Ethereum [ETH] and Tron [TRX] Price Analysis: Coins struggle to recover despite some bullish activity
Though Bitcoin [BTC] helped the crypto-world regain its valuation, not all players in the altcoin universe were recovering at the same pace. Ethereum [ETH] led this comeback as the strongest altcoin, while maintaining the highest ROI of 5,581.56%. On the other hand, Justin Sun’s Tron [TRX] has been steadily losing its market capitalization and was trading at 11th on CoinMarketCap, at press time.
Ethereum [ETH] 1-Day
The 1-day chart for Ethereum [ETH] shows the value of the biggest altcoin maintaining a sideways trend. Although the crypto-coin retained its growth trajectory in mid-December 2019, it displayed a bearish market for the past month due to increased selling pressure from investors.
With no prominent resistance to break, ETH was positioned well to release the bulls back into the market. ETH fell by 1.98% over 24-hours and was valued at $168.30, at press time. Additionally, ETH had a 24-hour trading volume of $5.7 billion and a market cap of $17 billion.
Relative Strength Index: The RSI indicator maintained a comfortable position above 50, suggesting no immediate selling or buying pressure dominance.
Klinger Oscillator: The KO plotted a bearish course for the altcoin.
Parabolic SAR: The dotted markers were aligned below the candlesticks, indicating a bullish market for the altcoin.
Tron [TRX] 1-Day
Tron suffered a loss of 1.39%, bringing down its value to $0.023, at press time. TRX held a market cap of $1.5 billion with a trading volume of $66 million.
TRX held strong resistance at $0.027 and support at $0.022, for the third consecutive month.
Chaikin Money Flow: The CMF plot was below zero, suggesting that the market was dominated by sellers and that money was flowing out of the market.
Awesome Oscillator: The green spikes in the histogram suggested that the TRX market was gaining momentum.
MACD: The MACD line was crawling below the signal line, suggesting a bearish market for TRX.
The aforementioned charts showed that Ethereum [ETH] and Tron [TRX] were struggling to follow BTC’s steps and regain some bullish momentum.
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