Key Tron Levels to Watch: May 31

TRX remains relentless in its attempt to maintain an uptrend despite the broader bearish bias. The cryptocurrency is currently hovering around a high of $0.0830 after an overnight rally from $0.0780 to $0.0840. This bounce is created after TRX touched the unbroken trend line from May throughout the decrease in trading volume.

This uptick in adoption also played a key role in increasing the cost locked in DeFi protocols on the network. Despite the unfortunate situation that hurt Terra's UST algorithmic stablecoin, USDD, another algorithmic stablecoin, has gained significant interest and investment in May. Although nowhere near the cost of the market that UST controlled at its peak, USDD is on a solid path to make a mark. By environment, USDD was dumped in May and currently has a valuation of $602 million, ranking 78th in the top crypto rankings, or 0.05% of the total market valuation.

As previously discussed, the increase in USDD has spread to the entire Tron ecosystem, as the Total Cost Locked (TVL) across various DeFi protocols on the network increased to $6 billion. Tron's stablecoin USDD has contributed the most to the rise of the network as its market capitalization increases to well over $600 million. TRX has yet to react to this change in sentiment and could post an even bigger rally in the coming hours

Notably, Tron's TVL has outperformed other dominant blockchain ecosystems like Avalanche, Solana, and Polygon. Currently, Tron's DeFi TVL ranks third in the industry, behind Ethereum and Binance Smart Chain. 8 protocols represent the massive DeFi TVL on Tron at press time. They integrate JustLend, JustStables, SUNSwap, SUN.io, SocialSwap, UniFi and OneSwap, in that order. TRXUSD – 4-hour chart on Binance. Source: TradingView. That said, the market generally posted a nice bounce on Monday, with Bitcoin topping out at $30,875. Throughout the week, we could see a return to the $0.0900 peak and higher in the weeks ahead. As long as my resistance levels are $0.0830, $0.0850 and $0.0880, and my support levels are $0.0800, $0.0780 and $0.0760.

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