Tanya Abrosimova
Independent Analyst
- TRON gains over 14% on a day-to-day basis after Sun's announcement.
- TRX/USD trend is bullish as long as it stays above $0.0270.
TRON (TRX) is now the 14th largest digital asset with the current market capitalization of $2.1 billion. The coin has gained over 14$ in the recent 24 hours and hit the intraday high at $0.0308, which is also the highest level since August 18. At the time of writing, TRX/USD is changing hands at $0.0300 with a bullish bias.
Justin Sun pumps TRX with SUN coin
TRON's Founder Justin Sun announced the start of the genesis mining of SUN coin. According to the post on Medium, the project will be community-driven and will allow users to earn staking rewards.
Designed as the quintessential Bitcoin equivalent on the TRON network, SUN features zero venture capital (VC) investments, zero private equity investments, no pre-mining or reserves for the team, and is wholly operated by the community through its open-source smart contracts. We want to build SUN into a grand social experiment while paying tribute to the spirit of decentralization as advocated by Satoshi Nakamoto.
TRX holders will be able to stake their coins starting from September 2 and receive high rewards (starting with a 10% bonus) on special conditions until September 14.
Simply stake your $TRX into the smart contract address of the Genesis mining pool in the official website http://sun.market to take part in the initial mining of SUN. In 14 days, the smart contract will refund all assets back to users’ accounts, charging no handling fees.
The news has potentially served as a bullish driver for TRX. When users stake their coins, they basically leave them locked, which reduces the total available supply and pushes the price higher.
TRX/USD: The technical picture
On the intraday charts, TRX/USD is moving within an upside trend. The local support is created by the psychological $0.0300, though the trend remains bullish as long as the price stays above $0.0270. This barrier is created by 1-hour SMA50. Once it is out of the way, the downside correction is likely to gain traction with the next focus on $0.0250 (1-hour SMA200).
TRX/USD 1-hour chart
 (2)-637345391466640894.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.