframes. A convincing break above this threshold would confirm bullish continuation and open the path to higher targets.