Ethereum, Litecoin, Tron Technical Analysis on 31st August 2020

The cryptocurrency market is, currently, in a pivotal position. After closely following Bitcoin‘s price movement, several altcoins posted significant gains breaching crucial resistance points over the week. However, bearish reversal edges closer for a few coins.

Ethereum [ETH]

Ethereum [ETH] has managed to resume an uptrend after surging past a crucial overhear resistance of $400. In addition, the largest rose by 3.87% over the past 24-hours to a price of $421.01 while registering a market cap of $47.32 billion and a 24-hour trading volume of $12.015 billion.

Following the latest upward price movement, both MACD and Klinger Oscillator appeared to be gearing up for a bullish crossover. The coin found significant support at the $385.9-level. A sense of optimism among the options traders rose as ETH rallied past the crucial resistance point. This was evidenced by the rising open interest with respect to Ether options.

If the upside momentum continues, ETH is likely to approach its immediate resistance at $439.

Litecoin [LTC]

Despite retreating close to its support level of $54.12, Litecoin [LTC] made a strong recovery which propelled a positive change of 5.26% over the past 24-hours driving its price to $61.34. At the time of writing, its market cap stood at $4.008 billion with a 24-hour trading volume of $2.882 billion.

The small green closing bar signaled towards a potential bullish momentum in the coming days. Chaikin Money Flow also depicted an inflow of capital in the coin market. If this trend persists, the coin could target an important overhead resistance of $67.27. However, if the bullish momentum fades, its psychological support of $50.00 will come into view.

Tron [TRX]

Tron [TRX] has risen over 98% since the beginning of the year. After a minor decline of 1.58% over the last 24-hours, TRX dropped to $0.026 while recording a market cap of $1.867 billion and a 24-hour trading volume of $854.9 million.

The coin recently recorded a two-year high after it climbed to $0.0304 which now acted as a crucial resistance point for the coin. However, the upside momentum appeared to have dwindled. This was evidenced by the dotted markers hovering above the TRX price candles resisting an upward break. Furthermore, the RSI noted a bearish divergence. This indicated that despite a positive price trend, a reversal to the downside is likely.

The sell-off may extend towards the support of $0.0230. If this breaks, TRX’s next focus should be on $0.0154-level.

Reena Shaw: Reena Shaw is a TWJ full-time writer on crypto-currency. A Journalism graduate, her research focuses on legislation and policy-making in the cryptocurrency market.