Like the rest of the market, IOTA (MIOTA) has sunk into bear territory. It opened the day at $0.716 below the 200-day moving average resistance point, before pushing to a low of $0.610. Currently, it is ranging at between $0.651 and $0.619. This is most likely a bearish consolidation pattern, one that could see it break to a low of $0.58. That’s a key support level on the 55-day moving average in the 12-hour chart. This bearish trend is confirmed by the heavy selling volumes that have hit IOTA (MIOTA) in the day.
However, if by any chance there is a reversal, it would be best for a trader to wait out until IOTA breaks above $0.67 before placing a buy order. That would be a clear buy signal with a target of $0.70. Otherwise, as things stand, a short entry would be most ideal with a target of $0.58. If it breaks below this level, it could test $0.50 in the course of the day. The key things to watch out for are the volumes, and the $0.60 level, which is a major psychological price level in the day.
XRP (XRP) started the day at $0.33, and failed to break above the 21-day moving average at $0.334. This saw it make a drastic fall to a low of $0.296, which is now offering some minor support. For a day trader, it is best to keep an eye on the $0.296 level. If it breaks and price drops below it, then it would be a signal to go short.
A short entry placed at around $0.296 -$0.294 level would offer a profitable trade when placed with a target of $0.246. This is the last low level XRP (XRP) has hit in the last 3 weeks, one at which, it could lag for a while. However, if XRP starts to rise and pushes above $0.316, it would be a good opportunity to go long with a target of $0.3289, which is now a key resistance point in the day. One also needs to keep an eye on the volumes. As long as selling volumes are high, then a short entry remains the lowest risk entry in the next 24 hours.
Ethereum Classic (ETC)
Ethereum Classic (ETC) has had a pretty bearish day. In the course of the day, it has broken below two major support level, the 100 day and the 200-day moving averages to hit a low of $12.12. It is now getting some support at the $12.35 level.
However, if this level breaks and ETC drops below the day’s low of $12.14, it will be time to go short, with a target of $11.78. On the other hand, if it pulls back and rises above the 200-day moving average at $13.25, it would be time to go long with a target of $14.03. That’s the next major resistance level in the day.