TRON (TRX) Plummets Despite AWS Integration and USDT Expansion

TRON (TRX) price has experienced a bearish rally in the last seven days despite a significant token burn and a new partnership with Amazon Web Services (AWS) aimed at simplifying the deployment of TRON Full Nodes. Furthermore, Uphold Inc. announced the availability of USDT on TRON, highlighting TRX's role in facilitating low-cost and efficient USDT transactions. Despite these advancements, TRX saw a 1.31% decline in its price over the last 24 hours, with the current value standing at $0.130698.

TRX/USD 24-hour price chart (source: CoinMarketCap)

Concurrently, TRX's market capitalization and 24-hour trading volume fell by 1.33% and 9.78%, respectively, to $11,469,770,775 and $377,926,796. If the bearish momentum breaks through the intra-day low of $0.1306, the next support levels to keep an eye on are within $0.128 and $0.125.

TRON's Integration with AWS and Token Burn

The TRON Foundation's collaboration with AWS marks a significant step towards easing the process of launching TRON Full Nodes, leveraging AWS's robust infrastructure to ensure high performance, availability, and scalability of decentralized applications (DApps). This initiative aims to lower the barriers to entry for participants in the TRON network, contributing to a more decentralized and resilient blockchain ecosystem. The integration utilizes the GreatVoyage-v4.7.3(Chilon) verstest features and security enhancements.security enhancements.

In parallel, TRON has demonstrated its commitment to deflation and value growth through the recent burning of 13,855,690 TRX, followed by an additional 8,889,740 TRX. This action is part of TRON's strategy to manage the token's supply and stimulate economic growth within its ecosystem. Despite these efforts aimed at reducing the overall token supply and potentially increasing value, the immediate market reaction has been bearish, leading to a decline in TRX's price.

Expansion of USDT on TRON Network

Uphold Inc.'s announcement to support USDT on the TRON network underscores TRON's position as a leading platform for USDT, holding over 50% of the circulating supply. This integration facilitates rapid and cost-effective USDT transactions, enhancing the utility and attractiveness of the TRON network for various stakeholders, including exchanges, fintechs, institutional traders, and developers. 

The TRON-based USDT offers a viable alternative to the Ethereum network, providing near-instantaneous transactions at a fraction of the cost, which is critical for trading, borrowing, lending, and other blockchain-based applications.

Despite these positive developments, the TRON (TRX) market price has not mirrored the anticipated optimism, indicating that other market forces or investor sentiments may be at play.

TRXUSD Technical Analysis

On the TRXUSD 24-hour price chart, the moving downward Keltner Channel bands with the upper, middle, and lower bands touching $0.14203431, $0.13504396, and $0.12798416, respectively, indicate a strong bearish trend that may continue in the short term. However, with the price action currently near the lower band, there is potential for a bounce back towards the middle band. However, if the bearish momentum breaches the lower band, the next major support level to watch for is around $0.125.

TRX/USD 24-hour price chart (source: TradingView)

In addition, the stochastic RSI rating of 0.27 suggests that TRXUSD is currently oversold, which could lead to a reversal in the short term. This rating indicates that there may be a buying opportunity for traders looking to capitalize on a potential price increase after the oversold conditions.