Ethereum [ETH] and Tron [TRX] Price Analysis: Coins bullish despite imminent bearish move

Ethereum [ETH] and Tron [TRX] Price Analysis: Coins bullish despite imminent bearish move

May 25, 2019

After the delay of the Programmatic Proof of Work audit, Ethereum’s most controversial upgrades, ETH is still under uncertain lens in terms of market trend. The second largest cryptocurrency heaved a sigh of positive relief with the introduction of Switch for non-custodial trading by Kava Labs. Ethereum [ETH] was priced at $250.78, with a market cap of $26 billion. The trade volume came up to $9.6 billion, out of which LATOKEN contributed 5.19% via the ETH/BTC pair. ETH saw a gain of 0.95% in the past 24 hours, at press time.

Tron [TRX], which recently announced a partnership with Bitpie to aid start-ups, was priced at $0.0281, with a market cap of $1.8 billion. The 24-hour trade volume came up to $741 million, out of which Fatbtc contributed 8.17% via the TRX/ETH pair. TRX saw a gain of 0.21% in the last 24 hours, at press time.

1-day ETH

Source: TradingView

The one-day chart of ETH showed an uptrend from $264.1566 to $160.7751. The support point stood at $104.5560, which was tested in February 2019, and $161.8582 was the previous resistance point, which is now a support. The resistance point was at $262.6382.

Bollinger Bands showed the bands diverging, indicating volatility in prices.

Relative Strength Index displayed the buying pressure to be more, indicating a bullish trend.

MACD indicator showed a bullish trend, but a bearish crossover was imminent as the MACD line was about to cross the signal line.

1-day TRX

Source: TradingView

The one-day chart of TRX showed an uptrend from $0.0128 to $0.0234. The support points were at $o.0128, which was tested in December 2018, and $0.0224, which was tested multiple times earlier this year. The resistance points were seen at $0.02786 and $0.03084

Chaikin Money Flow showed an equilibrium between the inflow and outflow of capital.

MACD indicator showed a bullish trend as the MACD line was above the signal line, but directed downwards indicating an imminent bearish crossover.

Awesome Oscillator showed an increase in momentum, indicating a bullish trend.

Conclusion

The one-day charts of ETH showed a bullish trend with a hint of bearish momentum as indicated by the aforementioned indicators. The same can be said about TRX.

Source: Read Full Article