XRP (XRP) hasn’t had much activity in the day, and has been trading in a range between $0.33 and $0.323. $0.33 is a key resistance level at the 200-day moving average in the 1-hour chart. On the other hand, $0.323 is a key support level along the 55-day moving average. For day-traders looking to trade in XRP, it is important to wait for a breakout above any of these two key levels.
A long entry into XRP in the day should be premised on XRP rising above $0.33. If that happens, XRP could test $0.335 within the day. On the other hand, if it breaks below $0.321, it could be a signal to go short on XRP. The target for a sell order should be at $0.315. It is the next key support level to the downside. If XRP (XRP) fails to break outside of its current range, then it could trade there until Monday, when trading volumes begin to increase.
It’s a low volumes day for Stellar (XLM), with little to no activity. XLM has been in a range between $0.22 and $0.21 along the 200-day and 55-day moving averages respectively. It is noticeable that in the hourly charts there are gaps between the price bars, an indicator that very little trading has been happening all through the day. Most traders are away for the weekend. For someone looking to try a hand in Stellar (XLM), it is best to watch out for a break outside $02201 on the 200-day moving average or $0.214 on the 55-day moving average.
The will give you a clear idea of the trend, and protect you from getting caught up in a range. A break above $0.2203 could see stellar rise further and test $0.23 within the day. On the other hand, a drop below $-0.214, could see it test $0.209 in the course of the day. All this is pretty much dependent on volumes. A Surge in volumes could lead to a break in either direction. Otherwise, it will be a range day.
Like the rest of the market, Ethereum has had slow day, due to volumes decline in weekend trading. Currently, it is trading along a key support level, the 100-day moving average at around $277 – 279. The fact that this support level has held all through the day is an indicator that bullish sentiment is strong in this market. However, before making a long-entry, it is important to watch the price and ensure that it holds above $283, which is a minor resistance level on the 1-hour chart. If it breaks above it, then it could rise and test $286 in the course of the day. $286 is a key resistance level on the 1-hour 200-day moving average.
On the flip side, if it breaks below $276 on the 1-hour 55-day moving average, it could be a signal to go short with a target of $271.