Tron Price Prediction As Unifi Protocol TVL Explodes

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The Tron price held steady on Saturday as investors focus on the ongoing crypto recovery and gains UNIFI has made. The TRX token rose to $0.70, which is about 50% above its lowest level this year. Its market cap has risen to over $6.4 billion, making it the 17th largest cryptocurrency in the world.

UniFi Protocol and USDD Growth

The TRX price has surged in recent weeks as cryptocurrencies bounce back. Indeed, most of the coins such as Ethereum, Bitcoin and XRP have all gained recently, with the total market cap of all digital coins rising to over $1.1 trillion.

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Tron has also risen due to substantial gains from USDD, the stablecoin launched in May this year. USDD is an overcollateralized algorithmic currency that it hopes will become a leading player in the crypto industry.

However, there are concerns about the weak growth of the currency. After a $0 shift and strong inflows, the market cap has stalled at $725 million. This is a sign that demand for the coin has peaked.

First, investors fear the future as the coin is algorithmic in nature and backed by high-risk cryptocurrencies such as TRX and Bitcoin.

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The Tron price has risen due to the expanding DeFi universe. For example, according to DeFi Llama, the total value locked-down (TVL) in Tron has risen to over $5.88 billion, making it the third largest platform after Ethereum and BNB.

Most of this growth is due to Unifi Protocol. The total value locked in Unifi is up 581% in the past 30 days to $1.5 million. This is remarkable because this is a small platform that is gaining traction. Unifi is a platform that offers various products such as uTrade, uStake, bridge and Unifi Bridge.

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Tron price prediction

The four hour chart shows that TRX price has been in a strong bullish trend for the past few days. It has stayed above the rising trendline shown in red. At the same time, it has risen slightly above the 25-day moving average, while the Relative Strength Index (RSI) has moved slightly below the overbought point at 70.

Therefore, there is a good chance that the Tron price will continue to rise in August as demand for the coin rises. If this happens, the next key resistance level to watch is USD 0.80.