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ETH and Tron expect a short-term downward breakout; Link continues the bullish run

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ETH and Tron expect a short-term downward breakout; Link continues the bullish run
Source: Unsplash

Several altcoins which have maintained an upward trend since the big market crash might be in for a short-term downward breakout in the coming days. For instance, ETH and Tron have been on a bullish run for weeks now, but they might soon experience a short-term downward breakout. However, the top 11th coin ChainLink has managed to stay on course as it continues the upward trend.

Ethereum

Source: ETH/USD, TradingView

After recording a drop by 44% reaching below $110 on March 12, the coin managed to rise and maintain support at $122 for almost 10 days. The coin rose again by 19% and has maintained support at $139.74 since then. Although there has been an uptrend seen in ETH’s price for over weeks now, there might be short-term downward movement soon, and this is confirmed by CMF indicator which rests below the zero line.

Resistance: $174.38, $204.06
Support: $139.74, $130.25, $122.31, $104.06

At press time:

Price: $153.32
Market Cap: $17,000,457,028
24-hour Trading Volume: $16,505,115,641

Tron

Source: Tron/USD, TradingView

Tron has also been trending upwards for weeks now. The coin maintained support at $0.01 at the moment. The widening Bollinger Bands, as seen in the above chart, indicate high volatility in the coming days. Additionally, awesome oscillator which rests below the zero line indicates a possible short-term downward breakout.

Resistance: $0.014, $0.015
Support: $0.010, $0.009, $0.008

At press time:

Price: $0.012
Market Cap: $823,865,965
24-hour Trading Volume: $1,123,171,279

ChainLink

Source: LINK/USD, TradingView

As seen in the above chart, ChainLink was off to a good start at the beginning of 2020 and continued an upward trend till mid-Feb. MACD indicator, which signals a potential bullish crossover, also hints at a bullish run and RSI indicator that rests at 65.18, indicates a potential ‘over-bought’  situation.

Resistance: $3.85, $4.74
Support:$1.99, $1.78

At press time:

Price: $3.36
Market Cap: $1,177,405,641
24-hour Trading Volume: $754,439,326

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A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.