The crypto markets continue to trend in the bearish territory as prices head south. Most of the coins are trending lower than their price levels a week ago.
The conditions are unlikely to change, bar a mighty positive event. What then is the weekly outlook for TRON, Cardano, and IOTA?
Tron – TRX/USD
TRON (TRX) hasn’t had the run it promised over the last several weeks. While these lower lows have to do with a general market decline, its short-term trend also remains bearish.
On June 12th, TRX/USD opened trading at $0.0488 but depreciated in value to reach a new low at $0.038 the following day.
However, there was a brief pullback and the coin broke above the $0.042 trendline and regained its value even as the market stayed in the bearish territory. It hasn’t stayed that way though and prices are back on a downtrend.
The weekly charts signal that the bears are still in control. The value of TRX, therefore, will likely see a continuous downward trend. With huge selling pressure, TRX has seen its support zones at $0.045 and $0.042 breached twice.
The bulls don’t seem to have enough momentum and the initiative stays with the bears.
TRX opens this week at $0.043 compared to last week’s $0.04289.
It’s a clear indicator that TRX is likely to struggle again. As with several other coins, sellers stay in control and the critical $0.042 support zone will play a vital role in preventing a spiraling downtrend.
There’s however, a possibility that TRON may witness periods of pullback attempts, potentially rising to trade above $0.045.
If it fails to sustain any momentum, it could retest the $0.038 level within the week.
Cardano – ADA/USD
ADA has had a series of lower lows over the last one week, and its prices are likely to take further beatings. The bearish trend is expected to continue to be in play this week.
The downward trend from the previous week saw prices tumble to a low of $0.15 on June 13, 2018. Even though the Bulls rallied to retest the major supporting zones above $0.17, momentum clearly belonged to the bears.
Cardano had its highest trading volume since May 30th at $199 million. That spike in trading activity coincided with a brief pullback that returned prices above $0.17.
A slackening in trading activity sees the coin’s value swing, breaking below key support lines at $0.16. if it begins an upside, the coin will face a stiff challenge in breaking above $0.20 resistance area.
ADA/USD opened trading at $0.18 last week but has started off after the weekend at $0.16. At the moment, its value over the last 24 hours is lower by 3%. The bears appear to have pressure mounting and we could see the crypto break below $0.15 within the week.
However, just like over the last 7 days, we could see the bulls marshal a pullback. If they retest the prices above immediate support zones, ADA/USD will likely stay above the current prices of just over $0.15.
If not, the possibility of $0.14 and $0.13 remain very much alive.
IOTA – MIOTA/USD
IOTA had a great run at the back end of May and part of early June. However, its prices have had a hit in recent weeks and at the moment, its long-term trend looks bearish.
Over the last seven days, its value trended in red, seeing a decline of about 15 percent. It slumped from a high of $1.45 on June 12, 2018, to a low of $$1.17 on June 17, 2018.
The coin broke below the $1.30 support zone and opened up a new at $1.15. at the moment, the bears appear fully in charge and prices may test levels below the current support zone if the momentum continues.
We are likely to see a series of lower lows over coming hours, putting the coin under huge selling pressure.
At the moment, MIOTA/USD prices remain below the two EMAs, with imminent conditions showing no possibility of reversal.
IOTA’s price opened at $1.18, lower than last week’s opening price at $1.45. it signifies that sellers are in control and the coming few days will continue to see declines.
When we look at the stochastic oscillator, it indicates that the crypto is in oversold territory at 10%. It’s hard to see where IOTA/USD will get an upside momentum from unless Bitcoin recovers and puts on a mighty rally.
In effect, in the short-term price outlook – coming week- the prices will stay in a downward trend. The possibility of brief pullbacks is there, though.
Nevertheless, MIOTA/USD is on course to break below the current support zone and could rely on a new at $1.0900.