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Tron [TRX] & IOTA Price Action – Traders Uncertain As Both Continue to Consolidate

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Tron Weekly Chart – Source: Tradingview.com

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 Daily Chart – Source: Tradingview.com

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.

Tron 4-Hour Chart – Source: Tradingview.com

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.

IOTA Weekly Chart – Source: Tradingview.com

The price of IOTA has failed to make a significant move since early January with a series of Dojis forming on the weekly chart.

IOTA Daily Chart – Source: Tradingview.com

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.

IOTA 4-Hour Chart – Source: Tradingview.com

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.

Key Takeaways:

  • 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.

Latest Tron & IOTA News:

  • Love It or Hate It, Justin Sun’s Tron Is Winning the Dapp War Hands Down

  • IOTA Price Prediction: The Price Is Nearing a Breakout From the Triangle

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Tron [TRX] & IOTA Price Action – Traders Uncertain As Both Continue to Consolidate was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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