Tron Market Update: TRX will be used to pay trading fees on Poloniex

Poloniex will start accepting TRX and provide 25% discount.
TRX/USD is under selling pressure on Tuesday.

Tanya Abrosimova Independent Analyst

The US-based cryptocurrency exchange Poloniex will start accepting TRX as a payment for trading fees from June 11, according to the announcement, made by the exchange on the official Twitter account.

Our updated fee schedule with the 25% discount off trading fees will begin June 11th, 00:00 UTC. You can opt to pay your trading fees with #TRX, and save while you trade!

TRON's founder Justin Sun, who is also a Poloniex investor, added that TRX users will be able to pay the trading fees with their coin and get discounts and benefits from Poloniex

The cooperation between #Poloniex and #TRON users allows users to pay trading fees with #TRX and enjoy discounts on Poloniex, bringing benefits to users while enriching the TRON ecosystem. In a word, save money for #Poloniex traders, and deliver real gains to $TRX holders.

However, the community seems to be unimpressed by the announcement. Traders are wary of tight cooperation between cryptocurrency projects and trading platform as they often lead to a conflict of interests.

TRX/USD: Technical picture

At the time of writing, TRX/USD is changing hands at $0.0176, down over 4% on a day-to-day basis. The coin is the 17th largest digital asset with the current market value of $1.1 billion and an average daily trading volume of $1.5 billion.

On the intraday chart, TRX/USD recovery is limited by 1-hour SMA50 at $0.0178. Once it is out of the way, the upside is likely to gain traction with the next focus on the upper line of the 1-hour Bollinger Band at $0,0179 and $0.0180. This area separates the coin from a stronger upside movement towards the recent recovery high at $0.0186.

On the downside, the initial support comes at $0.0174, created by a combination of 1-hour SMA100 and the lower line of the 1-hour Bollinger Band. a sustainable move below this area will increase the selling pressure and bring $0.0170 in focus. This barrier is reinforced by the lower line of the 1-hour Bollinger Band.

TRX/USD 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Ethereum Price Forecast: EF outlines ways to solve growing state issues

Ethereum price today: $2,920. The EF noted that Ethereum's growing state could lead to centralization and weaken censorship resistance. The Stateless Consensus team outlined state expiry, state archive and partial statelessness as potential solutions to the growing state load.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP correction slide as BoJ rate decision weighs on sentiment

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are extending their correction phases after losing nearly 3%, 8%, and 10%, respectively, through Friday.