Both Tron and IOTA have failed to follow up on the increases recorded last week.
Tron increased at the start of the week but failed to overcome $0.0338, an important level expected to provide resistance.
It has since retraced a fraction of the gains it recorded last week but may be forming a higher low leading to a bullish market structure.
The weekly RSI and MACD have been increasing for Tron indicating an increase in the longer-term buying pressure.
The key level to monitor for current price action is $0.029 which the price only briefly managed to maintain valuations above yesterday.
The majority of the declines took place on Thursday for Tron, a day when cryptocurrencies sharply dropped across the market.
Most cryptocurrencies have started consolidating since the drop on Thursday.
Tron has recorded a more bullish response to the drop when compared to other cryptocurrencies.
Buyers pushed prices up from the low formed on Thursday resulting in the candle closing more than 2% above the lows.
This shows a rejection of the low valuations formed on Thursday and the price has since followed up with another significant increase yesterday.
IOTA recorded more bearish price action than Tron last week.
Last weeks price action reversed almost all of the gains recorded from the price spikes two weeks ago.
This shows a strong rejection of the high valuations formed during the price spikes, but there may be another reason for such a price drop to take place.
IOTA has been forming an ascending triangle pattern since early December.
This is a bullish pattern that combines an upward trendline with a resistance level.
The selling pressure last week may have been pushing price towards the upward trendline where buying pressure could be expected.
The low of last weeks trading briefly dropped below the upward trendline, but buyers quickly pushed the price back up to close significantly above.
This shows a strong rejection of prices below the upward trend line.
To the upside, the price spikes last week met resistance at the point of the last weekly high formed in early January.
Despite the significant drop recorded during price action last week, IOTA has been forming a bullish market structure since early February.
The price has been forming higher highs and higher lows since this point and has been quickly been finding buying pressure every time it dropped below the upward trendline.
- Both IOTA and Tron reversed some of the gains from two weeks ago.
- Price action in Tron has pushed significantly higher from the lows formed on Thursday showing a rejection of such valuations.
- IOTA has been forming both a bullish market structure and an ascending triangle pattern.
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