Are the bulls back? Tron (TRX), Ethereum (ETH) & Litecoin (LTC) sentiment analysis for April 9th
The last few weeks have been full of positive news about Tron (TRX), following the recent test net launch. This sentiment is currently being driven by the announcement that Tron main net would be launched earlier than expected. This optimism is captured in this cryptos trading volumes that have grown from around $212 million to its current average of $269 million in less than 24 hours. That’s an indicator that big investors are flocking into this crypto.
The same reflects in the manner in which, Tron has been mentioned in different crypto platforms in the last 24 hours. Out of the 14 mentions that Tron has had in the last few hours, over 85% of them are positive. That’s quite a strong positive sentiment, and will play a role in pushing up the bullish momentum for a while.
In essence, Tron (TRX) is bullish, at least in the medium term. If the positive news we have seen in the last few weeks continue, then Tron will be in the green for the next couple of months, especially after the main net launch.
Ethereum (ETH) has made some gains over the week, crossing above the $400 mark. That has been driven mainly by news that Ethereum mining is still growing in spite of the price drop. That’s an indication of optimism. However, this optimism has not managed to keep the price above $400 for long, as it keeps fluctuating below this price level. It is clear that this price is acting as an area of major resistance, and failure to sustain above it might see the price fall back further.
A look at the market sentiment of Ethereum from different online platforms gives a similar picture. Of the 211 platforms that Ethereum has been mentioned in the last 24 hours, 67% of them have been positive. However, an equally large percentage of them, 32% to be exact, have been negative.
This leads to the conclusion that there is some positive sentiment towards an Ethereum (ETH) bull run, though it’s not that strong. Investors are probably sitting back waiting to see if the price can sustain above $400. If it holds above this price for the next few days, we are likely to see a major bull rally. However, if it fails, then a downturn is most likely in coming days.
Litecoin (LTC) has not performed quite well in the last couple of weeks, after the much-hyped Litepay was called off. Litecoin has been unable to hold above $120, even after making some minor gains in the last few days. That’s an indication that investors are still unsure on the next direction of this crypto.
Litecoin’s sentiment analysis based on current mentions on online platforms, give a similar picture. Out of the 9 mentions on the different online platforms, 55% of them are bullish on Litecoin (LTC), while 44% of them are bearish. This is a mixed picture, and solidifies the view that Litecoin is at indecisive point at the moment.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.