Ethereum Classic, Neo, Tron Price Movement Analysis for 23rd February 2021

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Losses posted by the likes of Bitcoin and Ethereum have wiped out almost $150 billion of the entire crypto-market in the last 24 hours alone. While the King coin fell below the $50k price range, ETH declined below the $1,500 mark. Needless to say, at the time of writing, the effects were felt around the altcoin industry, with the same red blinking.

Altcoins such as Tron, Neo, and Ethereum Classic have lost ground, with several support levels waiting for bullish signals to ease recent losses.

Ethereum Classic [ETC]

Ethereum Classic followed the wider market trend and pushed south as bears retained price power. The On Balance Amount fell on the charts after the $17-mark was touched by ETC. While the Stochastic RSI traded in the lower sector, a bullish comeback may be delayed due to the current state of the altcoin market.

Help lines at $9.5 and $7.7 might provide some relief if the sale continues over the next few sessions. Conversely, the $12.8-resistance must be reversed to accept a bullish reversal of the crypto-asset.

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Neo [NEO]

Source: NEO/USD, TradingView

Like his counterpart Tron, Neo slipped below multiple support thresholds at the time of publishing, as daily losses amounted to almost 30%. The next level of funding was $31.8, the same level as the 200-SMA (green).

The Amazing Oscillator moved below zero because momentum was high on the sales side. The Bollinger Bands had a high price variance as the candlesticks travelled along the lower band. Reversing the press time could see Neo move closer to the $40 mark, but earnings will largely rely on bullish cues from the broader market to move forwards.

 

Tron [TRX]

Source: TRX/USD, TradingView

At press time, Tron advanced deeper into the Red Territory, having lowered its price by almost 20% in the last 24 hours.

RSI dropped gradually from the $0.062 price level and found itself in the oversold sector. The MACD line moved far below the signal line, while the histogram detected a rise in bearish momentum. In the event of a prolonged fall, the next line of protection at $0.036 may be checked. Reverse from this point onwards, the TRX scale will see its $0.05-resistance level.

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