The Security and Exchange Commission went after multiple celebrities, including Lindsay Lohan and Jake Paul, for promoting TRON ecosystem tokens.

Justin Sun and the Tron Foundation were also accused of fraudulently manipulating TRX’s secondary market.

TRON price plunged by 12.5% in the span of an hour, with the altcoin falling to $0.0587.

TRON price plummeted on March 22 after the cryptocurrency became the new target of the ongoing regulatory crackdown in the United States. The Security and Exchange Commission (SEC) is now looking into Tron founder Justin Sun’s company and related entities of the altcoin’s ecosystem.

SEC goes after Justin Sun

In a press release on March 22, the SEC announced charges against Justin Sun and his three wholly-owned companies. These included the Tron Foundation, BitTorrent Foundation and Rainberry (formerly BitTorrent). These entities were charged for offering and selling unregistered assets, which, according to the SEC, were TRON (TRX) and BitTorrent (BTT).

In addition to these charges, Justin Sun was also accused of fraudulently manipulating the secondary market for TRX through extensive wash trading. The SEC further stated that Sun orchestrated a scheme to pay celebrities to promote TRX and BTT but failed to disclose that they were being paid to promote these cryptocurrencies.

Consequently, eight celebrities also came under fire as SEC charged them for illegally promoting the TRON ecosystem tokens, including the likes of Lindsay Lohan and Jake Paul. SEC chair, Gary Gensler, in line with the charges, said,

“As alleged, Sun and his companies not only targeted U.S. investors in their unregistered offers and sales, generating millions in illegal proceeds at the expense of investors, but they also coordinated wash trading on an unregistered trading platform to create the misleading appearance of active trading in TRX.”

SEC after the crypto space

This is the second instance of the regulatory body attacking a major crypto company after Kraken. Earlier last month, the SEC charged the crypto exchange with selling unregistered crypto staking service program and penalized Kraken for $30 million.

This raised concerns in the crypto community regarding SEC’s stance on staking.

The reason behind this is that Ethereum and many other altcoins are built on the Proof of Stake (PoS) consensus method, which is considered to be superior to Bitcoin’s Proof of Work (PoW) method.

But if the SEC was to eye the staking aspect of the crypto space, many cryptocurrencies would go down. However, since the Kraken staking service takedown, the SEC has not taken any major step in this direction.

TRON price crashes by 12%

TRON price noted a strong bearish reaction to the SEC’s charges as investors rushed to sell their assets. The altcoin fell by more than 12.37%, bringing the price down to trade at $0.0587. As a result, TRX lost three major support levels, namely the 50-, 100- and 200-day Exponential Moving Averages (EMAs).

The confluence of the 100-- and 200-day EMA now stands as the critical resistance level that the TRON price needs to breach in order to mark a sustained recovery. The cryptocurrency is also vulnerable to a dip below the critical support at $0.0572Losing this base would push TRX down to 2023 lows of $0.0518, noting a 22.73% crash.

#tron #justinsun #sec #BTC #koinmilyoner

TRX, the native cryptocurrency of the TRON blockchain, unexpectedly increased by 11% going into the weekend.

At the time of writing, TRX was up 11.20% in the last 24 hours and up 12% since the past week to $0.085. TRX is outperforming in terms of daily gains among the top 20, as these were posting marginal gains in the last 24 hours.

XRP, which is up 11% for the specified time frame, is second to TRX in terms of weekly gain.

After steadily rising since March, TRX made a big move on Friday following a major announcement of TRON going live on the Ethereum blockchain via the BitTorrent bridge.

TRON founder Justin Sun made it known on Twitter that TRON (TRX) has expanded its reach by going live on the Ethereum blockchain by leveraging the BitTorrent bridge. "TRX is now fully accessible within the Ethereum ecosystem," the TRON founder added.

#TRON (#TRX) has now expanded its reach by going live on the #Ethereum blockchain by leveraging the #BitTorrent bridge . With the contract address 0x50327c6c5a14dcade707abad2e27eb517df87ab5, #TRX is now fully accessible within the Ethereum ecosystem.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 2, 2023

On-chain analytics firm Santiment highlights that crypto is seeing a bullish end to the week. This comes as the majority of crypto assets are trading in green at press time after earlier declines in the week.

📈 #Crypto enjoyed a #bullish end to the week, as three assets ( $DTEP, $COMBO, $CAJ ) more than doubled in the past 24 hours. As far as large caps, $TRON, $HEX, and $LDO had double-digit market cap rises. Watch how #equities perform next week with this ongoing tight correlation. pic.twitter.com/KUxRYx18S6

— Santiment (@santimentfeed) June 3, 2023

It states a few assets that have seen significant price increases as the week wraps up, which include TRON's TRX.

Santiment adds that the performance of equities in the upcoming week might give a clue as to how crypto assets might perform, given an "ongoing tight correlation."

TRON sets new high in daily transactions

TRX has been on a steady rise since March 22 after its price hit lows of $0.056. The move gained immense traction on June 2 as TRX exploded from lows of $0.074 to reach highs of $0.084.

The rise was sustained till press time, with TRX attaining highs of $0.085. The move propelled TRX ahead in crypto market rankings, as it currently sits at the 11th spot with a market capitalization of $7.73 billion.

All eyes are currently on TRON to see if it will reenter the top 10 with its latest bullish move.

On June 1, TRON founder Justin Sun shared the exciting news that the network has hit a new record high in daily transactions, with 10,935,762 transactions processed.

Sun states that the growth in transactions is expected to bolster protocol revenue, proving that TRON's fundamentals remain strong even in a challenging market.

#TRX #tron

The TRON (TRX) price has moved above a minor resistance area and is in the process of increasing above a long-term resistance.

Readings in multiple time frames support the continuation of the upward movement. However, a weekly close above the long-term resistance is required to confirm the validity of the breakout.

TRON Price Reaches Crucial Resistance

The TRX price has increased since November 2022. In February 2023, it reached a new yearly high of $0.073. However, the price has fallen since.

The yearly high was combined with a rejection from a descending resistance line that has been in place for 364 days. When the price follows such a long-term resistance line, the trend is considered bearish as long as the price does not break out from the line.

Currently, the TRX price trades slightly above the resistance line but has not reached a weekly close above it. The weekly Relative Strength Index (RSI) supports the continuation of the increase since it is above 50 and moving upwards.

Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The closest resistance area is at $0.072, while the closest support area is at $0.064.

TRX Price Prediction: Will Bulls Be Successful in Breakout Attempt?

The technical analysis from the daily time frame gives a bullish TRX price prediction. Both the RSI and the price action support this possibility.

Firstly, the TRX price has moved above the $0.067 minor horizontal resistance area. When combined with the short-term ascending support line, this creates an ascending triangle.

The ascending triangle is considered a bullish pattern, boding well for the future price and leading to breakouts most of the time. A breakout that travels the entire pattern’s height would take TRX to $0.082.

Similarly to the weekly one, the daily RSI is above 50 and increasing. Hence, it supports the ongoing upward movement.

Despite these bullish signs, a close below the ascending support line will invalidate this bullish TRON price forecast. This will mean that the breakout was invalid, and a drop to at least $0.064 will follow.

#tron #crypto2023 #crypto #Binance #trading