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Tether launches offshore Chinese Yuan on TRON – Will TRX surge?

Tether launches offshore Chinese Yuan on TRON - Will TRX surge?

The cryptocurrency sector is still reeling from the consequences of the collapse of the crypto trading platform FTX, which was once among the top crypto exchanges in the world, and TRON (TRX) is no different, leading investors to analyze what might push its price upward.

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

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

He also shared the news of Huobi Global listing CNHT on TRON with USDD trading pairs. As a reminder, USDD is a new stablecoin issued by the TRON DAO Reserve, which has earlier been called into question by YouTuber Stephen Findeisen, a.k.a. Coffeezilla.

TRX technical analysis

Meanwhile, the summary of TRON’s technical analysis (TA) indicators on 1-day gauges is on the bearish side, as it points to a ‘sell’ sentiment at 14, as opposed to ‘buy’ at 2 and ‘neutral’ at 10.

This summary is the result of oscillators standing in the ‘neutral’ zone at 9, with both ‘buy’ and ‘sell’ at 1, as well as moving averages (MA) in the ‘strong sell’ area at 13, compared to ‘neutral’ and ‘buy’ at 1.

TRON 1-day gauges sentiment. Source: TradingView

TRX price analysis

At press time, TRON was changing hands at the price of $0.05281, down 0.13% in the previous 24 hours and 2.60% compared to seven days before, adding up to the cumulative monthly loss of 15.36%.

TRON 7-day price chart. Source: Finbold

As things stand, the decentralized finance (DeFi) token’s market capitalization amounts to $4.86 billion, making TRX the 16th-largest digital asset by this indicator, as per CoinMarketCap data retrieved by Finbold on December 7.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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