Tron [TRX] & IOTA Price Action – Worst Performer Tron Continues Its Downtrend, IOTA Consolidates
It was not so long ago that Tron was outperforming all other top cryptocurrencies during its price increases from mid-December to mid-January.
The tables have now turned for Tron, and it stands as the worst performer over the past 30 days.
Data from Messari shows Tron recording a loss of 17.06% over the past 30 days while all other cryptos in the top ten have recorded increases over the same period.
Tron has been in a downward trend since reaching its January high.
Tron struggled to maintain prices above resistance at $0.029, and any rises above quickly found seller liquidity.
Tron seems to be meeting some support around $0.0224 currently, but it looks likely to break below amid the strong seller momentum.
In the event of a drop below, the next area of support will likely be around $0.0215.
IOTA is the only other top 15 cryptocurrency recording a loss over the past 30 days with data from Messari showing price is down 0.8% over the period.
The price prospects for IOTA highly uncertain.
The last four weekly candles closed as Doji candles and the two prior to this also had small bodies.
A Doji candle is a candle where the open and the close are around the same point and typically reflects uncertainty from traders.
The same occurrence took place around mid-October where four consecutive Doji candles formed on the weekly chart.
This preceded a significant drop to 2018 lows. We could be seeing a similar pattern here where a price consolidation is preceding a drop.
We alternatively could be seeing that price is after bottoming out in 2018, but traders are not yet willing to push prices to higher levels.
The nearest resistance level to monitor in IOTA is $0.30.
Price has met resistance at this level numerous times in past trading and has also met support at this point when it has managed to rise above.
One pattern to monitor on the daily chart is a potential ascending triangle forming.
An ascending triangle pattern forms when price trades between a resistance level and an upward trend line.
It is questionable in IOTA as prise has only met support a small number of times at the upward trendline making it more questionable.
However, this pattern is a powerful bullish trend continuation pattern and should be monitored on the chart.
The pattern played out in Stellar Lumens, XLM, last week and resulted in XLM outperforming.
- Tron and IOTA are the only cryptocurrencies in the top 15 that are recording losses.
- Tron has been trading in a downtrend since January highs.
- Tron seems to be currently meeting support around $0.0224 but looks likely to break below. The next likely area of support to monitor is $0.0215.
- IOTA has been consolidating for the past 6 weeks. A consolidation for four weeks in October preceded a significant drop.
- There is a potential ascending triangle pattern to monitor on the daily chart for IOTA. This pattern could result in a break above $0.3 for IOTA and an outperformance in comparison to other major cryptocurrencies.
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