Monero was treading water around the $200-level, with the crypto likely to give way to a wave of selling pressure. Ontology fell under multiple levels of former support over the last few days and could break past one or two more. Finally, Synthetix saw a region of demand flipped to one of supply.

The RSI fell below 50 and tested it as resistance on the hourly chart after XMR’s bulls attempted to keep the price above $200. This could be an uphill battle, especially if Bitcoin continues to drop.

Over the next few days, $220 and $180 are the levels to watch out for. Climbing above $220 would imply that a recovery has begun for XMR, while dropping below its previous local low of $180 would see XMR shed value further.

The Stochastic RSI was recovering from oversold territory over the past few hours. The trading volume rose as the price fell, pointing to the fact that strong bearish market sentiment was still in play.

The Directional Movement Index showed a strong bearish trend was in progress as the ADX (yellow) rose above 20 alongside the -DI (pink). The Awesome Oscillator also underlined southbound market momentum.

The next levels of interest for ONT were the $0.75 and the $0.68-support levels. A sign of some strength from the bears, such as a double top, would be required before any coin can be considered to be on the road to recovery.

On the hourly chart, the fractals were used to give some further importance to the points that formed the descending channel’s boundaries. As can be seen, SNX closed a trading session under the channel and rose to retest the $18-region as one of supply, formerly demand.

Having confirmed this dip, the market’s bears forced the price lower. The next levels of support for SNX lay at $16 and $14, both representing drops of 10% and 21% from where the price was trading, at the time of writing.

The MACD noted strong bearish momentum, as did the 8-period and 20-period exponential moving averages (blue and white respectively).

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.

Tron, Synthetix, Crypto.com Coin Price Analysis: 25 February

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For instance, more investors entered the market, followed by an increase in frauds and scams. Many stories of investors that lost their Bitcoins to shady ventures also emerged.

These scams can make some people fear investing in this cryptocurrency. However, these scams are the risk that any investor should be willing to take. Nonetheless, investors should be cautious and learn to identify scams. Knowing the top frauds in the industry can help investors avoid these traps and succeed in their investments. Here are the most common Bitcoin scams to avoid.

Exchange Scams

The decentralized nature of Bitcoins is partly the cause of exchange scams. However, it is sold and bought at exchanges. Currently, you can find many platforms like Bitcoin Gemini Google, where you can buy and sell Bitcoins. These platforms enable investors to find Bitcoins easily. However, there is no regulatory body to oversee these exchanges.

Therefore, investors should be keen to identify scams in the form of exchanges. For instance, investors should look out for unrealistic prices as major red flags. Some Bitcoin exchanges promise great discounts to investors to lure unsuspecting investors. What’s more, investors should check the URLs of the platforms. Genuine Bitcoin exchanges have URLs that start with HTTPS to indicate encryption of their traffic.

Cloud Mining Scams 

Bitcoin mining provides a way to get new coins without exchanging or buying them. However, mining is a resource-intensive activity. New Bitcoins mining is a unique process that requires massive amounts of electricity and processing power. As such, you need a lot of money to mine Bitcoins.

But, regular users can rent server space and start to mine Bitcoins. You will come across companies that provide lifetime contracts to ensure the same costs. These promise investors outstanding returns. But, as Bitcoin mining becomes more complicated, the investment returns continue to decline.

What’s more, some companies are not transparent when making claims about their diminishing returns and actual costs. Some will even run Ponzi schemes with massive losses. Investors should consider the available opportunities carefully and analyze the associated costs and risks before investing.

Fake ICOs 

The Initial Coin Offering has increased following the cryptocurrency boom. That’s because companies are looking for ways to raise capital. Many blockchain-based companies have entered the market with exciting projects and unique ideas. And this enables users to back their businesses efficiently. But, the massive explosion of the initial coin offering opportunities has raised the fraud specter.

Scammers are now stealing Bitcoins from scammers in several ways. For instance, scammers are creating fake sites that look like ICOs. After that, they instruct investors to deposit their coins into compromised wallets. In some cases, the ICOs are the ones at fault.

This crime has led to the suing of some blockchain ventures. Several ventures are liable for misleading investors, lying about products, and portraying fake staff members. Investors should, therefore, research blockchain ventures carefully to know the board members and the entire team behind them before investing.

No investment is entirely risk-free. However, Bitcoin investors should be vigilant to avoid being victims of these scams. Essentially, doing due diligence is a must before investing in Bitcoin to avoid being a victim of these scams.

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Tron first appeared in 2017. The original founder Justin Sun, originally Ripple’s chief representation, had the idea to start a non-profit organization which would focus on building the infrastructure for a decentralized internet. When the Tron ICO launched, TRX flew off the charts. The initial coin offering price was $0.0019/TRX. Now TRX has reached a staggering $0.06/TRX!

Tron features a very unique protocol which helped it stand out from other blockchains. If you spent a lot of time investing in Ethereum, you know about the absurd gas prices. This is where Tron mixes stuff up a bit. The network uses a DPoS system where elected nodes approve the transaction blocks. This means instead of paying a hefty fee to miners, Tron users can stake their TRX in exchange for “Power”, allowing them to make transactions for free. After 72 hours, users can withdrawal their power back as TRX. In addition, staking TRX allows you to vote on super representatives and earn a APY.

Many professional traders have contrasting speculation on the future of Tron. In 2020, Tron has seen a lot of volatility making forecasting it’s future value quite challenging. Following its significant growth in Feb of 2021, Tron has a good chance of hitting $0.1 by late 2021. On the other hand, Tron has a chance of following a bearish trend. If this occurs, it wouldn’t be unlikely for Tron to drop back down to $0.04, or even $0.03.

Nonetheless, Tron has a made a great ecosystem for Altcoins. If some promising Dapps and Altcoins reach the Tron blockchain in 2021, TRX is bound to skyrocket. In the end, this is still all speculation. Nobody is certain where Tron will go, but it’s definitely a promising project. If you want to diversity your portfolio a bit, holding and staking some TRX on the Tron network may be a smart decision. After all, you still earn from staking!

The growth of Blockchain technology is fascinating. Technical innovation and how it can make new business models have attracted crowds, even scammers.

Various Cryptocurrencies have made people millionaires and have established themselves as an enterprise to help other people who hope to invest in Cryptocurrencies. If you also want to become a Crypto millionaire, Read more here.

With the rise in Cryptocurrency and Blockchain’s popularity, scammers and fraudulent activists have found a new market to make money.

Being a new investor and trader, you might lack the necessary knowledge and fall victim to scammers.

The best way for scammers to scam is to build a market and ask you for money in ICOs for the projects. Their marketing campaign is not different from the original campaign. They have ICOs written in a white paper, they market their campaigns on social media platforms, post information about the stock exchanges, and show your fake sales.

Fake ICOs can be detected whether they are fake or not. However, with the Phishing website, it becomes challenging to detect fraudulent activity. These users share a fake website that looks like the original website. And once you enter that website, all your confidential information is hacked.

Drake support team is another way of fishing activity. Here, the fraudster will act as a support team of any project and will ask you about your credential for verification work. The victims of these types of clients are the users who are looking for a support team to get their queries resolved in stock exchanges.

Crypto mining equipment is expensive. Hence, the industry has come up with an idea to use cloud computing for the Mining process. However, this practice has given the fraudster a chance to hack into the system. These fraudsters target audiences new to the mining industry and scam them with a pretext to help them.

Online Crypto scams can be best avoided if you take your step cautiously and with skepticism. No matter how many fraudsters are roaming the market, there are still several well known authentic organizations that help you make legit Cryptocurrency investment.

So, even if you feel that this industry is filled with scammers, you shouldn’t forget that this industry has given the most millionaires over the last decade.

Tron – Tron [TRX] Could Endure A Correction Before Its Big Breakout

Tron [TRX] suffered a major setback as it slumped down the crypto ladder. Despite this, the coin had smooth sailing in terms of price.

The global market cap of the crypto market was at a high of $1.46 trillion. Ethereum [ETH] had moved past $200 billion in market cap as Bitcoin [BTC] continued staying above Tesla and Facebook. The rise in the institutional interest in the king coin pumped its price to a high of $47K. While BTC hasn’t moved past this, the community speculated that the coin could pump up to a high of $60K soon. XRP seemed to have tackled the bears induced by the SEC as it was surging over 4% in the last 24-hours.

Dogecoin [DOGE], Uniswap [UNI], Bitcoin SV [BSV], and several others pushed TRX down to the twentieth position. The market cap of the asset was noted at $3.9 billion. At press time, TRX was trading for $0.054 with a 1.28% drop in the last 24-hours.

The one-hour price chart of the altcoin was indicating the presence of the bear. The Parabolic SAR indicator with dotted lines above the candlesticks blocked the chances of an upward breakout in the next couple of hours. The Awesome Oscillator indicator also followed suit and announced bear occupancy in the TRX market. The short term price chart of TRX on Binance had limited activity, the Relative Strength Index indicator pointed out.

The Bollinger Bands indicator used in the one-day price chart of TRX suggested that Justin Sun’s coin was in for an increase in volatility. The MACD line was over the signal line and this crossover was achieved back at the beginning of the month. The MACD indicator hence revealed a bullish sentiment. The Stochastic RSI indicator had almost hit 100 median further reporting that TRX was being overbought.

Tron – Tron [TRX] Could Endure A Correction Before Its Big Breakout Tags: Tron

Tron – Tron – bitcoin cash [BCH] Aims For $800 As Bulls Promise Assistance | Fintech Zoom

Tron – bitcoin cash [BCH] Aims For $800 As Bulls Promise Assistance

The entire crypto-verse was beaming in joy after the industry hit a high of $1.71 trillion. bitcoin cash (BCH) had recorded an immaculate growth over the last couple of days. BCH wasn’t the only asset that experienced such a surge as an array of assets like Ethereum (ETH), Binance Coin (BNB) stole the show. BNB climbed on to a third-place with its market cap hitting a high of $30 billion. This was great for the crypto industry as it seems to be making its way to $2 trillion. With Bitcoin accounting for $1 trillion, the total crypto market cap stood at $1.71 trillion, during press time. While all the other prominent coins took a step down, BCH retained its position in the top ten.

bitcoin cash was quite far away from its all-time high of $2,979. Nevertheless, the asset was trying to make its way to $1K. The recent crypto rally proved to be extremely beneficial for almost all the assets, BCH was undoubtedly a member of this list. At the time of writing, BCH was trading for $734 with a 2% rise in the last 24-hours. Throughout the week, BCH managed to score gains up to 25%.

The short-term price chart of BCH revealed that the bulls and the bears were putting up a fight in the market. The Parabolic SAR indicator laid down a line of support below the candlesticks, hindering any potential downfall. The Awesome Oscillator indicator formed red closing bars affirming the presence of the bears. The trading activity in the BCH market was neutral, however a buyers’ sentiment was noted.

The Bollinger Bands indicator used in the one-day price chart of BCH suggested that the asset was in for an increase in volatility. The MACD indicator formed a bullish crossover and suggested that an increase in the altcoin’s volatility could push its price over $800. The Klinger Oscillator followed the footsteps of the MACD indicator and inclined towards the bulls.

All this bullish sentiment in the BCH market could push the altcoin to a new yearly high.

Tron – Tron – bitcoin cash [BCH] Aims For $800 As Bulls Promise Assistance | Fintech Zoom Tags: Tron

Bitcoin has soared to fresh all-time highs in recent weeks, breaking $52,000 ATH just a few days ago.

After a long list of celebrities and influentials marching into Bitcoin, on 12th Feb, came actress Lindsay Lohan. She auctioned off an Ethereum-based NFT on digital collectible marketplace Rarible after predicting, “Bitcoin to the moon.”

However, several of her followers and the crypto community have pointed out that Bitcoin is not Ethereum, where her NFT based on. 

Then, after Lohan got the idea, she probably has looked through some public blockchains and DeFi projects other than Ethereum. And she discovered TRON ! “Good job”, said Lohan to the founder of TRON, Justin Sun.

This has raised great attention to the DeFi projects on TRON, giving that Lindsay Lohan has 8.4M followers on Twitter. 

Sun focuses on the DeFi potential of TRON. You can stake to mine and earn $SUN tokens. The lending pools support popular coins USDT, BTC, ETH, as well as TRON-based cryptocurrencies like TRX, JST, SUN, WIN, etc.

(The black spot line indicates the $SUN price)

$SUN price has fluctuated went up by 83.4% in the past 30 days.

JustSwap is the leading exchange protocol on the TRON blockchain for swaps between TRC20 tokens. You can regard it as the Uniswap on TRON.

JustSwap’s 30d volume reached $236.46M increased by 64.66%. The total balance in JustSwap’s smart contracts is 1.04B TRX, worth about $55.89M at the time of writing.

TRON has always positioned itself as an Ethereum competitor. Then how’s TRON DeFi/DEX performance compared to Ethereum’s?

Volume

Ethereum dominates the DeFi market in terms of volume. The 30d volume of Ethereum DeFi hit $72.85B, which accounted for almost 100% of the market share. While TRON only has $14.23M volume in the past 30 days.

Transaction

As for transactions, a total of 1.15M transactions happened on the Ethereum blockchain during the 30d period, accounting for 63.2%. TRON has fewer transactions, 670.97K, accounting for 36.8%.

Active Users

There are 274.97K active Ethereum DeFi users, more than 5 times TRON’s 52.04K users.

Overall Ethereum DeFi has an absolute advantage over TRON DeFi, no matter by volume, transactions, or users.

Ethereum DEX 30d volume $23.75B also dominates the market, with a 99.6% share. TRON’s has only 0.4% of the market share with a $99.85M volume.

However, TRON has taken over Ethereum in terms of transactions. It has 2.87M transactions in the past 30 days, accounting for 76.3% of the total transactions. This is more than 2 times the transactions on Ethereum(891.55K, 23.7%).

What’s more, TRON has attracted 3 times more users than Ethereum. 1.20M users have interacted with decentralized exchanges on TRON, accounting for 73.9%. While only 423.78K users have used Ethereum DEX.

TRON DEX has won over Ethereum DEX considering transactions and active users yet it has far less volume.

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Reef Finance, a multi-chain DeFi platform, has recently announced a strategic partnership with Tron. Reef Finance is a cross-chain DeFi platform offering intelligent liquidity aggregators and yield generation engines. Following the partnership, it is observed that Tron is willing to break into the decentralized finance (DeFi) sector, whereas Reef Finance is planning to build its DeFi ecosystem. On the other side, Tron’s integration is expected to offer direct access to its dApps and TRC-20 tokens to the users of the DeFi platform. However, it is known that the partnership will lead the first-ever launch of multi-chain DeFi platform on Tron (TRX).

According to the official release, Reef Finance, a platform aggregating the most profitable liquidity usage strategy, has entered in a strategic partnership. The cross-chain DeFi platform is built on the Polkadot ecosystem and develops AI-driven personalized yield liquidity farming strategies. Reef aims to collaborate with all the most prominent players of the DeFi sector to offer curated yield opportunities on leading decentralized platforms under one roof.

Within the framework of the latest partnership, DeFi applications and smart contracts of Tron are expected to be available directly from Reef’s platform. Indeed, the cross-chain operating system will be empowered by the functionality of TRX. According to Denko Mancheski, the chief executive officer of Reef Finance, the latest partnership is an extension of the platform’s effort to collaborate with the most prominent DeFi sector players.

Although Tron is a centralized public blockchain, it has not much exposure to mainstream DeFi. Tron has directly funded its leading projects to help the ecosystem get into a decentralized finance world. However, TRX is undoubtedly looking for a more mainstream DeFi partnership. On the other hand, due to scaling issues and high gas fees on Ethereum, DeFi users are already searching for other alternative blockchains. Indeed, the ongoing scaling issues on the Ethereum blockchain network have caused Tether (USDT) to see significant growth in popularity on Tron’s network. The fact also outpaced the dollar-pegged stablecoin transactions on the ETH network. Despite the centralized nature, TRX can offer a viable option to save transaction fees. 

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The 2021 Crypto Crime Report, compiled by Chainalysis, revealed that South African based Mirror Trading International (MTI) was by far the biggest Bitcoin scam in the world in 2020.

MTI presented itself as a passive income source, promising investors consistent daily returns of 0.5% which translates to yearly gains of 500%.

To achieve such phenomenal returns, the MTI leadership claimed to have a “trading bot” powered by artificial intelligence. This was, of course, not true.

One of the driving forces behind MTI was its multilevel marketing referral system which encouraged investors to recruit other people for the scheme.

From the outset, many authorities warned that it was a scam which would ultimately lead to investors losing their money.

The Texas State Securities Board, Canada’s Autorité des Marchés Financiers, and South Africa’s Financial Sector Conduct Authority (FSCA) all warned against MTI.

The FSCA recommended in August 2020 that people withdraw their money from MTI as soon as possible.

These warnings fell on deaf ears and people continued to dump their money into MTI with the hope of unrealistic returns.

According to the 2021 Crypto Crime Report, MTI Club has received $588 million (R8.5 billion) worth of Bitcoin across more than 470,000 transactions, primarily from exchanges, but also from self-hosted wallets.

MTI has sent and received significant funds to and from a popular, Bitcoin-friendly FX trading platform.

“Perhaps most interesting is MTI Club’s apparent usage of a popular cryptocurrency gambling service as a money laundering and cash out mechanism,” the report states.

“The platform is the biggest risky destination of MTI funds by volume, having received $39 million worth of cryptocurrency from the scam in 2020.”

Cryptocurrency observer and venture capitalist Dovey Wan that this is becoming a common money laundering technique for many cybercriminals who use cryptocurrency, as gambling platforms can be used similarly to mixers to obscure the origins and flows of illicitly-obtained funds.

As predicted, the scheme collapsed in late 2020 after MTI founder and CEO Johann Steynberg disappeared.

Steynberg was essentially the fall guy for the scam, and all other management pleaded ignorance of what was really happening behind the scenes.

On 18 December 2020, the FSCA filed charges against MTI after its investigation found the company falsified trade statements, didn’t declare losses and committed other acts of fraud to deceive the market.

The investigation also found that MTI had over 16,000 Bitcoin of claimed customer investment funds unaccounted for.

MTI claimed to have transferred those funds to a new FX trading platform after its old platform banned MTI due to its scamming reputation, but the new platform says these funds were never deposited.

A group of MTI members instituted liquidation proceedings against MTI within days of the announcement that Steynberg had gone missing.

The Cape Town High Court granted a provisional liquidation on 29 December 2020 and provisional liquidators were appointed on 12 January 2021.

“Mirror Trading International is another example of why the industry must spread the word that algorithmic trading platforms promising unrealistically high returns are nearly always scams,” Chainalysis said.

“When cryptocurrency exchanges and other services learn of these scams and receive their cryptocurrency addresses, they should discourage users from sending funds to those addresses or at least warn them that financial losses are highly likely.”

Tron surged to $0.05 and retraced some of its gains on the charts while Ontology breached the $1-mark, a level it hadn’t visited since February last year. Finally, SUSHI‘s charts registered short-term bearish pressure as it was unable to convincingly assail the $15.8-level of resistance.

The breakout past the range (cyan) and its subsequent retest confirmed the bullish breakout, and TRX surged from $0.0315 to touch $0.05 within a week.

The OBV has been on an uptrend and its charts showed strong demand from buyers.

The 20 SMA (white) was moving above the 50 SMA (yellow) to show that the bullish momentum was not yet stalled. The 23.6% retracement level did see some demand from buyers. Losing this level would likely see TRX head lower towards $0.039, the 38.2% retracement.

ONT surged to test the $1-level of resistance. The $0.95-region saw some selling pressure develop over the past few trading sessions, and saw ONT pull back to test $0.82 as a level of support. Since then, ONT has seen extraordinary trading volume, with the crypto surging by an additional 27% to test the $1.03-level.

The RSI was in the overbought zone, but a retracement wasn’t seen. Over the next few hours, it would become more clear if ONT manages to flip this level to support. Almost exactly a year ago was the last time ONT was trading at this level, and it is an important level for bulls to conquer.

A Doji, hammer, or hanging man pattern can be used to judge a reversal as imminent. Until then, the bullish momentum can be expected to push ONT upwards.

SUSHI formed what appeared to be an ascending, inverted scallop pattern on the charts, and although it bounced strongly off the $12-level, it was unable to breach the previous highs at $16. The $15.8-$16 region has offered substantial selling pressure to SUSHI.

On the 1-hour timeframe, the Directional Movement Index showed that a downtrend was in progress, with the ADX (yellow) rising above 20, and the -DMI (pink) rising to show the bearish nature of the trend.

The MACD was close to zero and a dive beneath it appeared imminent, giving more evidence to the downward momentum for SUSHI.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.

Bitcoin Cash, Ontology, Dash Price Analysis: 24 February

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Even though market leaders ETH and BTC were trading at record levels, altcoins like ADA and ALGO seemed to disregard bullish cues and flashed red signals at press time. At the time of writing, Bitcoin was on the verge of reaching the $50k mark and noted a market cap of over $922 billion.

On the other hand, the indicators were mixed on TRX and a move in either direction was possible in the coming sessions.

Bulls ceded the $0.9 resistance to the sellers as Cardano slipped below its 20-SMA (blue) at the time of writing. A sell-off at this price level could lead to a fall below the 50-SMA (yellow), which would mark the onset of a downtrend in the short-medium term. Furthermore, the indicators backed a bearish prediction as momentum seemed strong on the bearish side.

The Awesome Oscillator’s red bars and the MACD’s histogram noted rising bearishness in the ADA market as the price headed towards the $0.77 support level. The only cause of optimism stemmed from a healthy number of buyers in the market which could counter some of the selling pressure.

Strength in the broader market reflected in Tron’s price and cryptocurrency surged by nearly 5% in the last 24 hours. However, the formation of a marubozu candlestick could be a worrying sign for bullish investors as it usually indicates a bearish pullback.

The on-chain metrics did no strongly incline towards the bearish side as his RSI settled around the 60-mark, while the CMF stayed above the half-line despite falling over the last few sessions. In the event of a pullback, bulls could likely hold on to the $0.057 support mark.

Even though Algorand’s price has changed little at the time of writing, the bulls could lose out to $1.39 support as trading volumes and buying activity remained subdued over the last 24 hours. A bearish crossover in the MACD added on to an unfavorable prediction for ALGO in the short term.

The Bollinger Bands noted high volatility in ALGO’s market as the price was prone to fluctuations. A fall below the signal line could trigger the start of a downtrend for the cryptocurrency. On the other hand, a spike in buying activity could see ALGO move towards the $2 mark.

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TRON (TRX) is in the process of breaking out from a long-term resistance area, found at $0.043.

TRON is expected to be successful in closing above this resistance and gradually move towards the target levels outlined below.

TRX has been on an upward movement since reaching a three-year low in March 2020.

Despite the considerable increase, TRX still has not reached a weekly close above the $0.043 resistance level that has been in place since May 2018. Up to this point, TRX has made four unsuccessful attempts at breaking out.

However, TRX is currently above the aforementioned resistance and seems to be ready to reach a close above it. 

If TRX moves above this area, the next closest resistance areas would be found at $0.065 and $0.10.

The daily chart supports this possible scenario.

First, we can see that TRX has already moved above the resistance area and validated it as support in the daily time-frame.

Furthermore, technical indicators are bullish. This especially visible in the bullish cross in the Stochastic oscillator (green circle) and the RSI crossing above 70.

Therefore, TRX is expected to increase towards the resistance levels outlined in the previous section, located at $0.065 and $0.10.

Cryptocurrency trader @AltstreetBet outlined a TRX chart, which has a top target near $0.10.

The wave count suggests that TRX is in an extended wave three of a bullish impulse that began in March 2020

The most likely target for the top of the upward move is found between $0.092-$0.093, which would give waves 1:3 a 1:1.61 ratio. Furthermore, it’s also the 2.61 external Fib retracement for wave two.

The sub-wave count is shown in orange. A decrease below the sub-wave one high at $0.039 would invalidate this particular wave count.

On Jan. 8, 2021, TRX/BTC reached a low of 72 satoshis. It has been gradually increasing since and is currently trading at 104 satoshis.

Technical indicators provide mixed signals. While the MACD and RSI are bullish, the Stochastic oscillator has made a bearish cross.

The closest resistance areas are found at 144 satoshis and 270 satoshis.

The six-hour chart supports the possibility of an upward move being initiated, since it shows a breakout and re-test of the 98 satoshi resistance area.

Therefore, TRX/BTC is expected to move towards 144 satoshis.

TRX/USD is expected to confirm the breakout from the $0.043 resistance area and gradually move towards $0.065. It could potentially climb to the neighborhood of $0.10.

TRX/BTC is expected to move towards 144 satoshis, though the direction of the long-term trend is not yet clear.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

The post TRON (TRX) Moves Above Major Weekly Resistance appeared first on BeInCrypto.

The Philippines securities regulator has published a public notice warning against a rising cryptocurrency scam. Known as BitAccelerate, the scam lures investors with promises of up to 350% in return on investment. It also warned the scammers that they face over $100,000 in fines and up to 21 years behind bars once convicted.

The payouts are eye-catching. For those that don’t bring in any direct referrals, the payout is 2% daily profit. It rises by one percentage point once you double the direct referrals, with 32 referrals earning an investor an 8% daily profit. The minimum payout is $100, as per its website. It further claims that an investor can make 350% profit in passive income.

BitAccelerate depends on a referral system for its members to earn income. This, as per the SEC, means that it’s dependent on funds from new investors. This “ultimately defeats its claim of sustainability because its whole system depends entirely on the new investors that will be lured in.”

“However, based on our records, BITACCELERATE/BITACCELERATOR is NOT REGISTERED with the Commission and is NOT AUTHORIZED to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities,” the watchdog asserted.

Furthermore, the company isn’t on the Bangko Sentral ng Pilipinas (BSP) list of companies dealing in digital assets. The central bank has to authorize any financial entity that aims to get into the Filipino digital assets market.

The SEC further reminded the public that digital currencies are very volatile in nature. Digital asset trading is also highly speculative and involves a high degree of risk, it added. As such, any company that promises a fixed rate of lucrative return is likely a scam.

It also shot a warning to those involved in these scams that the justice system will prosecute and penalize them. They stand to pay a maximum fine of PHP5 million ($104,000) or face up to 21 years in prison, or both.

The SEC has issued such warnings in the past, such as on Mining City, a cloud mining scam that promised $92 daily profit. It also issued a cease and desist order against Forsage, a scam that also posed as a crowdfunding platform.

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Over the past couple of days, the cryptocurrency market has seen a divisive shift in the sentiments with a lot of users jumping on the digital asset bandwagon. It is not just Bitcoin that was on a bull tear as altcoins such as Ethereum, XRP and Tron also enjoyed their time in the sun. 

Justin Sun’s Tron, having been in the shadows for some time, has begun to wave in the digital asset industry. The price of Tron was not the only factor that emerged, as a number of personalities also started their buzz around the popular cryptocurrency.

The new year began with a number of positive updates from across the industry, with major players doubling down the wave. Justin Sun had also recently talked to Bloomberg about the age of memecoins and how it could act as a stepping stone to further developments.Tron also changed their energy and bandwidth spectrum from 40SUN to 140SUN. This came after the Tron Foundation approved the No.51 request to vote for the blockchain.

At press time, Tron traded for $0.056 after a 62.93 per cent increase in value over the previous week. The 20th-ranked cryptocurrency held a market cap of $3.9 billion and a 24-hour trading volume of $4.47 billion. Cryptocurrency fans expect BSV to overtake in terms of a market cap of $4.13 billion.

The hype around Tron has reached such a crescendo that even mainstream stars like Lindsey Lohan have begun to talk about it. On February 11, Lindsey Lohan tweeted about Tron and its features, betting on a bright future. The Hollywood star said the following:

“Exploring #DeFi and already liking $JST, $SUN on $TRX. Super fast and 0 fee. Good job @justinsuntron”

Tron has positioned itself as a competitor of Ethereum with the sole aim of improving the trading ecosystem. The first major resistance level of Tron broke at $0.052 at an intraday low of $0.04112. Right now, analysts expect Tron to test the resistance at $0.055 before any price drawdown occurs. Only time will tell if the price swing is still going the bull’s way.

A new proposal is published for Tron that focuses on making TRX a deflationary asset. The TRON’s Super Representatives (SR) will vote for or against proposal 51 in the coming weeks. Fernando Sobeira, the Head of Blockchain Research and Development in Klever, has published the proposal on TRON SR Crypto Chain. He believes proposal 51 will increase the value of TRX and TRX-based tokens.

Proposals are crucial features in blockchains. They help the community and the overall network grow while focusing on improving the user experience. On each blockchain, a specific group of community members can propose upgrades and changes. In most cases, you have to be a holder of the governance token or a particular member to propose.

In Tron, the RS members are eligible to propose upgrades and changes. The new proposal in the RS forum of Tron is named 51 and focuses on increasing the bandwidth and energy fees to make TRX a deflationary asset.

Tron bandwidth is one of the unique features in the blockchain that encourages users for more transactions. It allows users to perform transactions without paying extra gas fees. The recent proposal is focused on this feature and says :

Blockchain proposals describe the needed steps to implement the proposed changes. Proposal 51 says the unit price of Tron bandwidth should increase from the current 40sun to 140sun. Besides, the unit price of energy should increase from 40sun to 140sun. The other change focuses on the upper limit of fee limit that should increase from 1000 TRX to 5000 TRX.

SR members of the Tron network hold discussion meetings to discuss the latest changes in network stats and possible upgrades. Proposal 51 is a result of their last meeting. Because the previous energy price increase has resulted in increasing the amount of frozen TRX in the network, Fernando Sobreira believes that more increases in energy price will result in the same situations.

Proposal 51 aims to increase the freezing rate and total frozen amount in the Tron network. If the proposal receives the required votes, it may reduce TRX in circulation and increase TRX value.