TRX/USD gains 11% as Binance becomes TRON’s top super representative
Crypto News

TRX/USD gains 11% as Binance becomes TRON’s top super representative

  • Binance squired 12 billion votes to secure the top position in TRON’s ecosystem.
  • TRX/USS is the best performing coin out of top-20.

According to Tronscan data as of September 30, Binance obtained over 12 billion votes and took the first place in the TRON’s ecosystem rating. The second and the third positions are occupied by blockchain community and BeatzCoin respectively.

Also, Binance announced staking support for TRX. The coin will be available on the staking platform of the exchange on October 1. The first rewards will be calculated before November 1 and distributed by November 5.

According to Misha Lederman, the Chief Operating Officer of BeatzCoin, Binance froze 12 billion TRX coins and effectively took 1/6 of the issuance out of the circulation.

He sees it as a positive development for TRX price; however, some users are concerned that a major player “bought” the first place in the rating.

At the time of writing, TRX/USD is changing hands at $0.0146. The coin has gained over 11% of its value in recent 24 hours and became the best performing coin out of top-20. TRX touched $0.0151 high on Monday, but failed to engineer a sustainable breakthrough above the key technical barrier.  

Looking technically, a strong move above $0.0150 will improve the short-term sentiments and push the price towards the next barrier at $0.0154. It is created by a combination of SMA100 (Simple Moving Average) and SMA200 on the four-hour chart. On the downside, the initial support is located on the approach to $0.0140 (SMA50 four-hour).  

TRX/USD, 4-hour chart


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