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Tron, Ethereum Classic, IOST Price Analysis: 15 January

Akashnath Sumukar

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Source: Pixabay

Tron faced resistance from a horizontal level, as well as from a Gann fan line, and was likely to see a rejection at the level of resistance. Ethereum Classic dipped towards $7.5, but can defend it and register a northbound move while IOST was poised to surge past a level of resistance following strong bullish momentum on the price charts.

Tron [TRX]

Tron, Ethereum Classic, IOST Price Analysis: 15 January

Source: TRX/USDT on TradingView

Using the 1-hour charts for more clarity on TRX’s price action, it can be seen that the 2:1 Gann fan line has been respected as a level of resistance for TRX.

Alongside the $0.03-horizontal level of resistance, TRX was trading right at the doorstep of a confluence between the horizontal and the fan line resistance. This increased the likelihood of rejection. Conversely, a climb above $0.031 over the next 24 hours will indicate rising bullish strength.

The MACD showed a bearish crossover and was on the verge of crossing beneath zero. Based on the evidence at hand, further downside was likely for TRX, with $0.0287 to serve as support.

Ethereum Classic [ETC]

Tron, Ethereum Classic, IOST Price Analysis: 15 January

Source: ETC/USDT on TradingView

Ethereum Classic enjoyed two very important regions of support that ETC bulls would have to defend – $7.5 and $7. ETC has been on an uptrend throughout the month of January.

The OBV affirmed the trend as it noted a consistent rise in buying volume day after day. Even the most recent drop from $9.5 did not see a huge volume of ETC sold.

A successful defense of the $7.5-level over the next few hours would pave the road for ETC to rise toward the 27% extension level at $8.68.

IOST

Tron, Ethereum Classic, IOST Price Analysis: 15 January

Source: IOST/USDT on TradingView

The RSI and the Stochastic RSI showed that IOST was overbought and a correction was due. However, this does not necessitate a pullback for IOST.

The resistance at $0.0177 will have an impact on IOST prices in the short-term. A rejection at this level will see the price retrace to some of the important Fibonacci levels such as 23.6% and 38.2%.

A surge past this resistance would see the price climb, then retest $0.0177 as support and possibly, consolidate for a few days before another move upwards.


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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.

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