- The US-based cryptocurrency exchange will allow users to earn TRX staking rewards.
- The market is irresponsive to positive news.
One of the worlds’ most popular trading platforms Poloniex, promised to add TRX staking support in December.
Announcement on Twitter:
$TRX staking is coming to Poloniex on December 25th! To jumpstart your $TRX earnings, we’re launching a Christmas campaign where you can earn an annual yield of up to 50% on your $TRX balance at Poloniex.
The exchange promised to return all staking rewards to the customers and pay staking fees to TRX holders within the Christmas campaign. Once it is over, “the annual yield of TRX staking rewards will vary depending on our number of Super Representative (SR) votes and other network conditions.
Technically, the tokens won’t be locked, which makes the staking looks like an airdrop for TRX holders.
What does it mean for TRON
Typically, staking support is good for cryptocurrency. Under normal conditions, the news tends to push the price higher a least temporary. However, now the conditions are far from normal as the market liquidity is draining ahead of the holiday period, making the assets vulnerable to erratic moves.
At the time of writing, TRX/USD is changing hands at $0.0129, off the intraday high of $0.0135. The coin has lost nearly 4% since the beginning of Thursday, while the previous support on approach to $0.0135 has been validated as a resistance.
From the technical point of view, it means that the coin may extend the decline towards the initial support created by the lower line of the daily Bollinger Band at $0.0125. If it is broken, the recent low of $0.0121 will come into view.
On the upside, we will need to see a sustainable move above $0.0135 for the upside to gain traction. A stronger barrier is located above $0.0140. It is reinforced by the middle line of the daily Bollinger Band.
Considering the downward-looking RSI (Relative Strength Index), the bearish scenario looks more likely in the short run.
TRX/USD, the daily chart
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