Ethereum (ETH), NEO (NEO), Tron (TRX) Price analysis 30th – 31st July: Altcoins Open the Week in the Red
Like most cryptos, Ethereum has started the week in negative territory having fell by about 2%. It looks set to go lower in the week going by the low weekly volumes, a clear sign that there is minimal activity in Ethereum at this point in time.
The 21-day moving average has crossed over the 55-day moving average from above which goes to show that the current price is dropping faster than Ethereum’s historical price average.
In the day charts, Ethereum has broken below a 4 day range, where it was treading above the 21-day moving average – a key indicator that it is in a short-term bear run.
Intra-day selling volumes are also high, which shows that short sellers are taking control of the market at this point. If Ethereum continues in its current trajectory, it could drop to $426 – a price level where Ethereum (ETH) has experienced some support in the past.
However, if there is a reversal in the day, Ethereum could rise to $503 a level at which it has lagged in the past. This is highly unlikely in the next 24 hours though.
NEO (NEO) has in the past week experienced a massive decline in selling volumes compared to the last few months having reached a long-term support level at $29. This means that NEO could be at the very early stages of a long-term uptrend as indicated by the weekly volumes. Volumes rose sharply last week, and this week seems like a continuation of the same.
A look at NEO (NEO) in the day paints a contrasting picture to the long-term (weekly) trend. The altcoin has broken below last week’s support level of $33 which could be interpreted to mean that NEO (NEO) could dip further, before gaining upside momentum.
Chances are that it will hit the $29 support level one more time before it starts a meteoric rise that could see it reach last year’s highs, in the next couple of months. In the day, it would make sense to short NEO (NEO) with a target of $29 to $30. Once it gets to $29, a buy entry would make more sense since it’s a long-term support level, one at which NEO (NEO) could bounce off into a long-term bull rally.
Tron (TRX) has started the week in the red and has lost close to 10% in the day. If it keeps dropping, it could hit $0.032, a level at which, it has found support for the last 6 months.
Weekly volumes have dropped too, which goes to show that people are not that excited about Tron (TRX) at this point. In the day, Tron (TRX) has formed a bearish engulfing, with a long red candle wiping off last week’s gains.
That’s a clear indicator that Tron (TRX) is headed lower, and could drop to $0.032 in the next few hours, “the main support level in the short-term.
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