Ethereum and Tron’s communities are both involved in developing DApps that have various utilities, but work on cryptocurrency’s underlying technology, blockchain.
Ethereum led the way with DApps, but failed to scale due to excessive users that surged into its use. However, Tron has been slowly succeeding where Ethereum failed. Tron’s transactions exceeded that of Ethereum and reached an all-time high of 4.27 million, going to show the efficiency of Tron in the face of competition.
Ethereum 1 day chart
Support 1: $80.72
Resistance 1: $181.63
Resistance 2: $248.64
Resistance 3: $318.18
Resistance 4: $478.76
The Bollinger Bands showed that the widening of the bands continued, indicating that there was volatility in the market. The price seemed to have recovered falling towards the simple moving average, which indicated bearish momentum for ETH.
The Chaikin Money Flow indicator was crawling towards the zero-line, indicating that the strength of buyers was diminishing slowly.
The Stochastic RSI showed that the Stochastic line had dipped into the oversold zone, indicating bearish momentum for ETH.
Tron 1 Day
Support 1: $0.0119
Resistance 1: $0.0267
Resistance 2: $0.0396
For TRX, the Bollinger Bands were slowly converging. TRX’s price bounced just before hitting the simple moving average, indicating slight bullish momentum.
The Chaikin Money Flow indicator crossed the zero-line, implying a reduction in the money flow. However, the CMF line was recovering, at press time.
The Stochastic RSI for Tron showed a similar pattern as that of Ethereum i.e., a strong bearish crossover that hit the oversold zone.
ETH and TRX prices were being pushed by bearish pressure, a projection confirmed by Chaikin Money Flow, Bollinger Bands, and Stochastic RSI.
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TRON & XRP: Market oscillation subsides as resolute bulls take over; rationality over rewards?
A mere sighter of the bullish swings within the cryptocurrency space suggests that bulls are temporary; upswings don’t last and market oscillations are a part of normalcy. The cryptocurrency realm’s relationship with bulls is an affair, not a romance, but if one were to go by present market movements, they would think love is in the air.
Since the beginning of the second quarter of 2019, the bulls have blessed the cryptocurrency market, pushing Bitcoin’s price from $4,000 to its current price of $9,150. Even with such a sharp turn for the better, there have been no steep falls, no hairpin bends, and no cliffs along the way.
The price chart for the collective market has been on the up-and-up, with even the worst of pullbacks not halting the bullish march. On the flipside, even positive isolated news for certain coins in the market have not resulted in major rallies. Rather, a calm sober sway up the price path is noticed. Two key tell-tales of this nonchalant, oscillation-less movement up the charts are Tron [TRX] and XRP, each with their own set of buoyant news.
Justin’s Sun’s Tron, on the back of yet another one of Justin Sun’s marvelous marketing masterpieces, was firmly at the centre of the cryptocurrency world, until Libra stole its thunder. However, the humdrum was not due to another Tesla half-kept promise, but due to him winning a charity auction for a lunch-date with none other than the Oracle of Omaha, Warren Buffett.
TRX peaked at $0.041, following the announcement of the lunch date between the investment tycoon and Sun. However, the current price is not a far cry from the aforementioned high. At press time, the 12th largest cryptocurrency in the market was trading at $0.033 and the plummet between the two price points was $0.029, implying the fact that the news did not have any larger implications on the Tron ecosystem or TRX itself.
XRP, the bank coin, also did not see a massive pump or dump following the announcement earlier this week. Ripple, the altcoin’s parent company, invested $50 million in MoneyGram, as the price of the coin spiked to $0.454 from $0.428. However with context, this pump pales in comparison to previous XRP spikes owing to announcements from the likes of Coinbase and Nasdaq, further acknowledging the fact that sober, and not erratic bulls, now dominate the cryptocurrency market.
Dovey Wan, Founding Partner at Primitive Ventures, attested to the “steady and solid” rise of the market, citing TRON and XRP. She tweeted,
Hopefully the bull this time will be a steady and solid one, not a violent delight leading to a violent end
— Dovey Wan 🗝 🦖 (@DoveyWan) June 18, 2019
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