IOTA (MIOTA) opened the day in negative territory below the 55-day moving average at $0.725. Currently it is trading at the 100-day moving average, which is now offering key support on the 1-hour chart. There is a struggle between bulls and bears, as can be seen in the last hour’s chart that has closed in a tie between bulls and bears. With price at such an uncertain territory, the savviest decision a trader can make is to wait it out. If IOTA breaks clear of the 100-day moving average and drops below $0.653 (the last hourly low), then it would be time to go short, with a target of $0.601, which has offered major support in the recent past.
On the other hand, if the price breaks out to the upside and rises above $0.692, it would be a signal to buy, with a target of $0.73, a level where IOTA (MIOTA) has experienced some level of resistance, in the last few days. It is also important to watch out for overall market movements. If bitcoin pushes back above $7000, then IOTA (MIOTA) could rise even further and test $0.75 within the next 24 hours. The reverse also holds true, a bitcoin downside break below $6800 could push down the whole market and push IOTA (MIOTA) to around $0.58.
Ethereum Classic (ETC)
Today’s slight market correction has affected Ethereum Classic (ETC) as well. In the 1-hour chart, Ethereum Classic (ETC) has broken below the 200-day moving average, which is a key support level in the day. This is a signal that Ethereum Classic (ETC) could be in short-term bear territory, and could test the $12.34 support level in the day. For a trader looking to get into Ethereum Classic (ETC), the key level to watch is $12.59.
If Ethereum Classic (ETC) retests this level and fails to break above it, then it would make sense to sell, with a target of $12.34. On the other hand, if the price breaks above this level and rises above $12.70, it would be a signal that bulls have control of the market, and could see this crypto rise to test the 100-day moving average at $12.76. A break above that could see it test $12.86 within the day.
Like the rest of the market, Tron (TRX) started the day in bear territory, and could be headed lower, now that bitcoin is testing $6800. If this bearish momentum continues, Tron (TRX) could drop even further with a target of $0.0228, which is a key support level on the 200-day moving average.
For traders looking into Tron (TRX), the key level to watch is $0.0228. Current price levels offer a good entry point with a target of $0.0228. If the price drops below this level, then doubling down on a short position would offer a good risk/reward with a target of $0.0221. However, if $0.0228 offers key support and the price doesn’t drop further, it would make sense to go long, with a target of $0.024.