IOTA, TRX & NEO Complete Pullbacks, Upward Movement Expected

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IOTA (IOTA), Tron (TRX), and NEO (NEO) have completed fourth wave pullbacks and could soon begin another upward move.

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TRX and IOTA have also reclaimed horizontal support levels.

IOTA

IOTA has been moving downwards since April 16, when it reached a high of $2.74. The drop accelerated on May 19, leading to a low of $0.74 being reached the same day. However, the token has bounced considerably since then, currently trading at $1.30. 

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The movement resembles a fourth wave pullback, since IOTA bounced right at the middle of a parallel channel connecting the upper and lower limits of waves one and two, respectively. 

In addition, it has now reclaimed the $1 area. 

If IOTA begins wave five, the two potential targets for the top would be found at $3.43 and $5.06, respectively. The latter would take the price very close to a new all-time high. 

The targets are found using a Fib projection on the length of waves 1-3.

*The logarithmic chart is used in order to better visualize large price fluctuations.

Chart By TradingView

Highlights

  • IOTA has completed a fourth wave pullback.
  • There is support at $1.

Tron (TRX)

TRX has been moving downwards since April 16, when it reached a high of $0.178. After creating a lower high on May 7, it started to drop at an accelerated rate.

On May 19, the token reached a low of $0.05.

Similarly to IOTA the movement looks like a completed fourth wave pullback.

The two most likely targets for the top of the upward movement are found at $0.236 and $0.342, respectively. The latter would take TRX above the current all-time high price of $0.30.

Chart By TradingView

Highlights

  • TRX has completed a fourth wave pullback.
  • There is support at $0.062.

NEO

NEO has been decreasing since May 7, when it reached a high of $141. While the drop was initially gradual, it accelerated on May 19, leading to a low of $40.

The decrease looks very similar to that of IOTA, making it likely that the price has completed a fourth wave pullback.

If so, the two most likely targets for the top of the upward movement would be at $177 and $261, respectively.

The latter would take it to a new all-time high, since the current one is at $198.

Chart By TradingView

Highlights

  • NEO has completed a fourth wave pullback.
  • The most likely targets for wave five are found at $177 and $261, respectively.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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