The whole crypto market suffered a flash crash recently and although most of the top cryptocurrencies have only experienced a mild bounce, TRX bulls have seen a huge comeback.
The lowest price of TRX after the crash was set on the same day at $0.01174. The bulls have been able to bounce back quite strongly with a 29% increase in price reaching $0.01518 before a small consolidation.
Currently, the bulls are fighting to defend an old daily support of $0.0139 as they have been rejected from the 12-period EMA.
The 4-hour chart is still in a pretty strong uptrend after the EMA’s have crossed bullish. The bulls are now trying to defend the EMA support to set a higher low compared to $0.01295.
The weekly chart hasn’t changed much as the recent downtrend has been pretty significant. The bulls did, however, defend an important support level set in November of 2018 at $0.0111.
There is some good news for TRX as Binance has just announced they will be supporting TRX staking starting today. Users will need to hold a minimum of 5 TRX in order to be eligible for staking.
This announcement could have played an important role in the recent TRX surge.