Cardano, Tron, EOS Price Analysis: 05 September
As the larger market witnessed minor corrections, Cardano declined by 1.4% and inched closer to $2.66, while mostly flashing consolidated price movement. Tron was sandwiched between a close trading range of $0.104 and $0.102. EOS, conversely, gained 5.6% over the last 24 hours and traded near its multi-month high of $5.89.
ADA declined by 1.4% over the last 24 hours and eyed its immediate price support of $2.66, which is also a weekly low for the coin. The additional support line was at $2.39, a level it last touched two weeks back. The altcoin’s rise has been halting because of the fall in buying strength in the market.
ADA’s technical indicators pointed towards bearish price action. Awesome Oscillator displayed red signal bars. MACD underwent a bearish crossover and noted red bars on its histogram.
In correspondence with a drop in buyers, the Relative Strength Index sat below the half-line. A price reversal could cause ADA to revisit its all-time high of $2.93. When ADA had hit the $2.93 all-time high mark earlier, it recently secured market capitalization of almost $100 Billion.
TRX depicted consolidation as the altcoin traded between $0.104 and $0.102. It was currently priced at $1.02. Its technical chart points towards chances of positive price action. In the case of the bullish thesis finding validation, TRX might jump over the weekly high mark of $0.104 and touch the $0.109 price level.
Buying pressure remained in the market as the Relative Strength Index stood at the 60-mark. In correspondence to the same, the Chaikin Money Flow also stood above the half-line. MACD however, depicted red bars on its histogram.
Tron’s downside movement could land it at $0.095 and then at $0.088. The additional support level is set at $0.816, which the coin hasn’t traded below for four weeks now.
EOS was trading at $5.69 after a gain of 1.8% over the last 24 hours. It hovered around its one-week high price mark and eyed its multi-month high of $5.89. Its 4-hout chart, however, implied mixed trading patterns in the market.
Buying pressure noted an uptick as the Relative Strength Index stood slightly above the 60-mark. Green bars on MACD’s histogram declined and spotted the onset of bearish price action.
Bollinger Bands remained diverged highlighting increased chances f market volatility. In the case of EOS losing its uptrend, the immediate support level stood at $5.38.
Failing to sustain over the $5.38 mark would mean that EOS could be back to trading close to its four-week low price mark of $4.70.