The cryptocurrency market has underperformed over the past 24 hours.
The crypto market has weakened in recent hours, losing more than 1% of its value. Total cryptocurrency market capitalization has fallen back below $1.9 trillion, erasing some of the gains seen earlier this week.
Bitcoin, the largest cryptocurrency by market capitalization, dropped more than 2% in the past 24 hours and faces the risk of slipping below $40,000 again.
Ether also lost over 2% in the last 24 hours but continues to trade above the psychological $3,000 level.
TRX, the native token of the TronDAO ecosystem, is the top performer among the 30 largest cryptocurrencies by market capitalization. TRX rose nearly 10% in recent hours and is currently trading at $0.06808.
The main drivers behind TRX’s ongoing rally are the launch of the decentralized USD stablecoin (USDD) and the introduction of the TronDAO Reserve.
TronDAO announced that USDD is the most decentralized stablecoin in history and confirmed it would be issued on May 5, 2022.
The team also said that the TronDAO Reserve is the first decentralized reserve in the industry, designed to protect the broader market and the blockchain sector.
Key levels to watch
The TRX/USDT 4-hour chart currently shows a bullish bias, supported by Tron’s rally. The MACD line sits deep in the positive region, indicating strong upward momentum.
A 14-period RSI reading of 70 suggests TRX could enter overbought territory soon if the rally continues.
TRX could break the first major resistance at $0.07204 in the coming hours if bulls remain in control. However, with the broader market trending lower, TRX may lose support at $0.0670 before the end of the day.
The second major support level at $0.06406 is expected to limit further downside in the short term.