This morning, the pressure is once again returning to the cryptocurrency complex with a vengeance. Over the past 24 hours, we have seen support levels identified and then broken.
The two coins we will cover below are the two we have seen as most technically vulnerable in our recent coverage: For IOTA and Tron (TRX), there are potentially larger time frame consequences for this particular breakdown, as we shall cover in depth here.
IOTA
Price Analysis
- High: $0.93193
- Low: $0.88399
- Major Resistance Level: $0.90
- Hourly MACD: Trending Lower
In our coverage of both of these coins yesterday, we suggested that they each represented more technical vulnerability than most of the rest of the cryptocurrency complex, and particularly the focus large market cap coins that we tend to cover more closely.
IOTA is flirting with a descending triangle breakdown that is coming to fruition in a manifest form this morning as the coin probes its multi-month lows around the $0.88 level.
If we break below this area in IOTA, we will be establishing new lows for 2018 with the $0.80 level lined up as the next visible area of support.
Tron (TRX)
Price Analysis
- High: $0.033196
- Low: $0.030924
- Major Resistance Level: $0.32
- Hourly MACD: Trending Lower
The story in Tron (TRX) is about new multi-month lows coming into place this morning and the possibility of a test of the $0.03 level that was so critical in supporting this coin back in February and April of this year.
We are seeing major oscillators roll over at this stage but not yet reach oversold extremes, which makes it awfully tough for prospective bulls to step in front of this action.
The key level to watch from here if we do manage to break under the $0.03 level in TRX will be critical support at $0.025.
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 thorough research before investing in any cryptocurrency and read our full disclaimer.
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Charts courtesy of tradingview.com
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