IOTA (MIOTA) has been in the green all day long, and looks set to continue gaining. That’s because in the course of the day, it has broken above two key resistance points, the 55 and the 100 day moving averages, to hit a high of $0.732. For a day trader looking to get into IOTA (MIOTA), a buy entry at current levels offer a good entry. That’s because the surge that has taken it past two key resistance points is a pointer to the fact that buyers have control of this market at this moment.
Buying into IOTA at this point would have an exit point of $0.760. That’s the last high IOTA has hit in the last 3 days, and one that could offer significant resistance in the day. On the other hand, if the price breaks back below the 100-day moving average at $0.716, and drops further below $0.706, it would make sense to go short, with a target of $0.706, which is the last low that the price has touched in the last 24 hours. But this is highly unlikely with the high buying volumes in IOTA at the moment. As long as the price stays above $0.712, IOTA will stay in positive territory.
Ethereum Classic (ETC)
Ethereum Classic (ETC) has been relatively bearish in the day. It is now trading at $14.03 below the 21-day moving average, and has been trading below it for the entire day. It has only broken above it once, but it was rejected within the hour, pushing the price down to $13.89. For an investor looking to trade in IOTA (MIOTA), it would make sense to watch the 21-day moving average at $14.07.
If the price fails to break above it and drops below the 55-day moving average at $13.70, it would be best to go short, with a target of $13.21. That’s a key support level, where the price has ranged in the last 48 hours. On the flip side, if the price breaks above the 21-day moving average at $14.09 – $14.12, and rises further above $14.28, it would make sense to go long on ETC with a target of $14.56. That’s the last high point the price has hit in the last 48 hours. A break above this could see it rise above $15.
Dash (Dash) has been trading sideways in the day. It is oscillating around the 55-day moving average, and has tested it once in the day. For a trader looking to get into Dash (Dash) it would make sense to wait for a clear break that forms a new trend. If the price breaks below $213 on the 55-day moving average, and drops further below $210, it would be best to short with a target of $204.
It’s the last low point in the last 48 hours, one that will offer a significant level of support to Dash (Dash) in the day. On the other hand, if it breaks above the 24 hour high of $223.11, then it would be best to go long, with a target of $230 along the 200-day moving average on the 12-hour chart.