Search ForexCrunch

Tron’s TRX is changing hands at $0.0134, mostly unchanged on a day-to-day basis. The coin hit the intraday low at $00127 amid global sell-off on the cryptocurrency market but managed to recover ahead of the European opening on Friday.

New incentive mechanism

The creator of TRON, Justin Sun, announced that a new incentive mechanism was launched on TRON’s ecosystemˆ

TRON network’s new incentive mechanism officially has come into effect. To thank TRON SRs for their remarkable contributions, TRON decided to reward them with a total of 50M TRX, hoping to see their continued effort in maintaining a healthy TRON ecosystem.

To claim the reward, SRs ( Super Representatives) will need to submit a request to the TRON Foundation via Google Sheet. The information in the application should include the data on the team and their contribution to TRON’s technological innovation, ecological construction, global impact and community operation. 

The results of the rewards distribution will be announced through various channels, while the rewards will be sent to the current block generation addresses of SRs.

TRX/USD: technical picture

From the technical point of view, the short-term recovery above SMA50 (Simple Moving Average) 4-hour located on the approach to $0.0133 is a good signal. This barrier has been limiting the upside momentum since December 25. Several attempts to settle above this SMA proved to be futile. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.0134 ( the upper line of 4-hour Bollinger Band) and $0.0139 (SMA200 4-hour). This handle separates un from a sustainable move towards a psychological $0.0140.

On the downside, the initial support comes at $0.0130. It is followed by the lower line of 4-hour Bollinger Band at $0.0129 and the recent low of $0.0127. We will need to see a sustainable move below this area for the downside momentum to gain traction with the next focus on $0.0121 (December 18 low).

TRX/USD 4-hour chart