The cryptocurrency market has shown mixed performance since the start of the week.
The broader crypto market continues to display mixed results since the week began. Over the past 24 hours the market has gained less than 1% in value, with total market capitalization still sitting above $1.7 trillion.
Bitcoin has struggled to break past the $39,000 barrier despite adding 0.95% to its price in recent hours. Ether faces the risk of slipping below the $2,800 level after losing 0.35% of its value in the last 24 hours.
Meanwhile TRX, the native token of the TronDAO ecosystem, is the top performer among the 20 largest cryptocurrencies by market cap. TRX has risen more than 11% in the past 24 hours, outperforming other major tokens.
The main catalyst behind TRX’s ongoing rally is the upcoming launch of TronDAO’s decentralized stablecoin, USDD.
TronDAO leader Justin Sun is scheduled to present and launch the USDD stablecoin at a live event tomorrow, May 5.
Key levels to watch
The TRX/USDT 4-hour chart is the most bullish among the top 20 cryptocurrencies by market capitalization. Technical indicators suggest TRX is currently outperforming other major tokens.
The MACD line sits in positive territory, signaling bullish momentum. The 14-day Relative Strength Index at 67 indicates TRX could enter overbought territory soon if the rally continues.
At the time of writing, TRX trades at $0.07758. TRX is preparing to climb past the first major resistance at $0.07825 and may do so before the end of the day. However, resistance near $0.0800 could limit further upside in the short term.
On the downside, TRX could slip below the first major support at $0.07326 if bears regain control. That said, the token should comfortably defend support at $0.07004 over the coming hours and possibly days.