After trading in a range for 12 hours, Tron (TRX) broke out to the upside to test a high of $0.0236 in the day. It has since eased up as traders take profits, and established strong support at $0.0229. This is an indicator that even after the slight drop driven by profit-taking, Tron (TRX)’s momentum is still upwards. In essence, a buy order at current prices or between $0.0229 and $0.0236 is a low-risk long trade. Buying at this price level would have a good exit point at $0.0275 on the 200-day MA on the 12-hour chart.
However, if the market drops and Tron (TRX) pushes below $0.0229, it would be a sign of increasing bear power, and a sign to go short. A short order between $0.0228 and $0.0227 would have a good exit point at $0.0220. That’s the day’s support on the 100-day MA. If Tron drops below this price, it could possibly drop to $0.0193, a significant support level on the 12-hour chart. It could also mark the beginning of a short-term bear run that could see Tron (TRX) drop going into the weekend.
IOTA started the day on a significant support level at $0.544, a price level at which, it had formed a double bottom. It has been on an uptrend from that price onwards, hitting a high of $0.578 in the day. However, it has since retraced to $0.563, a key support level on the 200-day moving average. This is a sign that bulls are in control of this market and that a buy order would yield some good returns in the day. To maximize potential returns, a buy order would best be made between $0.563 and $0.578. The best possible exit point for such an order would be at $0.755. That’s a key resistance point on the 12-hour 200-day moving average.
However, if there is a volumes decline and IOTA (MIOTA) drops below the 100-day MA at $0.56, a sell order would hold the highest profit possibility. Such an order would have a good exit point at $0.544. That’s a key support level, one at which, IOTA has gained significant support in the last 24 hours.
Monero (XMR) has been trading in a range for the last 24 hours, below the 200-day moving average at $115.56, which is 200-day MA and support at $113.50. To make a trade in Monero (XMR), it would be best to wait until there is a clear break outside this range. If there is a break above $115.56 and past the day’s high of $117, a long order would be ideal with a target of $129.78. That’s the last high Monero has touched in the last 2 weeks, one that could be a good exit point from an intra-day trade.
However, if Monero (XMR) breaks below $113.50, a short order would have the highest profit potential with a profit target of $110.92. That’s the last low it has touched in the last 24 hours, one that could be support in the next 24 hours.