We have noticed several times in the last two weeks that the bearish extension we are seeing is played in the cryptocurrency space is something that has a wide variation between different currencies .  For example, as we look at the graphs of Tron (TRX) and Cardano (ADA), we see a huge disparity in terms of how these coins went.
But many of the internal dynamics remain similar in terms of the mechanisms we tend to understand as more important in the technical composition of the current model, as should be clear below.
- High: $ 0.019204
- Low: $ 0.016122
- Volume 24 hours: $ 139.71M
- 7-day percentage change: -39.04%
Tron (TRX) was one of the following coins with the worst return in the summer without any questions. Part of this could be due to the fact that much of the hope had been incorporated into the currency – and therefore, a lot of long and weak positions had crowded – during the attempted lateral base at the end of June and early July.
But, in any case, Tron (TRX) has been brutalized in the last two weeks, plunging beneath all of its important levels of support and emptied on the floor.
While the pain was tremendous for true believers, a technician could have seen it coming – as, indeed, we did.
At this point, there are no obvious levels of support below. At such moments, we shift our focus to a tape study. And from our point of view, we can see clear indicators of emotions starting to take hold on the downside
This suggests that we can not be far from a sustainable level of TRX at this point. Keep your eyes open!
- High: $ 0.10117
- Low: $ 0.08434
- 24 hours Volume: $ 95.06 M
- Percentage variation in 7 days: -29.25%
Cardano (ADA) is finally starting to close the most important test. Last week, as we were analyzing this coin, we said it could hit another manhole through the ten-cent level and go upside down to test the key pin around the $ 0.08 area.
This is exactly the kind of action we saw last night.
While we may see a little lower in ADA, traders should begin to be looking for a growing potential for inflection. Oscillators are signaling extreme levels of oversold behavior in a currency that has been widely traded in advance of the parcel in terms of a comparative pivot-for-pivot basis.
This is exactly the kind of thing we look for when we trace our opportunities from a strictly technical perspective. So, we want to have Cardano (ADA) on the radar.
Happy Trading ~
To exchange cryptocurrencies, sign up with Binance!
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
Image courtesy of Pexels
Charts courtesy of tradingview.com