While some of the major market capitalization currencies managed to overcome the recent storm with the 2018 support levels still intact, a quick look at the IOTA and Tron rankings ( TRX) will clarify that these two are not among them.
However, if we see an inflection in this space over the course of the following week, both of these coins may be able to put relatively large funds. And our work as technicians at this point is to remain objective and listen to the signals transmitted by the models and indicators that we see.
- High: $ 0.54879
- Low: $ 0.5341
- 24-hour volume : $ 32.38M
- 7-day percentage change: -41.04%
As noted last week, IOTA was shot down by a bearish downward triangle very clearly outlined on the daily chart.
The most recent leg – the one that triggered this model and sent this spiral coin down – came out of a bouncing blow bouncing off the contact with a fall of a simple 50-day moving average.
The resulting move is brutal, dropping IOTA off the edge of the table for losses of over 40% over the last seven days.
This move caused a considerable oversold readout for oscillators on both the daily chart and the hourly chart, with the uporally diverging inor now appearing in the hourly MACD.
However, if the downside were to resume from here in the IOTA, the most obvious obvious area below for clear support would be completely down to the $ 0.32 level.
- High: $ 0.022782
- Low: $ 0.021918
- 24-hour volume: $ 104.61 M
- 7 days Percentage change: -24.53%
Tron (TRX) presents another example of implosion of a chart in the last seven days, with the currency that recorded its 2018 lows in recent actions on a strong increase in volume suggesting an important run of
This means that there are no other levels of support below which a hat can be hung. However, the fact that the volume rose to the break of the March lows suggests the possibility of a lower chapter now in scope
Moreover, the failure that we saw in TRX outside the registered height of 30 July took the form of a possible Elliott wave impulse shift.
In other words, Tron (TRX) is poorly oversold and triggers some positive readings beneath the surface of the major oscillators, but still within the confines of a highly directional downward trend that
This means we have to look at the tape to a shift of tone.
Happy Trading ~
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer
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