The cryptocurrency market continued to consolidate after days of bullish movements. Tron [TRX] was back in the 12th position on CoinMarketCap and continued its sideways trend. Ethereum [ETH] maintained its market position as the market’s best performing altcoin.
Ethereum [ETH] 1-Day
The 1-day reading for Ethereum [ETH] showed that the altcoin enjoyed a strong bull market throughout the year, with no visible resistance to break. The cryptocurrency’s bull run was the strongest over the last week, enabling investors to enjoy a 38% growth in ETH value. Following the spike, ETH settled at $257.51, and held a market cap of $27.3 billion. It had a 24-hour trading volume of $11.8 billion, at press time.
Bollinger Bands: The upper and lower bands have been diverging over the month, suggesting high volatility and a bullish trend
Awesome Oscillator: On the other hand, the red histogram projections in the AO displayed a rising selling pressure for the ETH market
Relative Strength Index: The token continued to be traced across the overbought zone.
Tron [TRX] 1-Day
Resistance 1: $0.0308
Contrary to Justin Sun’s promise of TRX’s bullish future, Tron [TRX] witnessed a drop in its position owing to BSV’s brief pump, before the status quo was restored again. During the 24 hour reading, the coin grew by 1.58% and traded at $0.0286, with its resistance at $0.0308, at press time. It held a market cap of $1.9 billion and a 24-hour trading volume of $737 million.
MACD: The MACD line over the the reading line and suggested a bullish market for TRX
Chaikin Money Flow: The CMF plot hovered very close to the zero line, suggesting an equilibrium in the capital flowing in and out of the TRX market
Parabolic SAR: The alignment of the dotted markers below the candlesticks suggested a bullish phase for the market
Ethereum [ETH] continued to consolidate its position in the market, while Tron [TRX] was making progress in breaking from its perpetual sideways movement.