Bullish Price Prospects For TRON & IOTA as Both Retest Key Levels [Price Analysis]
It is almost one week since the rapid price rises took place across the cryptocurrency market.
The price rises have resulted in both TRON and IOTA moving above key levels but failing to maintain valuations at these levels.
The price rise last week brought an end to a series of Doji candles and small-bodied candles which had been forming on the weekly chart for TRON since mid-February.
These patterns of candles typically represent periods of uncertainty from traders.
$0.029 has been an extremely important level for TRON so far in 2019.
Any rises above this level have quickly found selling pressure and the same was the case last week.
The professional trader of classical charting principles, Peter Brandt, tweeted today that he doesn’t usually follow altcoins, but TRON’s nice chart pattern was worth a mention:
Don’t normally follow the alts, but nice chart patterns are always worth a mention $TRON pic.twitter.com/8IXEa3tvVX
— Peter Brandt (@PeterLBrandt) April 8, 2019
The price rose above the $0.029 resistance level on both Tuesday and Wednesday but quickly found selling pressure both days.
The price managed to close above the level yesterday but has dropped back below today showing traders are continuing to reject valuations above the level.
The price succeeding in closing above yesterday is a bullish sign showing an increased acceptance of higher valuations from traders.
A retest of the level would have higher odds of breaking through and maintaining valuations above.
An important level to monitor above is $0.338 which is where the price opened for a significant surge in April of 2018 and also acted as an important area of support in July of 2018.
IOTA is recording similar price action, rising above a key level but failing to maintain valuations above.
IOTA has been forming higher lows since December forming an upward trendline.
This combined with resistance at $0.367 has formed an ascending triangle pattern, a bullish trend continuation pattern.
$0.367 was an area where the price found buying pressure during drops in mid-November, and the price now seems to be finding selling pressure at this level.
The price managed to rise above the level on both Tuesday and Wednesday and found resistance at the level of the former high at $0.40.
Price closed significantly below $0.367 on both Tuesday and Wednesday but similarly to TRON, the price has moved back up to retest and maintain valuations closer to the level.
IOTA has still failed to close above the level, but it is a positive sign that price is holding closer to the level and reflects an increased acceptance from traders to hold higher prices.
- Both IOTA and TRON rise to key levels but fail to maintain valuations above.
- Early increases above the levels resulted in sellers bringing the price back down to close significantly below the important levels.
- Price rises later last week maintained valuations closer to the resistance levels giving rise to a more optimistic outlook for future price action.
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