Analysis of TRX and IOT as of 11/09/2018

IOT is gaining momentum. The TRX price is waiting for positive news in a sideways direction.

IOT/USD

There is no doubt that the demand for Tangle from IOTA is quite high. In fact, according to IOTA founder David Saenstebø, over the past 12 months, more than 600 organizations have expressed their interest in this cryptocurrency. It is for this reason that developers and participants in the IOTA network are striving to expand the ecosystem.

Weekly chart

As the market recovers, it becomes clear that IOTA has strong support at the level of 40-50 cents. While this area could provide a springboard for price growth, we would need to see a break above 90 cents first, as prices are currently trading at the August 12 lows. 

Daily chart

On the daily chart, bulls dominate. In accordance with our previous IOT/USD trading plan, even despite the price adjustment over the last couple of days, we recommend buying with stops at the October 11 level - 47 cents. Ideally, we expect the price to exceed 90 cents, while conservative traders may start buying as soon as the price reaches 60 cents.

TRX/USD

As there is currently no news or events that have contributed If the TRX market rises, our previous trading plan for this pair remains in place as the currency is still trading below the 3 cent mark.

We expect that the support line will be able to hold prices and push them above the 3 cent mark, which will trigger a bullish run to 4 cents. On the other hand, failures below the support line may cause the price to fall to 1.5 cents.

According to newsbtc.com