Ethereum [ETH] and Tron [TRX] Price Analysis: ETH leads bull race as TRX follows suit
The recent bull run in Bitcoin’s [BTC] market resulted in a recovery spree for the altcoin universe. While several altcoins made headlines for incurring massive spikes in value, Tron [TRX], the ‘investor friendly’ altcoin, exhibited sideways trajectory through the year. On the other hand, thanks to a bullish wave, Ethereum [ETH] still held enough room to maintain its position as the world’s second largest cryptocurrency.
Ethereum [ETH] 1-Day
The 1-day chart for Ethereum [ETH] showed the coin being comfortable after surviving the crypto-winter. While ETH did not hold any prominent support or resistances, it continued to maintain its value recovery along with BTC’s bull run. The strongest altcoin was trading at $230.52, after rising by 10% change over 24 hours. Further, it had a trading volume of $13.2 billion and a market cap of $24.4 billion.
Awesome Oscillator: The green histogram bars suggested a strong bullish trend for the coin.
Relative Strength Index: Similarly, the RSI indicator exceeded the upper range, indicating an increase in the buying pressure.
Bollinger Bands: The diverging mouth of the bands indicated high volatility.
Tron [TRX] 1-Day
Support 1: $0.022
Resistance 1: $0.027
The “Ethereum-killer” showed a positive change of 9.56% during the reading, placing its value at $0.028928 during press time. Additionally, the crypto maintained a trading volume of $1.1 billion and market cap of $1.9 billion. Although the coin has displayed bearish movements for the past month, it crossed its previous resistance at $0.027.
MACD: The MACD line was positioned over the signal line, indicating a rising bull market.
Parabolic SAR: On a similar note, the dotted markers formed below the candlesticks and suggested an ongoing bullish trend.
Chaikin Money Flow: The CMF was above the zero-line, confirming a bullish market.
While ETH displayed a strong bullish trend, TRX was eventually able to ride the bull wave.
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