The cryptocurrency market and its volatile movement have continued with the passage of time as several of the top coins have fallen into a bearish rut. Ethereum [ETH], the second largest cryptocurrency, which was expected to be “dead”, saw a slight resurgence in terms of price and market cap while Tron [TRX], its closest competitor was in the bear’s grasp.

Ethereum 1-day:

Source: TradingView

Ethereum’s one-day chart showed an uptrend that lifted its price from $106.02 to $151.22. The long-term support for the cryptocurrency was at $84.97.

The Parabolic SAR was above the price candles, which meant that Ethereum was going through a bearish atmosphere.

The Relative Strength Index was in the middle of the graph, a sign of equilibrium between the buying and selling pressures.

The MACD indicator witnessed a bearish crossover as the signal line and the MACD line fell from a peak above the histogram.

Tron 1-day:

Source: TradingView

Tron’s one-day graph showed a similar trend to that of Ethereum as the uptrend resulted in the price climbing from $0.0132 to $0.0232. The long-term support for Tron was at $0.0118.

The Bollinger bands were in the midst of a convergence after the bullish price outbreak came to an end.

The Chaikin Money Flow indicator was below the zero-line, which meant that the capital leaving the market was much more the capital coming into the market.

The Awesome Oscillator had reduced in amplitude and leaned towards the bearish price spectrum. The lower amplitude stated that the Tron market momentum had reduced, presenting a bearish selling opportunity.

Conclusion:

The above-mentioned indicators showed that despite the slow climb in terms of prices, the cryptocurrency market was very much in the bear’s cave. This was also signified by the reduced market momentum.

The post Ethereum [ETH] and Tron [TRX] Price Analysis: Coins see slight bullish reprieve as sideways movement continues appeared first on AMBCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

164 +