Why is Tron up by more than 11% today?

The cryptocurrency market has been experiencing a mixed performance since the start of the week.

The broader crypto market continues its mixed performance since the start of the week. The market has added less than 1% to its value in the last 24 hours, with the total market cap still above $1.7 trillion.

Bitcoin has found it hard to break past the $39k barrier despite adding 0.95% to its value over the past few hours. Ether risks dropping below the $2,800 level after losing 0.35% of its value in the last 24 hours.

However, TRX, the native token of the TronDAO ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. TRX has added more than 11% to its value in the last 24 hours, outperforming the other major cryptocurrencies.

The primary catalyst behind TRX’s ongoing rally is the imminent launch of TronDAO’s decentralised stablecoin USDD. 

TronDAO CEO Justin Sun is set to present and launch the USDD stablecoin during a live event tomorrow, May 5. 

Key levels to watch

The TRX/USDT 4-hour chart is the most bullish amongst the top 20 cryptocurrencies by market cap. The technical indicators show that TRX is outperforming the other major cryptocurrencies at the moment.

The MACD line is within the positive zone, indicating bullish momentum. The 14-day relative strength index of 67 shows that TRX could soon enter the overbought region if the rally continues.

At press time, TRX is trading at $0.07758. TRX is preparing to surge past the first major resistance level at $0.7825 and could do so before the end of the day. However, the $0.0800 resistance level should cap any further upward movement in the short term.

On the flip side, TRX could slip below the first major support level at $0.07326 if the bears regain control. However, it should comfortably defend the $0.07004 support level over the next few hours and possibly days.