Ethereum, the second largest cryptocurrency in the world, has been consistently facing competition from Tron. Ethereum has been struggling to scale, which has contributed to a lot of users migrating to Tron, even after Ethereum’s Constantinople update.
Tron has been doing well, with several developments in the ecosystem like, Tron and USDT partnership, the launch of Sun Network etc.
Ethereum 1 day chart
Support 1: $80.72
Resistance 1: $181.63
Resistance 2: $248.64
Resistance 3: $318.18
Resistance 4: $478.76
Bollinger Bands showed a widening of the band, indicating the influx of volatility into the market. The price was moving closer to the simple moving average, which indicated that bullish momentum was waning.
The Chaikin Money Flow indicator crossed the 0.2 line and was dropping, nearing the zero-line. This indicated a reduction in the money flow.
The Stochastic RSI indicated a bearish crossover after reaching an oversold zone.
Tron 1 day chart
Support 1: $0.0119
Resistance 1: $0.0267
Resistance 2: $0.0396
Bollinger Bands showed a similar scenario to that of Ethereum’s i.e., widening of the bands which indicated the influx of volatility in the Tron market. The price for TRX moved below the simple moving average, indicating bearish momentum.
The Chaikin Money Flow indicator crossed the zero-line, implying a reduction in the money flow and transfer of power from the buyers and into the hands of the sellers.
The Stochastic RSI for Tron showed an extended drop of the bearish crossover, about to hit the oversold zone.
The technicals for Ethereum looked like they might follow Tron’s lead. The indicators for Ethereum were lagging. Ethereum was partially bullish, when compared to Tron, as indicated by the Bollinger Bands, CMF, and Stochastic indicators.
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