The cryptocurrency market was on a resurgent bullish wave with Bitcoin [BTC] fueling the rapid price increase. The price rise also seeped through to the rest of the market, with coins such as Ethereum [ETH] and Tron [TRX] riding the bull. Tron and Ethereum were in the news on April fool’s day when ETH’s Vitalik Buterin and Tron’s Justin Sun had a friendly banter on Twitter.
Ethereum 1-day:
Source: Trading View
The one-day graph for Ethereum showed a downtrend that lowered the price from $228.4 to $143.93. The long-term support has been holding at $81.88.
The Parabolic SAR was below the price candles, which meant that the cryptocurrency was going through a bullish atmosphere.
The MACD indicator moved as a conjoined pair after the signal line and the MACD line underwent a bearish crossover. The MACD histogram was almost negligible.
The Relative Strength Index was at the top of the graph, which signified an increase in the buying pressure.
Tron 1-day:
Source: Trading View
Tron’s one-day graph painted a picture opposite to that of Ethereum as the uptrend resulted in the price increasing from $0.0131 to $0.0225. The long-term support for Tron was holding at $0.0118.
The Bollinger bands had diverged from each other due to the sudden increase in price. The instantaneous price increase also caused the price candle to fall out of the Bollinger cloud.
The Chaikin Money Flow indicator was above the zero-line, a sign of the capital coming into the market being more than the capital leaving the market.
The Awesome Oscillator‘s amplitude had fallen drastically due to the bear market. The low amplitude also showed that the market momentum dropped significantly.
Conclusion:
The above-mentioned indicators stated that both Ethereum and Tron’s bullish runs were going to be short-lived as they were caused only by the increase in Bitcoin’s prices. This was evidenced even more clearly by the AO and the lack of market momentum.
Read more at: https://ambcrypto.com/ethereum-eth-and-tron-trx-price-analysis-cryptocurrencies-see-short-term-gains-as-bulls-capture-market/
