Tron (TRX) saw a massive update recently as one of the leading crypto exchanges, Binance, declared supporting TRX staking from October 27. The update means users can stake their coins and earn 6.1% APY (annual percentage yield) at launch.
Customers can receive weekly payments after staking TRX & un-staking anytime for funds without an un-staking period. Binance revealed that the TRX staking max limit would be 700K. Surprisingly, TRX TVL declined within the past few weeks (DeFi Llama data).
Contrarily, it recorded an upsurge on October 25, gaining more than 2.41% within the past 24 hours. Meanwhile, Binance’s announcement might translate to further gains within the upcoming days. Besides that, the crypto has been flaming.
TRX has burnt massive token amounts. And that will help the altcoin heighten its value in the long run. On October 26, the blockchain destroyed more than 8.8 million tokens, with a -3,740,112 net production ratio.
Yet, TRX could not meet investor expectations within the bullish markets, recording only a one-digit seven-day gain. While publishing this blog, TRX gained 0.91% within the past 24 hours to trade at $0.06352. Meanwhile, its market cap stood at around $5.85 billion.
TRX Will Buckle Up
Interestingly, TRX maintained positive on-chain metrics, despite the sluggish performance within the past seven days. The asset’s development activity soared over the previous week – a positive signal. Furthermore, weighted sentiments and social dominance spiked lately, giving investors hope for lucrative days.
The Bulls
TRX’s 24hr chart flashed bullishness, suggesting joy for Tron investors in the coming week. For example, the EMA (Exponential Moving Average) Ribbons displayed possibilities of a bullish cross. Moreover, the MFI (Money Flow Index) and the RSI (Relative Strength Index) rested beyond their respective neutral level, printing another bullish sign.
The Moving Average Convergence Divergence showed bulls dominated the marketplace as a golden cross emerged recently. Thus, the highlighted market indicators and metrics showed better days ahead for TRX investors.
While publishing this blog, Bitcoin traded at $20,483. The crypto failed to topple the $21K value area with its latest upside. Time will reveal what the coming sessions have.
Stay around for upcoming crypto news.
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