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TRX Adds 12% Amid Market Struggle: TRON Price Analysis

TRX adds 12% in the past day while the entire crypto market is seeing serious struggle with the top 20 coins declining. TRON managed to remain in the positive by a total of 5%, Bitcoin it traded higher since the weekend after it rebounded from the 288 SAT so let’s get into the price analysis […]

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TRX adds 12% in the past day while the entire crypto market is seeing serious struggle with the top 20 coins declining. TRON managed to remain in the positive by a total of 5%, Bitcoin it traded higher since the weekend after it rebounded from the 288 SAT so let’s get into the price analysis some more in our TRON TRX news.

TRX was pushing higher towards the end of August and managed to surge close to the $0.5 level in September. It was unable to close the daily candle above the $0.04 level and started to go lower. During bitcoin’s price drop, TRX spiked as low as $0.28 as the bulls managed to recover and to put an end to the daily candle above the $0.3 support. The buyers have since allowed TRX to rebound as it hit the $0.035 level today.

trx/btc
TRX/BTC Daily Chart. Source TradingView

If the bulls continue beyond the $0.035 level, the first one that has to be surpassed of strong resistance lies at $0.04. This is followed by the resistance at $0.0408 and the $0.436 while the added resistance lies at $0.05. On the other side, the support is set at $0.032 and $0.028. Beneath this, the added support can be found at $0.0251 and $0.024. TRX added 12% while the rest of the market is struggling as it entered into the 400 SAT resistance. From there, it headed lower but managed to find support at the 288 SAT. The coin bounced higher as it broke above the 300 SAT to reach the high level of 340 SAT.

trx/usd
TRX/USD Daily Chart. Source: TradingView

Once the bulls break the 340 SAT, the resistance lies at 370 SAT, 411 SAT, 431 SAT. This is followed by added resistance at the 450 SAT. On the other side, the support is set at the 300 SAT level which is followed by support at 288 SAT and 250 SAT. The bulls remain in control of the market momentum as the RSI bounced from the mid-line.

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As per the recent TRON  news, we reported that Tron gets into DeFi as Justin Sun, the founder of the cryptocurrency shared his idea a year ago. The pivot into decentralized finance which has taken the crypto industry by storm in the past few months started with the launch of JustSwap , the decentralized exchange that utilizes the automated market maker concept which got extremely popular thanks to Uniswap.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/tron-news/trx-adds-12-amid-market-struggle-tron-price-analysis/

Blockchain

Prepare For Liftoff: Bitcoin Loses Bear Market Trendline Against Altcoins

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Aside from a few rare outliers, over the last several years, owning Bitcoin has been the better investment compared to other cryptocurrencies. Altcoins like Ethereum and others have only recently caught up, and BTC dominance has maintained the lion’s share of the crypto market cap.

However, dominance has lost an important trendline dating back four full years to the peak of the last bull market, and it could suggest a major turnaround is about to occur across the crypto market. Could this be the » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin season crypto investors have been waiting for?

Bitcoin Dominance Loses Crucial » Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>Bear Market Trendline

At peak Bitcoin fever in 2017, interest turned to altcoins that were much cheaper per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin by comparison as investors searched for the next BTC.

Related Reading | Five Signs That Say Altcoin Season Hasn’t Even Started Yet

Those investors ended up learning the hard way that there is no replacement for Bitcoin. Altcoins plunged by as much as 99% in most instances, while Bitcoin wiped out only 84% of its gains by comparison. Both scenarios are now far in the rear view, and since then Bitcoin has a commanding lead.

bitcoin dominance altcoin season

BTC dominance has lost an important monthly trendline dating back to the top of the last bull market | CRYPTOCAP-BTC.D on TradingView.com

At the height of that fever, dominance reached as low as 35%, but has since remained around or above 63%. That key level was lost at the same time a pivotal trendline was, and now there could be no over-performance in Bitcoin for the next year or more.

The trendline in question dates back four years to the bull market peak, and has kept dominance supported ever since.

Altcoins Are Ready To Explode If Dominance Dives Further

Bitcoin dominance holds the key to unlocking the true potential of any » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin season, which thus far the leading cryptocurrency by market cap has kept locked away for many years now.

bitcoin dominance altcoin season 2

A zoomed in view shows how many times BTC dominance tried to reclaim the line | CRYPTOCAP-BTC.D on TradingView.com

Losing the previous long term trendline resulted in some short term consolidation followed by a large move lower. A bearish retest of 70% BTC dominance failed, sending the important crypto market metric falling back lower to the second ascending trendline.

Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google

With the 63% level now lost also, BTC dominance should gravitate toward the mid-50% range, allowing altcoins to soar compared to Bitcoin for an extended period of time.

Altcoins could also theoretically hold up better in a wider correction, but that scenario is unlikely as the riskier assets typically are more volatile and react more sensitively to greater crypto market selloffs.

Featured image from Deposit Photos, Charts from TradingView.com

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-dominance-trendline-altcoins/

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Blockchain

John McAfee faces more charges connected to money laundering and wire fraud

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According to the United States Department of Justice, Manhattan Federal Court today charged John McAfee and his team’s executive adviser Jimmy Gale Watson Jr for fraud and money laundering conspiracy crimes. 

McAfee has been charged with securities fraud, touting, and wire fraud among other offenses stemming from the fraudulent promotion of crypto that federal law recognized as securities.

On 6 October last year, United States watchdog, Securities Exchange Commissions (SEC) charged the founder of the McAfee antivirus software firm for allegedly making over $23 million in the process of shilling seven initial coin offerings. Jimmy Gale Watson Jr. was also charged for violating Securities’ law in real-time on Twitter for shilling the ICOs along with McAfee. 

The ICOs reportedly raised $41 million in the process with half of those proceeds pocketed by McAfee. 

Manhattan US Attorney Audrey Strauss alleged that the duo exploited social media and “enthusiasm” among investors in the “emerging crypto market” to make millions through “lies and deception.” She further claimed: 

…[McAfee and Watson] allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives.

The investors of these ICOs allegedly concealed the fact that they were compensating McAfee and his team for their promotional tweets through funds raised from public ICO investors.

While McAfee is currently detained in Spain on separate criminal charges filed by the DoJ’s Tax Division. Watson was arrested on 4 March in Texas and will be presented before a federal magistrate judge in the Northern District of Texas, today. 


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Source: https://ambcrypto.com/john-mcafee-faces-more-charges-connected-to-money-laundering-and-wire-fraud

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Blockchain

PAID Network exploiter nets $3 million in infinite mint attack

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Paid Network, a DeFi platform aimed at real-world businesses, has been exploited today in an “infinite mint” attack that has sent PAID token prices plunging upwards of 85%.

While the exploit netted nearly $180 million in PAID tokens at the time of the attack — what would have comfortably been the largest exploit of a DeFi protocol — the hacker’s payday will end up being far less. One observer noted that the attacker’s wallet only converted some of their tokens to wrapped ether, leaving the rest in rapidly-devaluing PAID tokens: 

The attacker’s wallet still has over 57 million PAID tokens worth $37 million. 

The exploit is conceptually similar to an attack on insurance protocol Cover that took place in late December last year. In that instance, the team took a “snapshot” of holders prior to the attack and issued a new token, returning the supply of the token to pre-exploit levels.

The team confirmed on Twitter that they are currently planning for a snapshot and restoration:

However, token holders anxious for a resolution may be out of luck. Some in the community are speculating that the attack on PAID wasn’t an exploit at all, but instead a “rugpull” — a colloquial term for an insider designing contracts to specifically make them exploitable and swiping user funds. 

Nick Chong of Parafi Capital noted on Twitter that Paid’s deployer contract, an externally controlled account, transferred ownership of the deployer to the attacker shortly before the mint, indicating that a member of the team either rugpulled, or errantly allowed the attack to take place with a security lapse:

Additionally, a DeFi risk analysis account @WARONRUGS warned of exactly this exploit in late January, noting that the contract owner can mint PAID tokens at any time:

An on-chain note sent to the attacker has ominously warned that “the LAPD will be in contact with Kyle Chasse very shortly.” Kyle Chasse is the CEO of Paid Network.

Paid Network did not respond to a request for comment by the time of publication. 

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Source: https://cointelegraph.com/news/paid-network-exploiter-nets-3-million-in-infinite-mint-attack

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