Here is why TRX is up by nearly 10% today

The cryptocurrency market has been underperforming over the last 24 hours.

The crypto market has been underperforming over the past few hours, losing more than 1% of its value. The total cryptocurrency market cap has dropped below the $1.9 trillion mark again, erasing some of the gains recorded earlier this week. 

Bitcoin, the world’s largest cryptocurrency by market cap, is down by more than 2% in the last 24 hours and risks dropping below $40k again.

Ether has also lost more than 2% of its value in the last 24 hours but continues to trade above the $3,000 psychological level.

TRX, the native token of the TronDAO ecosystem, is the best performer amongst the top 30 cryptocurrencies by market cap. TRX is up by nearly 10% in the past few hours and currently trades at $0.06808.

The primary catalysts behind TRX’s ongoing rally are the launch of the Decentralized USD (USDD) stablecoin and the launch of the TronDAO Reserve.

TronDAO said USDD is the most decentralized stablecoin in human history and revealed it would be issued on May 5, 2022. 

The team also said TronDAO Reserve is the first decentralized reserve in the industry and is designed to guard the broad blockchain market and industry. 

Key levels to watch

The TRX/USDT 4-hour chart is currently bullish, thanks to Tron’s ongoing rally. The MACD line is deep within the positive region, signifying strong bullish momentum.

The 14-day RSI of 70 shows that TRX could soon enter the overbought zone if the rally continues.

TRX could surpass the first major resistance level at $0.07204 over the next few hours if the bulls remain in control. However, with the broader market currently in a bearish trend, TRX could lose its support at $0.0670 before the end of the day.

The second major support level at $0.06406 should cap further downward movement in the short term.