Tron (TRX) Gains Staking Support from Moonstake Amid Bullish Reemergence

8 October 2021 | Updated: 8 October 2021

One of the top staking service providers, Moonstake, has announced that users can now stake their Tron (TRX) tokens and earn rewards. The staking company announced on Wednesday via a press release, adding that staking is available on the web and mobile versions of the Moonstake wallet. With this, users can now hold, send, receive, and stake TRX through the platform.

According to the official release, TRX has become the thirteenth cryptocurrency Moonstake users can stake. In no particular order, the other twelve include Cosmos (ATOM), IRISnet (IRIS), Ontology (ONT), Cardano (ADA), Qtum (QTUM), Polkadot (DOT), Quras (XQC), Centrality (CENNZ), Orbs (ORBS), and IOST (IOST). While staking is only available for 13 coins, the platform supports over 2,000 digital assets.

Reports show that the TRX staking compatibility comes after Moonstake partnered with the TRON Foundation in June this year. That said, this partnership could yield more joint projects. With both companies having a solid footing in the DeFi sector, Moonstake asserted that the collaboration would yield more innovations.

Meanwhile, TRX reacted positively to the news, with the twenty-fifth-largest cryptocurrency posting a +7% increase.

Key Tron Levels to Watch — October 8

TRX/USD regained a decent upward bias on Friday following a prolonged consolidation around the $0.09500 support. This bullish emergence comes on the back of increased trading volume on the TRX.

TRXUSD – 4-Hour Chart

That said, the cryptocurrency has not reacted to this volume surge yet, indicating that a bullish continuation is imminent in the coming hours. Trading conditions are at neutral levels on our MACD, indicating there is room for more upward spikes.

However, traders could adopt a risk-off stance amid the upcoming US NFP reports scheduled for later today.

Meanwhile, our resistance levels are $0.1000, $0.1100, and $0.1150, and our support levels are $0.0950, $0.0900, and $0.0850.

Total Market Capitalization: $2.33 trillion

Tron Market Capitalization: $7.05 billion

Tron Dominance: 0.30%

Market Rank: #29

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.