invezz.com
Tron (TRX) price has held quite well in the past few months, making it one of the best-performing coins in the industry. It rose to a high of $0.085 on Wednesday, the highest level since July 29th. It has risen by more than 86% from the lowest level in December.
JustLend inflows continue
Tron price has done well, helped by the rising inflows in its DeFi ecosystem. Data compiled by DeFi Llama shows that the total value locked (TVL) rose by more than 34% in the past 30 days. In contrast, other platforms like Ethereum, Arbitrum, and Avalanche have seen their TVL drop in this period.
Notably, Tron’s TVL has jumped in TRX terms. They rose to 79.8 billion TRX tokens, the highest point since June. The tokens peaked at over 108 million a few months ago. A closer look at the ecosystem shows that JustLend is leading this charge.
JustLend, the biggest lending platform in the ecosystem, has seen its DeFi TVL jump by more than 34% in the past 30 days. Its TVL has soared to more than $4.8 billion. It is an AAVE competitor that makes it possible for people to lend and borrow.
🎉Market size of #JustLendDAO has surpassed $4.8 billion now!
— JUST Foundation (@DeFi_JUST) September 20, 2023
🏦Market stability is maintained by a substantial amount of supplied and borrowed assets
👉Supply, Borrow & Earn Anytime at https://t.co/2GyoChYqEN pic.twitter.com/ad4hdG2Irl
The concern for lending platforms is that interest rates have jumped in the past few months. As a result, the yield of the US dollar has been in a strong uptrend. The money market fund (MMF) of the US dollar has risen to over 5.5%.
Therefore, investors are moving to the safety of the US dollar, which is also having a strong yield. In the case of JustLend, the TRX supply APY stands at 2.56% while USDD, USDT, and BTC is at 5.21%, 0.51%, and 0.02%, respectively.
Tron price forecast
TRX chart by TradingView
The daily chart shows that the XRP price has been in a strong bullish trend in the past few months. It has formed an ascending channel shown in red and is now approaching the upper side.
Tron is being supported the 50-day and 25-day exponential moving averages (EMA). The price is also above the Ichimoku cloud while the Relative Strength Index (RSI) has moved to the overbought level.
Therefore, there is a likelihood that Tron price will likely continue rising as buyers target the upper side of the channel at $0.09. The stop-loss of this trade will be at $0.078.
The post Tron (TRX) price analysis as JustLend TVL soars to $4.8B appeared first on Invezz.