The honeymoon appears to be over for cryptocurrencies as the Mini Bull Run came to an abrupt end today. The markets have been painted red, with very few coins showing green on daily cryptocurrency analysis charts. After an upward rally, Bitcoin has tested and breached below the $4000 mark on which it had found support. Tron and EOS have also followed suit, with both recording significant losses over the last 24 hours.
Tron (TRX/USD)
Tron is down by 7.45% over the last 24 hours and is currently selling at $0.026. The TRX/USD pair has enjoyed a great run as can be seen from its Relative Strength Index (marked A). It dominantly drifted into the ‘undersold’ area (above 70), indicating how high investor sentiments were in this coin. Also, the just concluded Bull Run’s momentum had the effect of pushing prices upwards, testing and breaching previously held Resistance Zones.
The 7 days EMA (C) was at all instances above the 21 days Moving average (B), which signaled a strong Bull Run. Today, however, the RSI has dropped sharply from the ‘undersold’ area and is currently at 40 (closer to ‘oversold’ than ‘undersold’). This shows a drastic drop in investor sentiments.
Unless the Bulls can up their momentum, the Bears are likely to push price further lower in the short term.
EOS (EOS/USD)
After going through a strong Bull Run, EOS is once again headed downwards. After last year’s fork, EOS took a beating and was only starting on the upward trend at the beginning of 2019. Today, however, tables have turned and the Bearish momentum has once again resumed. Eos is down by 9.50% over the last 24 hours and is currently selling at $2.57 against yesterday’s $2.839.
Additionally, the 7-day moving average (B) is crossing over the 21 day EMA (C), which goes to show the strong Bearish trend that has hit the markets. This can also be seen in the Relative Strength Index (RSI) marked C. it is headed down and near the ‘oversold’ area, signaling negative investor sentiments in EOS.
Bitcoin (BTC/USD)
The largest coin by market capitalization was also painted red today after the Bears engulfed the markets. This saw BTC fall under the $4000 mark and is currently oscillating at around $3820. The previous support set at the same figure was tested and breached.
Also, there is reduced investor confidence in BTC as the RSI (A) has crossed into the ‘oversold’ area. Both EMAs (B and C) are also headed downwards which indicates that the Bearish trend may be here for long.
