It’s tough to argue with the statement that the past 48 hours has represented some of the most brutal selling that we’ve seen in the cryptocurrency complex in months. The picture that has been created varies from coin to coin, with some holding up relatively well and others getting absolutely pummeled. Eventually, this is how opportunity is sowed into the soil of the chart.
The two coins we are going to take a look at today – Tron (TRX) and Ethereum Classic (ETC) – exemplify this as much is any possible pairing.
Tron (TRX)
Price Analysis
- High: $0.025095
- Low: $0.023643
- 24-Hour Volume: $144.90M
- 7-day Percent Change: -22.91%
Tron (TRX) has been taken out to the woodshed over the last few days, diving below one key support level after another.
However, perhaps surprisingly, Tron (TRX) still remains above its last-ditch pivot lows recorded earlier this year that sit in place around the $0.0225 area. At this point, it isn’t clear whether this zone will be directly tested or not.
Oscillators across many different time frames have become extremely oversold. The MACD on the hourly chart has taken both its baseline and signal line to new lows stretching back over the past six weeks, suggesting extreme downward momentum.
We are potentially starting to see at least a little bit of relief shine through the clouds, and it will be interesting to see if this wave of selling has exhausted itself. Those hanging on and praying for the respite certainly don’t want to see it move below that last ditch line in the sand.
A move back above the $0.03 level would be a dramatic bullish statement for Tron (TRX) over coming days. But we don’t have any clear technical evidence favoring that shift yet.
Ethereum Classic (ETC)
Price Analysis
- High: $15.4146
- Low: $14.4657
- 24-Hour Volume: $416.73M
- 7-day Percent Change: -1.2%
In contrast to Tron (TRX), Ethereum Classic (ETC) is basically sideways over the past week. However, as we noted yesterday, this may be a bit misleading.
As an experienced technician with more years at this than I’d like to admit, I have seen a fair number of bear markets play out in one market or another. And one thing I can tell you that I have learned over the years for certain is this: headline driven rallies are nowhere near as important or reliable as rallies that come on no news at all.
And in this case, Ethereum Classic (ETC) was clearly rallying on headlines about broadening adoption by cryptocurrency exchanges.
In other words, the abrupt turn from the $20 level back down to recent support below the $15 level was something we like to call “suck them in and spit them out”.
At this point, the oscillators are signaling extremely oversold levels, and we have key support in play between $14 and $15 on the chart. At least some kind of bounce should be in order here for ETC, and the important thing to ascertain is the type of resistance we see coming into play on that bounce, and the level at which it happens.
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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