Ascending Triangle Breaks Down for IOTA As Tron Drops Below Key Levels [Price Analysis]
Tron Price Analysis
Tron has recorded three consecutive weeks of losses on the weekly chart.
Price action last week resulted in the price dropping below a key support level at $0.0238.
However, the price made a recovery to close above this level on the weekly but has started this week with a drop back below.
The price tested the level during the past two days of price action.
A Doji candle formed for yesterdays candle reflecting uncertainty from traders.
The price followed up with a drop below today.
Seller momentum is high with both the daily MACD and RSI declining.
Valuations last week dropped to a low of $0.0215.
This increases the chances that the price can drop back below the next anticipated support level at $0.0225
With prices already after dropping below this level last week, it shows traders are willing to accept such low valuations from Tron.
The price action for today is currently trading near the low of the day indicating that selling pressure is high.
If the price were to start to rise from here, $0.0238 would likely come into play as a resistance level.
IOTA Price Analysis
IOTA recorded a volatile week of trading last week.
An ascending triangle pattern had been forming in IOTA since early December.
A drop below the ascending triangle pattern for price action resulted in the price quickly selling off.
The price dropped to a low of $0.23 and started recovering as the week drew to a close.
The price has followed up with a significant increase today which brings the price back inside the ascending triangle pattern.
Whether the ascending triangle pattern is still relevant is questionable given the significant drop below.
The price was testing the trendline of the ascending triangle pattern early last week.
The price was finding buying pressure at both the trendline and $0.3 which has acted as both support and resistance in prior trading.
Since the rise back above the trendline, the price has started reversing.
Buying pressure may be found at both the trendline of the ascending triangle pattern and the $0.3 level.
After the price volatile price movements of last week, a return below both these levels may spark high amounts of selling pressure.
- Tron has recorded three consecutive weeks of losses dropping below two key levels
- IOTA recorded a volatile week of trading last week which resulted in it breaking below an ascending triangle pattern which had been forming as well as expected support at $0.3
- IOTA has since recovered back above the trendline of the ascending triangle pattern, but a drop back below may spur high amounts of selling pressure
Latest IOTA & Tron News:
Momentum With Sellers in Both TRON and IOTA [Price Analysis]
|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.|
Ascending Triangle Breaks Down for IOTA As Tron Drops Below Key Levels [Price Analysis] was originally found on copy trading cryptocurrency | Tech, Privacy, Bitcoin & Blockchain | Blokt.