Home / Cryptocurrency / Tron price analysis: TRX / USD is forming a lower area, preparing a recovery

Tron price analysis: TRX / USD is forming a lower area, preparing a recovery

After two Monday's massacre of encryption, it's great to start a new week and see so many altcoins posting earnings. This rebound could be the type of dead cat or could be the early stages of a total market inversion. However, we will take advantage of this opportunity to pay attention to players who could make big moves in the coming days.

In this article, we reveal the 5 altcoins to watch this week.

Loyalty points Moeda (MDA / BTC)

The MDA / BTC bulls began to flex the muscles on October 9, 2018 when they eliminated the weekly resistance of 0.0001.425. The breakout was so strong that it catapulted the market up to 0.00043297 on October 14th. This is a meteorological increase of 203.84% in less than a week.

From that point, gravity did its job. However, MDA / BTC deserved a place on this week's list because it successfully reversed resistance 0.0001425 in support (R / S).

Daily chart of MDA / BTC

The R / S flip leads MDA / BTC in a range of 0.0001425 (S2) to 0.00019246 (R1) with the midpoint at 0.00016775 (S1). It seems that the couple is already violating R1. Once the breakout is validated, MDA / BTC has a green light to touch 0.00023533 (R2).

The Moeda loyalty points remain bullish until it is above S2.

Bitcoin Gold (BTG / BTC)

Bitcoin Gold became bullish after reversing resistance 0.003854 in support (S2). With the possession of S2, the bulls are now trying to conquer and contain 0.004698 (S1).

Daily chart of BTG / BTC

A quick look at the daily chart shows that Bitcoin Gold is in the early stages of what may be an upward rush. It is currently consolidating after passing a reverse inversion of the head and shoulders. During this consolidation, it is best if the market remains above S1 from here.

If it does, Bitcoin Gold has excellent chances to climb up to 0.0083 (R3).

Ark (ARK / BTC)

Last week Arca may have made significant gains. However, a look at the daily chart shows that the market is only the trading range between 0.0000812 (S1) and 0.000127 (R2). This is a good sign for long-term investors. Lateral trading is more likely to accumulate smart money positions at these levels.

Daily chart of ARK / BTC

After the test of 0.00009 (S2) of 25 November, Ark is ready to take 0.0001071 (R1) in the coming days. If the market closes this week above R1, R2 and a bull run may be on the horizon.

ChainLink (LINK / BTC)

Unfortunately for ChainLink's long-term investors, his parabolic run seems to have run its course. From a maximum of 0.0000999 on 15 November, the market fell to 0.00006303 on 25 November. It is suspended for life.

Daily LINK / BTC chart

The problem with satellite dishes is that they do not take the time to establish a solid base for each leg. That's why when a race breaks out, the bears find it easy to eliminate key levels. This chart shows too many candles with vertical white space, which means that there have not been many basic construction activities in this race.

With limited buyers holding positions at key levels, a violation of 0.00006417 (S1) can be disastrous for ChainLink. It could trigger a chain reaction that eventually brings the market back to the levels of 0.00004755 (S3). Keep eye S1 this week.

MIOTA (IOTA / BTC)

MIOTA has been in a bear market for the whole of 2018. The downward trend has been so long that the market is now struggling for survival. If MIOTA wants to stay alive, it must keep 0.00007 (S1) at all costs. If it breaks, the last line of defense is 0.00004715 (S2).

Daily IOTA / BTC chart

The chances of S1 holding up look slim while the rebound from this level weakens. So, the struggle for existence could come in the next few days. The observers will watch from the sidelines if S2 holds. If it does, MIOTA can inspire a strong rally at 0.00009347 (R1).

Bottom line

Altcoin like Moeda Loyalty Points, Bitcoin Gold and Ark seem to be growing while MIOTA and Chainlink appear to be on the verge of collapse. Whatever happens, we have provided key levels to take advantage of when opportunities arise.

Featured image courtesy of Shutterstock.

Source link