Tron (TRX) recently faced a slight pullback as the price fell below key support. However, the cryptocurrency showed resilience in its bounce back, even outpacing other major digital assets.
■ TRX Has the Opportunity to Skyrocket
NewsBTC reported, after encountering resistance at around US$0.0910, Tron price started a downward correction, surpassing the support of US$0.088 and US$0.0865.
Eventually, a base formed around the US$0.0850 zone. A low was formed around US$0.0847, and the price is now rising.
Notably, TRX managed to clear several hurdles around the $0.0850 level, including a significant bearish trend line, as seen in the 4-hour chart of the TRX/USD pair.
Currently, TRX has seen an increase of more than 2 percent, showing its strength against Bitcoin and Ethereum.
On the positive side, the initial hurdle to overcome is located around the US$0.0875 level and the 100 4-hour SMA.
Additionally, the first major hurdle lies at US$0.0880, or the 50 percent Fibonacci retracement level of the decline from the swing top of US$0.0910 to the low of $0.0847.
If it manages to clear this level, it could pave the way for greater upward momentum.
The next significant hurdle for TRX is at US$0.091. If price manages to close above this level, it could push TRX towards US$0.095, with the next major hurdle found at US$0.098.
A break at this level might encourage bullish investors to target a bigger increase to reach US$0.100.
However, there are also potential downside scenarios to consider. If TRX fails to cross the US$0.0875 hurdle, then it may initiate a downward correction. Initial support on the downside is around the US$0.0862 zone.
The first major support is located around the US$0.0850 level, below which the price could test US$0.0847. Further declines may push Tron towards the US$0.0830 support in the coming sessions.
In a separate development, the Tron network has witnessed an increase in zero-transfer phishing scams, resulting in substantial losses for market participants.
Crypto Potato reports, blockchain analytics platform Bitrace revealed that more than 451 million Tether (USDT) has been lost on the Tron network due to this malicious activity.
Zero-transfer phishing scams are a new fraud technique that allows attackers to target users' transaction history without requiring their private keys.
The attacker confirms a zero-value transaction from the victim's wallet, so their address appears in the user's transaction history.
This latest incident on the Tron network is just one example, with many other blockchain networks also witnessing huge losses due to phishing scams.
For example, a recent case involved a Kraken wallet user who lost 4.46 million USDT when they unknowingly transferred assets to a phishing address on the Ethereum blockchain.
These incidents underscore the importance of vigilance and strong security measures for crypto users.
