Volatile Price Movements for IOTA and TRON, but Both Underperform Bitcoin [Price Analysis]
Last week was a volatile week of trading for Tron, but the weekly candle ultimately ended up forming a second consecutive Doji candle.
Several Doji candles have formed over the past few months of price action reflecting high levels of uncertainty from traders.
The Doji candles have formed close to the $0.0238 level which has been an area of both buying and selling pressure in past price action.
This prolonged period of consolidation is further reflected by the trading in both the weekly RSI and MACD.
The weekly MACD and RSI have been moving flat indicating no clear advantage to either the buyers or sellers.
Tron failed to keep up with the performance of market leader Bitcoin last week.
Bitcoin recorded an extremely strong price performance last week after forming several new 2019 highs and recording a 21% appreciation.
The daily chart of Tron demonstrates the volatile price action of last week.
The price fluctuated between finding buying pressure at the 200 SMA (in black above) and finding selling pressure and the 50 SMA (in yellow above).
Tron has started with a bullish start to this week increasing to the $0.0238 level.
However, selling pressure may now come into play as price trades close to the 50 SMA.
IOTA has similarly been recording a large number of Doji candles on the weekly chart reflecting high levels of uncertainty from traders.
Similar to IOTA, last weeks price action was volatile for IOTA, but the weekly ended up forming as a Doji candle.
Despite price decreases early in the week for IOTA, the price managed to recover a rise above $0.3 which has provided resistance in prior price action.
The drop early in the week found buyers as it approached $0.253, a former area of support.
Upon recovering and rising above $0.3 on Friday and Saturday, price action found selling pressure at the 200 SMA (in black on the above chart), a point which has acted as an area of resistance several times.
However, IOTA has continued to test this level for the past three days.
The odds of IOTA breaking above have increased with each consecutive test resulting in fewer sellers holding the resistance level.
In the event of a move above the 200 SMA, the next key level to monitor is $0.367 as resistance.
- After volatile weeks, both Tron and IOTA record Doji candles on their weekly chart .reflecting the high levels of uncertainty from traders regarding the future price prospects of both these cryptocurrencies.
- Tron has mainly been consolidating close to $0.0238 and price action during the week fluctuated between the daily 50 SMA and 200 SMA.
- After a weak start to the week, the price of IOTA managed to recover and rise above $0.3 with selling pressure coming into play at the daily 200 SMA.
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