Tron [TRX] and IOTA Price Action – Uncertainty From Traders Regarding Price Prospects
Tron has formed several Doji candles on the weekly chart reflecting high amounts of uncertainty from traders regarding its future price prospects.
The weekly RSI and MACD have also been trading flat, showing that buying pressure and selling pressure are relatively even.
The last significant level that price traded at was $0.029 in mid-January but found quick selling pressure each time the price rose above this level.
After failing to maintain valuations above $0.029, the price of Tron continued to form lower highs.
The price eventually found support at $0.0224.
After testing this support level numerous times over the past few weeks, the price rose early last week and has since been forming small bodied candles and Doji candles on the daily chart.
IOTA has been recording similar price action with several Doji candles forming on the weekly chart.
The last significant moves in IOTA took place in early January to early February, and the price has since been forming small-bodied candles and Doji candles reflecting high levels of uncertainty from traders.
However, the price has been slowly forming a series of higher lows.
Although the MACD has been increasing reflecting increasing buying pressure, the RSI has been flat indicating that there is no clear advantage for either the buyers or sellers.
If the price can undergo a significant increase from here, the key weekly level to monitor is $0.312.
The series of higher lows been formed brought the price above an important level at $0.3.
A series of higher lows combined with a resistance line typically forms an ascending triangle pattern.
An ascending triangle pattern is a bullish trend continuation pattern that increases the likelihood of a significant price increase.
Although the price of IOTA has managed to rise above the $0.3 resistance, the price performance has been weak, and the price has since fallen back to test $0.3 as support.
A significant drop in the price of IOTA is also a possibility given the weak price performance.
Overall, the outlook for both Tron and IOTA is currently neutral given that there is no clear direction forming for either of these cryptocurrencies.
- Both IOTA and Tron have been consolidating with numerous Doji candles forming on both the daily and weekly charts.
- The weekly MACD and RSI for the weekly Tron chart reflecting the long period of consolidation.
- The price of IOTA has managed to form a series of high lows and rise above resistance at $0.3, but price performance has been weak.
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