Monat: Mai 2022

The Tron price has been a bit volatile in the past few days as worries about its newly launched USDD stablecoin that has a close resemblance to Terra USD. The coin is trading at $0.069, which is about 25% below the highest level last week. Its total market cap has declined to about $6.82 billion.

USDD concerns remain

The biggest story in the cryptocurrency this month was the collapse of Terra USD, the third-biggest stablecoin in the world. At its peak, it was the third-biggest stablecoin in the world after Tether and USD Coin.

Another big story was the launch of USDD Coin by Tron. USDD is a stablecoin that closely resembled Tron USD in that it is not backed by US dollars. Instead, it is an algorithmic stablecoin that automatically rebalances when it moves below or above $1. 

USDD has been one of the most successful stablecoin launches ever. In less than three weeks, its total market cap has jumped to over $310 million. This makes it one of the biggest stablecoins in the world and the 147th biggest coin globally.

Read more on how to buy Terra Luna.

The TRX price has declined because of worries of the USDD stablecoin. With algorithmic stablecoins like DEI, Neutrino, and Terra USD losing their peg, there are concerns that USDD also could do the same. For now, however, the coin’s peg has held relatively well and has ranged between $0.998 and $1.01.

Tron price has also declined because of the weak performance of its DeFi platform. Like all platforms, its total value locked has crashed hard in the past few days. It has dropped slightly to about $4.2 billion, making it the 4th biggest chains in the world.

Tron price prediction

Turning to the four-hour chart, the TRX price jumped to a high of $0.092 as demand for the USDD coin rose. In the past few sessions, however, the coin has retreated sharply and moved below the 25-day and 50-day moving averages. The coin remains above the ascending trendline that is shown in black.

Tron’s Stochastic Oscillator has moved slightly above the neutral level at 50. Therefore, the outlook for the Tron price is a bit bearish, with the next key support level being at $0.065. A move above the resistance at $0.0072 will invalidate the bearish view.

The post Tron price prediction: USDD concerns remain appeared first on Coin Journal.

The Maker price has been in a consolidation mode in the past few days as investors assess the strength of the DeFi industry and its Dai stablecoin. MKR is trading at $1,544, which is in the same range it has been recently. This price has risen by more than 64% from its lowest level last week. It now has moved to over $1.4 billion, making it the 51st biggest coin in the world.

MKR rally fizzles

Maker is the biggest DeFi platform in the world with more than $10.5 billion locked in its ecosystem. It is a decentralized autonomous organization (DAO) that allows people to generate a stablecoin known as Dai by leveraging collateral assets provided by Maker Governance.

Dai is a stablecoin that is relatively different than Tether and USD Coin. Unlike these two, it is soft-pegged to the US dollar. However, it is decentralized in nature and its collateral assets are deposited in Maker vaults.

The Maker price rose sharply in the past few days as investors embraced Dai after the collapse of Terra LUNA, Terra USD, and affiliated DeFi networks like Anchor Protocol and Astroport. In the past few days, the total market cap of Dai has jumped to more than $6 billion, making it the 17th biggest coin in the world. It has become the third-biggest stablecoin in the world after Tether and USD Coin.

Read our comprehensive review of eToro.

Still, a closer look at its ecosystem shows that people have pulled out their cash from the network after the collapse of Terra. Its total value locked (TVL) in the network has declined to about $10.5 billion, which is the lowest it has been since July last year. At its peak, it had a TVL of over $20 billion.

Maker price prediction

The four-hour chart shows that the MKR price has moved sideways in the past few days. The coin moved slightly above the 25-day moving average while the Relative Strength Index and the Stochastic Oscillator have tilted downwards.

However, a closer look shows that the coin has formed a rising wedge pattern, which is usually a bearish sign. Therefore, the outlook of Maker is bearish, with the next key support level to watch being at $1300. A move above the resistance level at $1,650 will invalidate the bearish view.

The post Maker (MKR) price could soon plummet as rising wedge forms appeared first on Coin Journal.