While Bitcoin keeps itself above its critical horizontal support in the $ 51,000-52,000 region, the downward outlook for altcoins continues in the short term. Tron formed a falling wedge and broke down. Cosmos, on the other hand, visited a demand zone as the $ 18 level shifted from support to resistance.
Tron (TRX) price analysis
The falling wedge is seen as a bullish reversal pattern while the price is falling. TRX has lost the former $ 0.058 support in the past two days, with a strong momentum move to visit the $ 0.053 support level.
The stochastic RSI is in the oversold zone and the price may visit $ 0.056 – $ 0.057 soon, but another move downward looked more likely. The Aroon Indicator also pointed to the bearish trend over the past few days and the Aroon Down (blue) indicator has risen.
Cosmos (ATOM) price analysis
ATOM has a $ 18 technical and psychological boost that the bulls were successful in defending in March despite repeated testing. However, the recent selling pressure has seen this level lose to the bears and could be retested as resistance after a bounce from the demand zone at $ 16-16.7.
The Directional Movement Index showed a strong bearish trend as it climbed yellow alongside the ADX (yellow) -DI (pink) and the RSI continued to move below the neutral 50 line.