TRX and DOT: Altcoin Analysis for January 18, 2024
With Bitcoin's price experiencing minimal global changes for several weeks, it's an opportune moment to delve into the market dynamics of altcoins. Hereβs an in-depth review of Tron (TRX) and Polkadot (DOT) for Thursday, January 18.
Tron (TRX)
TRX is maintaining its strong upward momentum. Recently, the asset hit a yearly high at $0.117, followed by a slight retraction towards its nearest support level.
At present, the TRX price is fluctuating between the buying zone of $0.105β$0.107 and the resistance level at $0.111. Given Tron's potential for continued growth, a test of the higher sell zones at $0.114β$0.117 is anticipated soon, possibly leading to a new yearly high above $0.12.
A downward correction might only ensue if Bitcoin experiences a similar trend. In this scenario, TRX could potentially descend to the $0.101 support level and reach new local lows in the $0.095β$0.099 range.
TRX chart on the H4 timeframe
Polkadot (DOT)
Since the last analysis, Polkadot's price has remained relatively stable. The asset is oscillating between the support range of $6.34β$6.85 and the resistance area of $7.88β$8.20, leaving its future trajectory somewhat ambiguous.
Should BTC remain stable without major corrections, DOT might embark on a strong upward movement. Target resistance levels for buyers in this scenario would be $8.46, followed by $8.74β$9.18 and eventually $9.60.
Although the possibility of a significant correction for Polkadot is currently considered low, it cannot be entirely discounted. If the price falls below $6.3, DOT might explore lower zones, potentially testing supports at $5.90 and $5.46.
DOT chart on the H4 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
