Tron Market Update: TRX will be used to pay trading fees on Poloniex

Poloniex will start accepting TRX and provide 25% discount.
TRX/USD is under selling pressure on Tuesday.

Tanya Abrosimova Independent Analyst

The US-based cryptocurrency exchange Poloniex will start accepting TRX as a payment for trading fees from June 11, according to the announcement, made by the exchange on the official Twitter account.

Our updated fee schedule with the 25% discount off trading fees will begin June 11th, 00:00 UTC. You can opt to pay your trading fees with #TRX, and save while you trade!

TRON's founder Justin Sun, who is also a Poloniex investor, added that TRX users will be able to pay the trading fees with their coin and get discounts and benefits from Poloniex

The cooperation between #Poloniex and #TRON users allows users to pay trading fees with #TRX and enjoy discounts on Poloniex, bringing benefits to users while enriching the TRON ecosystem. In a word, save money for #Poloniex traders, and deliver real gains to $TRX holders.

However, the community seems to be unimpressed by the announcement. Traders are wary of tight cooperation between cryptocurrency projects and trading platform as they often lead to a conflict of interests.

TRX/USD: Technical picture

At the time of writing, TRX/USD is changing hands at $0.0176, down over 4% on a day-to-day basis. The coin is the 17th largest digital asset with the current market value of $1.1 billion and an average daily trading volume of $1.5 billion.

On the intraday chart, TRX/USD recovery is limited by 1-hour SMA50 at $0.0178. Once it is out of the way, the upside is likely to gain traction with the next focus on the upper line of the 1-hour Bollinger Band at $0,0179 and $0.0180. This area separates the coin from a stronger upside movement towards the recent recovery high at $0.0186.

On the downside, the initial support comes at $0.0174, created by a combination of 1-hour SMA100 and the lower line of the 1-hour Bollinger Band. a sustainable move below this area will increase the selling pressure and bring $0.0170 in focus. This barrier is reinforced by the lower line of the 1-hour Bollinger Band.