Tether Launches Offshore CNY On TRON – Will TRX Go Up?

The cryptocurrency sector is still reeling from the fallout from the collapse of cryptocurrency trading platform FTX, once among the largest cryptocurrency exchanges in the world, and TRON (TRX) is no different, prompting investors to analyze what could push the price higher. .

One of the things that could help TRON’s native cryptocurrency, Tronix, recover is the news of Tether Operations Ltd. which announced the addition of the Chinese Offshore Yuan (CNHT) to the TRON blockchain on December 6th.

First launched in 2019 and pegged to the offshore Chinese yuan (CNH), one of Tether’s four major stablecoins, CNHT’s launch on the TRON ecosystem marks a “major milestone for the crypto community and Asia” in words By TRON founder Justin Sun.

he is too subscriber Huobi Global News Listed CNHT on TRON with USDD Trading Pairs. As a reminder, USDD is a new stablecoin issued by TRON DAO Reserve, which was previously questioned by YouTuber Stephen Findeisen, aka. Covizela.

TRX Technical Analysis

Meanwhile, the summary of Technical Analysis (TA) indicators for TRON on the intraday scale is to the downside, indicating a “sell” sentiment at 14, “buy” at 2 and “neutral” at 10.

This summary is the result of oscillators standing in “neutral” territory at 9, with both “buy” and “sell” at 1, and moving averages (MA) in “strong sell” territory at 13, compared to “neutral” and “buy”. at the price of 1.

One-day TRON sentiment gauge. source: TradingView

TRX price analysis

At press time, TRON shares were trading at $0.05281, down 0.13% in the past 24 hours and down 2.60% from the previous seven days, adding to a cumulative monthly loss of 15.36%.

TRON price chart over 7 days. source: quinphone

Currently, the decentralized finance (DeFi) token has a market capitalization of $4.86 billion, which makes TRX the 16th largest digital asset according to this indicator, according to CoinMarketCap Data retrieved by Coinphony on Dec 7.

warning: The content of this website should not be considered as investment advice. Speculative investments. When you invest, your capital is at risk.

Post Tether Launches Offshore CNY On TRON – Will TRX Go Up? It first appeared on Coinphony.

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