Tron closed last weeks candle as a Doji reflecting the uncertainty from traders regarding the future price prospects of Tron.
A Doji candle is a candle where the open and the close are around the same point and typically reflects uncertainty from traders.
Tron has been forming Doji candles and small-bodied candles on the weekly chart since early February when it made its last significant move.
Tron had been forming a series of lower highs but managed to break this pattern as it stayed above support at $0.0224.
Price currently trades around $0.023. $0.029 to $0.033 is an area of seller liquidity above.
If price breaks below $0.0224, the next area of support to monitor is $0.018.
Price seems to have met some resistance at $0.0235.
Although price briefly rose above, selling pressure quickly resulted in price dropping back below.
With the 4-hour RSI and the MACD both dropping, momentum in the near-term is with the sellers.
The price of IOTA has failed to make a significant move since early January with a series of Dojis forming on the weekly chart.
On the daily chart, the price has been forming a bullish ascending triangle pattern.
An ascending triangle pattern is a bullish trend continuation pattern that forms when price meets a resistance but has also been forming a series of higher lows.
Price is approaching the end of this pattern, and if it plays out, the price would be expected to break above the resistance level at $0.305 significantly.
However, with a long period of consolidation taking place on the weekly chart, it is uncertain whether the price will break above or whether it will continue to consolidate.
Despite a brief rise above the resistance level, sellers quickly brought the price back below, and the momentum has been with the sellers in recent price action.
Both the 4-hour RSI and MACD are also decreasing reflecting the seller momentum.
The 4-hour MACD is approaching the centerline to the downside which is often taken as a strong bearish signal.
- Both IOTA and Tron have been consolidating for several weeks with high levels of uncertainty from traders.
- Tron has broken a series of lower highs forming but seems to have met resistance at $0.0235 and is falling in recent price action.
- IOTA has been forming an ascending triangle pattern.
- Although the price of IOTA briefly rose above resistance at $0.305, sellers quickly brought the price back below, and the price has been falling in recent price action.
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Tron [TRX] & IOTA Price Action – Traders Uncertain As Both Continue to Consolidate was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.