HomeTodays NewsEthereum [ETH] and Tron [TRX] Price Analysis: Bulls break out as crypto market heads for recovery
Ethereum [ETH] and Tron [TRX] Price Analysis: Bulls break out as crypto market heads for recovery
May 8, 2019
The cryptocurrency market was flashing green, driving the collective market cap to $188.10 billion. The latest recovery managed to push crypto-assets to post significant gains.
1-day ETH chart
The second largest cryptocurrency on CoinMarketCap, Ethereum [ETH] held a market cap of $18.75 billion and was priced at $176.90 after rallying by 7.89% over the last 24 hours. At press time, the crypto-asset recorded a 24-hour trading volume of $8.85 billion.
The one-day ETH chart registered three uptrends. The first was observed from $105.60 to $135.80, followed by a market correction. Another uptrend was noted from $135.80 to $154.30, while the third uptrend from $154.30 to $170.90 was prompted by the latest bull run. A downtrend was noted from $213.10 to $146.20. The resistance for the above chart was found at $213.12, while the supports stood firm at $128.50 and $106.20.
Bollinger Bands: The parallel bands indicated a stagnant market phase for the Ethereum [ETH].
Awesome Oscillator: The closing bars of the indicator were green, suggesting a period of bullish activity for the coin.
Chaikin Money Flow: The CMF was also above the zero-line, indicating that money was flowing into the coin market. Hence, a bullish price trend for the crypto-asset was recorded.
1-day TRX chart
The eleventh largest cryptocurrency, Tron [TRX] held a market cap of $1.60 billion and was valued at $0.024, at press time. The digital asset recorded a 24-hour trading volume of $711.7 million. TRX surged by 2.01% over the past 24-hours.
The one-day Tron [TRX] chart registered a downtrend from $0.024 to $0.013, along with an uptrend from $0.012 to $0.023. The resistance was marked at $0.035. The digital asset found support at $0.018 and $0.014.
Parabolic SAR: The dotted markers were below the candlesticks, indicating a bullish phase for TRX.
MACD: The MACD line was above the signal line, indicating a bullish trend for the digital coin.
Klinger Oscillator: The reading line was also above the signal line after a bullish crossover.
Bullish activity was predicted for both ETH and TRX in the near term.