IOTA (MIOTA) is trading in a range between $0.566 and $0.578. This range is firmly above the 200-day moving average at $0.564, which is now offering solid support. This is an indicator that there is bullish sentiment around IOTA (MIOTA). Its current trading range can, therefore, be linked to the low volumes in the market, as is usually characteristic of most weekends. However, in coming hours as volumes start to rise, IOTA (MIOTA) has a high probability of breaking out to the upside.
For a day trader looking into IOTA (MIOTA) it is best to wait it out until there is a break above the current range, with a push above $0.58. This could be a signal to go long, with a target of $0.616. It’s the last high IOTA has hit in the last 2 days, one that is likely to hold in the day. On the other hand, if IOTA (MIOTA) breaks below the 200-day moving average at $0.563 and extends below the day’s low of $0.550, it would be best to go short with a target of $0.53. That’s the last low it has hit in the last 4 days, one that could hold in the next 24 hours.
Ethereum Classic (ETC)
Like the rest of the market, Ethereum Classic (ETC) is trading in a narrow range, but there is bullish sentiment in its price action. That’s because it is trading above the 200-day moving average at $11.12, and it has held strong for the last 7 hours. That’s an indicator that if volumes increase going into the new week, Ethereum Classic (ETC) could rise in value. For a day trader looking to buy into Ethereum Classic (ETC), it is best to wait it out until the price breaks above $11.29.
That would offer a low risk buy into Ethereum Classic (ETC) with a target of $14, which is the next resistance level on the day chart. However, if Ethereum Classic (ETC) drops below the 100-day moving average at $10.97, then a short entry would be most ideal, with a target of $10.81. That’s the last low it has hit in the last 4 days, one that could hold for the next 24 hours.
XRP has made some minor gains in the day, touching a high $0.28. However, in the last couple of hours, it has retraced, and is now trading along the 100-day moving average. For a day trader looking to trade in XRP, it is best to wait for it to break above $0.285. A break above this price level could mark the beginning of a bullish run that could see it test $0.34 in the day chart.
On the other hand, if XRP breaks below the day’s low of $0.273, then it could be headed lower, and could test a low of $0.268 which a key support level along the 100-day moving average. The key thing to look out for are the volumes. If they increase, then chances of a bullish week are quite high. Otherwise, if volumes remain as they are, then there is a good possibility of XRP ranging between $0.28 and $0.275 in the next 24 hours.