TRON Price Analysis
Last week was an extremely volatile week for most top cryptocurrencies.
The price closed the weekly candle with a strong performance increasing 23% from open to close.
Although price rose to a high of $0.0338, selling pressure came in, and the price closed below $0.029, a level which has acted as resistance in prior price action.
The price surpassed the 50 SMA (in yellow on the above chart) during the week’s price action.
The 50 SMA has acted as resistance several times in 2019.
The price has started this week off with a decline.
The $0.029 is the key area of resistance to monitor for current price action.
Any rises above have quickly found selling pressure.
To the downside, the key support levels to monitor are $0.0238, $0.02245, and the daily 200 SMA (in black on the above chart).
Price prospects look poor for Tron against BTC.
Tron has been in a strong downtrend against Bitcoin since January.
Price has approached a long-term support level at 315 satoshis (sats).
Although Tron recorded increases in price on Tuesday and Wednesday, it has since formed a lower high (as indicated by black arrow) and began depreciating.
The only bullish factor at this point for Tron against BTC is that 315 sats has historically been a point where strong amounts of buying pressure have come into the market.
IOTA Price Analysis
IOTA recorded a more bullish price performance than most top altcoins last week.
The price of IOTA rose above the level of two previous highs at $0.40.
The price formed an intra-week high at $0.476, close to the level where price broke down in November.
The price has since declined to the $0.40 level where it is finding some buying pressure.
Both the weekly RSI and MACD have been increasing, reflecting higher levels of buying pressure in recent price action.
The price action today dropped below the $0.40 level, but buying pressure quickly came into play to bring the price back above.
In the event of a drop below this level, the next key level to monitor is support at $0.367.
IOTA is currently forming a similar bearish structure to Tron in term of its BTC price action.
IOTA recorded an appreciation from a low at 4025 sats but has since formed a lower high.
A bullish divergence between the price and RSI preceded the increase, but the price has since been declining.
The last five daily candles have formed with small bodies indicating uncertainty from traders, but the market structure is forming bearish increasing the odds that the next significant move will be to the downside.
- Volatile trading took place in the crypto market last week with both IOTA and Tron recording significant increases for the week.
- IOTA is finding some buying pressure close to support on the daily USD chart while Tron is finding selling pressure close to resistance on the daily USD chart.
- Both Tron and IOTA have been forming bearish market structures in terms of their BTC valuation.
Latest Tron, IOTA, & Bitcoin News:
|DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.|