Circle, a leading financial technology company, has announced the discontinuation of USDC (USD Coin) support on the TRON blockchain. This transition will be carried out gradually, with immediate effect on minting USDC on TRON ceasing. However, transfers and redemptions of USDC on TRON will continue without disruption until February 2025, as detailed in an official blog post by Circle.
Circle Mint customers can transfer their USDC holdings on TRON to other compatible blockchains or redeem them directly into fiat currency through Circle. In the same way, retail owners and non-Circle customers can move USDC to alternative blockchains using numerous global services such as retail exchanges or brokerages and then redeem it for fiat currency.
The move is part of a larger evaluation within the organization, involving business and compliance, among other functions within Circle, to stop USDC support on TRON. However, Circle is committed to further expanding USDC’s reach to blockchains, securing the broadest development choice for developers, and securing a network experience for USDC holders whereby USDC remains redeemable at a 1:1 ratio with US dollars.
TRON Technical Analysis Indicates Bullish Trend
However, the market condition of TRON is relatively strong. The current price is 0.140238, with a 24-hour trading volume of the cryptocurrency around 700.11 million, and its market cap is 12.95 billion. TRON’s price change over the last 24 hours is 2.10%.
The TRX market has shown a consistent uptrend after breaching levels of resistance at $0.128 and $0.132; in contrast to a new multi-week high of $0.1400, it is presently consolidating in gains. Trading analysis has witnessed the TRX maintain levels over the 23.6% Fib retracement from its latest swing low of $0.1309 to the high of $0.1400.
In the meantime, TRX is exchanging above $0.1350 and the 100 SMA (4 hours) by shaping a bullish trend line, developing a support base at around $0.1382 for TRX/USD over a 4-hour chart.
Besides the possible price actions ahead, the first resistance is set at $0.1400, while a stronger one is at $0.1420. On the positive side, TRX could aim for $0.1650 and $0.1720 upon a break-over of $0.1650, with an ultimate goal of $0.180 and above.
A downside correction may occur if TRX encounters resistance and fails to break above $0.140. Initial support levels include $0.1380 and the established trend line, followed by more substantial support at $0.1350 or the 50% Fibonacci retracement level. Failure to hold above these levels might lead to a test of $0.1320, with further declines possibly targeting $0.1250 in upcoming trading sessions.