Tron (TRX) Price Analysis – February 22

Tron, TRXUSDTron chart by tradingview

TRX/USD Medium-term Trend:Ranging                                 

  • Supply zones: $0.04000, $0.05000, $0.06000
  • Demand zones: $0.01000, $0.00900, $0.00800

TRON continues in a range-bound market in its medium-term outlook. The bulls are currently in charge within the range with a marubozu 4-hour opening candle at $0.02502.TRXUSD rose to $0.02543 in the supply area before a pullback to $0.02507 in the demand area.

The price is above the two EMAs and the stochastic oscillator signal pointing up at 51% suggesting an upward movement in price within the range.

TRXUSD is consolidation and trading between $0.02541 in the upper supply area and at $0.02362 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good bearish candlestick pattern as confirmation.

TRX/USD Short-term Trend: Bullish

Tron, TRXUSDTron chart by tradingview

The cryptocurrency is in a bullish trend in its short-term outlook.  The bulls were back in control towards the end of yesterday as confirmed by the gravestone doji shortly after today’s opening session.

TRXUSD was up at $0.02544 in the supply area after the breakout from the two EMAs crossover. The target is at the key supply area with stochastic oscillator signal pointing up at the overbought region.  The bullish pressure may become stronger as more candles open and close above the two EMAs in the supply area.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Mining Pool BTC.Top Briefly Controls Over 51% of Bitcoin Cash's Hashrate

BTC.Top, a popular cryptocurrency mining pool, has recently hit a high of 54% of Bitcoin Cash’s hashrate, before seeing it recede. According to some users the mining pool has just been going after profitability, although any pool having over 51% of the hashrate could be cause for concern.

According to data from Coin.Dance, BTC.Top managed to mine over 54% of the blocks on the Bitcoin Cash network for a brief period of time, before seeing its hashrate go down. At press time, data shows in the last 24-hour period it mined 47% of blocks on the network.

Having over 51% of a network’s hashrate is seen as negative by many, as it could allow the entity controlling the majority of, in this case Bitcoin Cash’s hashrate, to pull an attack on the blockchain and double-spend coins.

This essentially means every network participant is forced to trust the mining pool not to attack Bitcoin Cash. Notably, BTC.Top is believed to have recently thwarted an attack on the network that sought to steal coins someone sent to a Segregated Witness (SegWit) address on the Bitcoin blockchain.

As such, network participants seemingly trust the mining pool was only mining the most profitable cryptocurrency on the SHA-256 algorithm, and wasn’t trying to act maliciously. This, however, doesn’t mean it couldn’t.

Various cryptocurrencies have suffered 51% attacks in the crypto space’s short history, including Verge (XVG), Bitcoin Gold (BTG), and Ethereum Classic (ETC). ETC suffered one of the most notable attacks, as hackers compromised one of the most popular networks in the space to double-spend coins worth over $1.1 million.

While BTC.Top heavily mines Bitcoin Cash, it revealed back in November of last year, before the hard fork that created Bitcoin Satoshi’s Vision (BSV) occurred, that it was apolitical and would support the blockchain with the most hahspower.

At the time Jiang Zhouer, the Chinese cryptocurrency mining pool’s founder, revealed BTC.Top’s goal was to recover stability for Bitcoin Cash, which at the time was engaged in a “war” between two sides.

On BSV’s side there are also concerns about a potential 51% attack. As covered, CoinGeek has reached the necessary hashrate to attack the network more than once, but hasn’t done anything malicious.