There was a surprise rally in the market today that pushed bitcoin (BTC) from $6400 to $6900. The rally affected most altcoins too, including IOTA (MIOTA), which rallied from $0.50 to $0.56 in just under 2 hours. The gains have since reversed and bitcoin is back to $6400 and IOTA (MIOTA) to $0.50. So how is IOTA (MIOTA) likely to trade in the next 24 hours? Well, after the massive pump, IOTA (MIOTA) seems to have receded back to a key support level on the 200-day moving average at $0.49. This support seems to be holding quite well since IOTA (MIOTA) has bounced off it and is now trading at $0.507.
If this support holds well for the next 6 to 12 hours, then there is a good chance of IOTA (MIOTA) pushing higher, all through the day. The target will be $0.56, which is the first resistance level in intra-day trading. However, if IOTA (MIOTA) fails to hold the $0.49 support, then the next target in intra-day trading will be at $0.479.
Therefore, a long entry in IOTA (MIOTA) should be premised on price rising above $0.51, along the 100-day moving average in the 1 hour charts. However, if it breaks below $0.48, then a short position would be more ideal with a stop loss at around $0.51.
In today’s market wide pump, XRP pushed up from $0.32 to $0.35 before dropping back to around $0.326. Looking at the 1 hour chart, XRP is yet to hit any major support, and could be headed towards $0.31, which is a key support level along the 200-day moving average. Already it has broken the 100-day support at $0.33, which is a key indicator that XRP is short-term bearish.
However, if it reverses around $0.31, then it will most likely enter a range at around $0.31 and $0.32 since market volumes are still low at this point. On the flip side, if it breaks below $0.31, XRP (XRP) it could test $0.29. Therefore, for investors looking to trade in XRP (XRP), $0.31 is the price to watch for short-entries. If the price breaks below it, a short entry offers the best risk-reward potential. For a long entry, it is best to watch the $0.33 level on the hourly charts. If the price breaks above it, then XRP could retest $0.35 within the next 24-hours.
Tron (TRX) pumped from $0.0206 to $0.022 early in the day, before losing all these gains. Currently it is trading along a short-term support level at $0.0201. For day traders, $0.0201 is the price to watch. If the price breaks below it in the day, Tron (TRX) could hit $0.019, which is the next major support level.
However, if the price holds above $0.0201 and breaks above the 200-day moving average at $0.0206, then there is good potential for a further upside push, with the next target at $0.0209. If it pushes above this price level in the day, then the next target is at $0.021.