Key Support In View For Tron, Dogecoin, And Polkadot
With the 4th of July holiday weekend closing in, cryptos are on their backfoot. Led by Bitcoin BTC (-2.89%), Ethereum ETH (-1.79%), and Ripple XRP (-1.08%), the asset class is under fire. However, several key support levels are coming into play for Tron, Dogecoin, and Polkadot.
Beginning tomorrow, most U.S. liquidity providers will be exiting the office on holiday. But, cryptos trade 24/7/365 ‒ major moves are certainly possible over the weekend. For now, the key story facing the markets surrounds the new COVID-19 Delta variant. Reports are now surfacing that the Biden administration is planning on deploying Delta variant task forces throughout the United States. Given the spike in global Delta infections, this news is being taken seriously by many in the markets.
For the time being, let’s take a look at several key levels for Tron, Dogecoin, and Polkadot:
- Tron: The key support level for Tron is the $0.05 big-round-number. This should be viable support and bring bidders to the market.
- Dogecoin: For the past three days, $0.25 has driven heavy two-way action for DOGE. Right now, it’s being tested as topside resistance.
- Polkadot: Over the past 72-hours, DOT has put in two tests of the $15.00 area. At the moment, it looks like $15.00 is going to be under bearish pressure for the immediate future.
Tron Trades In A Tight Monthly Range
The month of June was negative for Tron. Values fell more than 15% as positive sentiment toward cryptos faded. Subsequently, most of the trading action occurred between $0.07 and $0.04.
Bottom Line: 22 June was the last time that the $0.05 handle for Tron was tested. If we see the TRX/USD hit this level again, a bullish bounce is likely. Until elected, I’ll have buy orders in the queue from $0.05. With an initial stop loss at $0.03, this trade produces 40% ($0.02) on a bullish bounce from the $0.05 area.
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Do you see this relationship between Bitcoin and smaller coins? Even those, which are much less valued, follow the direction. As I’m addicted to Crypton I can tell it for sure. No matter it’s eco-friendly and doesn’t require any investments, what makes it more popular to mine – it also follows the market.