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Ethereum [ETH] and Tron [TRX] Price Analysis: ETH and TRX ride the bull wave

Arijit Sarkar

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Ethereum [ETH] and Tron [TRX] Price Analysis: ETH and TRX ride the bull wagon
Credit: Pixabay

The altcoin universe is recovering slowly ever since Bitcoin [BTC] started its bull run in 2019. Out of the lot, Vitalik Buterin’s Ethereum [ETH] maintained its position as the second largest cryptocurrency, based on market capitalization. Tron [TRX] also picked up a rapid pace after its recent failures during the crypto-winter. While the coin stood 11th on CoinMarketCap charts, Tron CEO Justin Sun announced that the coin will return to its previous glory by June 2019.

Ethereum [ETH] 1-Day

Credits: TradingView

Resistance 1: $162.51

Resistance 2: $181.59

The 1-day chart for Ethereum [ETH] displayed a strong growth trajectory, which makes it ideal for long term investments. While the coin has not gained much value since the December fall compared to its competitors, ETH showed no prominent support and broke the 3-month long resistance at $162.51. Following a short spike in value, the leading altcoin met with strong resistance at $181.59.

Ethereum’s 24-hour reading showed the coin losing 4.72% in market value, placing its value at $169.63. Additionally, the coin sported a 24-hour trading volume of $7.4 billion with a market cap of $17.9 billion, at press time. 

Relative Strength Index: The centrally placed position of the indicator suggested no major buying or selling pressure.

Chaikin Money Flow: The positioning of the CMF indicator displayed no prominent inflow or outflow of capital.

Parabolic SAR: The dotted markers were aligned below the candlesticks, indicating bullish momentum for the coin.

Tron [TRX] 1-Day

Credits: TradingView

Support 1: $0.022

Resistance 1: $0.027

Tron’s [TRX] 1-day chart showed a growth pattern similar to ETH, sporting a bullish trend since the beginning of 2019. The coin made substantial recovery from the December downfall, but has been met with very strong resistance at $0.027 over the past 4 months. On the other hand, TRX also maintained a concrete support at $0.022.

The 24-hour reading showed the TRX’s value to be $0.024994 after gaining 3.08% value, at press time. Additionally, the coin had a trading value of $77 million, with a market cap of $1.6 billion.

Klinger Oscillator: The reading line maintained its position with the signal line, indicating no immediate buying or selling pressure.

Awesome Oscillator: The green histogram projection suggested a bullish market for the coin.

MACD: The positioning of MACD line above the signal line indicated a rising bullish trend for the cryptocurrency.

Conclusion

While the charts of both Ethereum [ETH] and Tron [TRX] projected bullish markets, ETH maintained a stronger position for long term investment.





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Gemini outperforms Tether; stablecoins struggle as Libra’s shadow looms, finds Fundstrat report

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Gemini outperforms Tether, stablecoins falter amidst hovering Libra shadow, finds report
Source: Unsplash

Last week might have been the last phase of the ‘Gemini’ as Zodiac signs go. However, the twin-heads have surprisingly outperformed their stablecoin equivalent, Tether [USDT] as Libra scaled the market. With bullish sentiment emanating from Menlo Park, pushing Bitcoin [BTC] into fifth-heaven, stablecoins on the whole faltered.

According to a recent Weekly Performance Analysis by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC. Further, the same index was over the past month, down by over 35 percent and in the past 3 months, the stablecoin index fell by 175 percent.

Source: Twitter

Fundstrat, with reference to the nature of the FS CryptoFX Stable Index, stated,

“The FS CryptoFX Stable index is designed to track the performance of cryptocurrencies which are designed to be “stable.”

The Winklevoss twins’ Gemini Dollar [GUSD], which many expect to be eaten up in the Libra storm of 2020, overtook USDT on both the 1-week and the 2-week percentage price chart, a surprise to many.

USDT, despite accounting for a percentage weight of 74 percent, saw neutral movement over the past week, while GUSD inclined by a notable 1 percent. The only stablecoins that moved backwards on the seven-day change chart were the crypto-collateralized stablecoin DAI and Paxos Standard.

A similar trend was seen in the 14-day stablecoin price chart, relative to their weight, with GUSD outperforming USDT.

On the eve of the Libra announcement, the Winklevoss twins had both predicted that other FAANG companies could come out with their own coins to rival Facebook, a slightly tongue-in-cheek remark that presumably emanated out of spite over Zuckerberg once again overshadowing the Gemini founders.

Despite numerous reports on Libra’s apparent lack of one-for-one backing of USDT and the complexities around the Bitfinex-iFinex-Tether matrix surfacing in April with the New York Attorney General’s report, Tether has been performing well.

A recent Longhash report scored the top stablecoin 90 out of a possible 100, calling it “Extremely Healthy.” To add to this, a study by Binance Research stated that USDT found maximum usage among its institutional and VIP clients, operating in the books of 80 percent of the clients queried, while the next most dominant stablecoin was Circle and Coinbase-propelled USD Coin [USDC], raking in 45 percent usage.





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