Despite attempts at growth, sellers dominate the altcoin market. TRX/USD and IOT/USD bears have selling opportunities.
TRX/USD
In addition to a strong presence on social media and recording on-chain transactions, Tron management understands the importance of developing its ecosystem. To do this, they are launching an innovative product competition with a prize fund of $1 million. The winners will take home $200,000 each.
In terms of price, TRX/USD could fall even lower given the direction of the candle. We recommend that traders sell on every retracement. Needless to say, the bears' first target is still 1.5 cents, and a fall in price below this level will increase selling pressure, which will lead to a decline in the price to the lows of January 24 and a further reduction in market capitalization.
IOT/USD
After last week's significant losses, our bullish breakout trading plan is no longer relevant. On November 14, the price fell below the support line and below 50 cents, which triggered stop losses and increased selling pressure.
As such, aggressive traders should start looking for selling entries on lower time frames as long as IOT/USD is trading below 50 cents and the resistance line. The first targets will be 30 cents, and those traders who are already selling IOT should target 45 cents.
According to newsbtc.com
You May Also Like
Analysis of Bitcoin Cash, EOS, Stellar Lumen and Litecoin as of December 21, 2018
The weekly highs were updated on decreasing volumes, so in the near future there is a high probability of market consolidation near key support levels.
ADA/USD analysis as of November 30, 2018
Cardano currency is good for its regular updates, which give a clear picture of the development process, which also affects the price. On the hourly chart we see a short-term bullish trend line with support at $0.0410.
