IOTA (IOTA) Tron (TRX) Price Analysis: Laggards Playing Catch-Up

As Bitcoin continues to climb the charts in recent action, we have seen an evident explosion of enthusiasm reemerge in the cryptocurrency complex leading to technical breakouts to the upside of all manner and form.

However, the two coins we are going to focus on today – IOTA (IOTA) and Tron (TRX) – have been laggards relative to that recent shift in tone in the cryptocurrency complex as a whole. From the standpoint of technical analysis, laggards can be understood in one of two different ways: the “late to the party” and the “genuinely weak”.

Our job today is to look for clues in the action for these two coins to determine where they may fit into this typology.

IOTA (IOTA)

Price Analysis:

• High: $1.01
• Low: $0.963
• Major Resistance Level: $1.25
• Hourly MACD: Emerging Upside Momentum

IOTA has been staunchly holding support at the $0.88 level. For bulls, the technical ramifications of this arrangement should be crystal clear: you have a well-structured setup on the long side right now provided the coin does not fall below this level.

The 14-day RSI offers a valuable clue here as well. We have seen an important negative divergence in this indicator over the past month of action. In other words, with three pivot lows since the middle of June all touching down and reversing just about at the $0.88 level, we have seen a rising tendency for the pivot lows consequently scored in the RSI measure.

A divergence like this between price action and oscillator action is often times an important technical signal. In itself, this may suggest a good reason to give the benefit of the doubt to support holding for IOTA at this point.

Tron (TRX)

Price Analysis:

• High: $0.0393
• Low: $0.0360
• Major Resistance Level: $0.04
• Hourly MACD: Strong Upward Momentum

  

Tron (TRX) has been a laggard over the past two weeks relative to many other coins in the crypto complex. However, over the last 48 hours that picture may be starting to change.

The coin actually logged a promising higher low earlier this week when it held support at the $0.033 level – well above its July 12 lows at $0.031.

In addition, Tron (TRX) also managed to spring back higher off a barely lower low on the hourly chart over the past several days. This action led to the upside chase that we’ve seen over the past 36 hours.

Now, we come to the real test: can this recent resurgence of upside momentum hold and breakout back above the $0.043 level?

If so, it will also have managed a breakout above its 50-day simple moving average, and spark a lot of new interest as a technical breakout candidate playing catch-up to the rest of the complex.

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.

Image courtesy of Pexels

Charts courtesy of tradingview.com

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