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Analysis

Ethereum [ETH] and Tron [TRX] Price Analysis: Tokens bullish as Justin Sun drops hint of major partnership

Biraajmaan Tamuly

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Ethereum [ETHEthereum [ETH] and Tron [TRX] Price Analysis: Tokens bullish as Justin Sun drops hint of major partnership] and Tron [TRX] Price Analysis: Tokens maintain grip with the bulls upon collaboration announcement
Source: Pixabay

Vitalik Buterin’s Ethereum [ETH] and Justin Sun’s Tron [TRX] hiked collectively as both tokens gained against the US dollar recently. Justin Sun hinted at an official partnership with Ethereum on a podcast, something that might have triggered Ethereum’s 8.31 percent surge. Tron kept pace and gained by 3.97 percent against the US Dollar.

Ethereum recorded a market capitalization of $19.2 billion and was priced at $182.30. Tron garnered a trading volume of $597 million over the past 24 hours and the market capitalization remained around $1.89 billion.

Ethereum 1-day chart

Source: TradingView

Ethereum’s one-day chart witnessed multiple significant uptrends, which extended the price from $111.40 to $157.71  and from $137.91 to $183.51. The long-term resistance was at $157.39. However, it was breached following the recent price hike. The support line remained constant at $103.16.

The Parabolic SAR indicated a continuing bullish wave for the coin as the dotted markers remained below the candlesticks.

The MACD line hovered over the red line in the chart, projecting a bullish trend for the token.

The Relative Strength Index observed that the token was oversold, at press time.

Tron 1-day chart

Source: TradingView

Tron’s one-day chart pointed towards a major uptrend for the token, pushing the price from $0.013 to $0.022. The long-term resistance line for the token remained at $0.0293, while the support line was placed at $0.011.

The Bollinger Bands appeared to have diverged, implying a volatile period for the token.

The Awesome Oscillator gave the upper hand to the bulls as the green bars dominated the chart.

The Fisher Transform line remained above the red line, which indicated the continuing bull trend for the token.



Conclusion

Justin Sun hinting at a potential partnership with Buterin may have contributed to the tokens’ price surge. What is certain however is the fact that the tokens were continuing to build momentum off the collective bull run witnessed last week.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Analysis

Litecoin [LTC] smashes $100 valuation for the second time this year

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Litecoin [LTC] smashes $100 valuation; twice in the same year
Source: Pixabay

Litecoin [LTC] posted massive gains and came out as the biggest winner among altcoins as the week came to an end. The digital coin led the altcoin pack towards another bull run.

The latest pump, however, drove the crypto-asset’s price over $100-mark for the second time this year. Subsequently, the silver coin took over EOS to secure its position as the fifth largest crypto-asset by market cap.

As the crypto market started embracing green, many analysts in the space are of the opinion that the “altseason is upon us”. With the latest upswing, LTC became the fourth coin in the top ten with a three-digit valuation after Bitcoin [BTC], Ethereum [ETH], and Bitcoin Cash [BCH].

Source: TradingView

At press time, the coin was priced at $103.4 after surging by 7.93% over the last 24 hours. LTC registered a market cap of $6.40 billion and a 24-hour trading volume of $6.14 billion. Additionally, the digital coin rallied by 17.52% over the past week.

Litecoin was trading highest on Coineal via the trading pair LTC/BTC, accounting for a volume of 11.98%. The crypto-asset exchange was followed by EXX, which held 8.48% of the trading volume via LTC/USDT.



The upcoming Litecoin second halving event, scheduled for August 2019, and institutional adoption of the crypto were attributed to the series of bull domination this year.

Litecoin crashed soon after June 2018 and hit the lowest point at $30 earlier this year. The coin’s market recovery was resisted by bears as it was juggling within the range of $85-$90 before breaking the much-anticipated $100-mark.





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