Ethereum (ETH) is unlikely to break the $500 level today as it is currently trading below the $475 support.
Tron (TRX) price continues to be in the selloff mode as the price action tends to show a downtrend move.
- High: $473.09 USD
- Low: $446.01 USD
- Major Resistance Level: $475 USD
- Hourly MACD: Slightly placed in the Sell region.
As can be observed from the chart the ETH/USD pair had crossed the $480 level over the weekend. The cryptocurrency failed to maintain the $475 support level and fell sharply below the support level and the 100 hourly simple moving average to nearly $446.02, at the time of writing. (As of 10th July 2018) The recent break below the trendline seems to have led the price of the pair into the bearish zone. If the price continues to travel further downwards then it may create a pressure on the buyers.
As of now, the chart of ETH/USD does not look too appealing for the $500 level. However, as the RSI has been sporting in the oversold region lately, one can expect the price action of the cryptocurrency to gather more buyers and move into the green zone again.
- High: $0.036 USD
- Low: $0.033 USD
- Major Support Level: $0.036 USD
- Hourly MACD: Placed slightly in the Sell region.
The TRX/USD pair has been holding onto the $0.036 support level for the past 2-3 days even as it struggles to recover to the green zone. At the time of writing, the price of TRX shows approximately $0.033 USD. The technical analysis from Trading View shows that there is a slight selloff pressure. It can be an indication that the coin may soon show an uptrend if a buying momentum develops around this price level. The 100 SMA continues below the 200 SMA at the moment. So, there will hardly be any development from the selloff position this day.
RSI has been holding onto the oversold region for some time lately and, this indicates that the number of vendors will decrease. One can also expect Tron (TRX) to breakout from the current situation as the time closes upon Tron Virtual Machine launch, release slated for 31st July 2018.
At the time of writing, the difference between Buy and Sell for Ethereum as well as Tron is very less. It is better to study the markets for some more time before making any decision.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of tradingview.com
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