Tron Price Analysis
Tron seems likely to be re-entering a phase of consolidation.
Prior to the significant price increases of three weeks ago, Tron underwent a long period of consolidation from mid-February to late-March with several Doji candles forming on the weekly chart.
The Doji candles formed just below the $0.0238 level which acted as a resistance level.
During this period, both the weekly MACD and RSI traded flat reflecting the uncertainty from both buyers and sellers regarding future price prospects.
After two weeks of declines which reversed the majority of the increases of three weeks ago, the weekly MACD and RSI are once again beginning to trade flat.
The price reapproaches $0.0238 which is likely to now act as support.
Tron finished last week with three consecutive losses being recorded on the daily chart.
Today’s candle is currently forming a Doji candle.
While momentum is currently with the sellers on the daily timeframe with both the MACD and RSI decreasing, it is likely that the price will meet some support at $0.0238 if it continues to decline from here.
The daily MACD is approaching a centerline crossover to the downside, a sign which is considered bearish by technical analysts.
An ascending triangle pattern which has been forming since early December in IOTA looks likely to breakdown amid bearish price action.
Losses over the past two weeks have more than reversed the price increases from two weeks ago.
The price has dropped to the upward trendline of the ascending triangle pattern increasing the likelihood that it will break below.
On the price increases three weeks ago, the price also failed to overcome the point of its former high resulting in a bearish market structure forming.
IOTA Price Analysis
The declines in price have been finding some support at $0.30, a level that has acted as both support and resistance several times over the past few months.
The majority of the price action last week took place just above this support level with numerous tests taking place.
Numerous tests of a level increase the likelihood of the price breaking below with fewer buyers to hold the level on each test.
Similarly to Tron, the daily RSI and MACD have also been decreasing indicating that the momentum is currently with the sellers.
- Tron has reversed the majority of the increases from three weeks ago while IOTA has entirely reversed its gains.
- Selling pressure is high in both as both records decrease in the MACD and RSI on the daily charts.
- Tron may be approaching an area where it will undergo a long-term consolidation with the weekly RSI and MACD beginning to flatten out.
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