The whole cryptocurrency market has experienced a small recovery after the recent flash crash. Bitcoin is currently up 9% from the bottom of the crash while others like Ethereum, have seen a much bigger bounce with a 22% increase in price.
However, nothing beats TRX which saw a 29% increase after the bottom of $0.01174, going all the way up to $0.0151.
Some of the strength the bulls of TRX are showing is being attributed to the recent Binance announcement about supporting TRON staking. Staking will start today and Binance will take hourly snapshots of TRX balances.
Users will need to hold at least 5 TRX in order to be eligible for the staking rewards. Binance is planning to hold the TRX Staking Airdrop program until at least November 1st when the distribution of the TRX staking rewards will take place.
The daily chart of TRX has seen a better performance than the whole market since the beginning, so not all the strength TRX is seeing is due to Binance.
Most cryptocurrencies experienced a lower dip after the initial crash, TRX didn’t and the bulls were able to hold a higher low every single day since the crash.
The bulls are currently battling to break above the 12-period EMA. The current price of TRX is higher than the previous daily low of $0.0139. The 4-hour chart is clearly still in favor of the bulls which are trading above both EMAs and in a pretty clear uptrend. They are now looking to set a higher low around the 12-period EMA before seeing a continuation to the upside.