Stellar (XLM) opened the day with a huge downside gap, an indicator that bears are in control of the market in the day. After hitting a high of $0.232 in the day, it has dropped to a low of $0.223, having broken below the 100-day support level. The bearish sentiment is confirmed by the fact that Stellar has formed a lower high in the day. After hitting a high of $0.235 in the day, it has hit a lower high today at $0.233. If this bearish momentum continues, Stellar could test $0.22, a key support level on the 200-day moving average.
For a day trade entry, it would be best to wait until the price hits the 200-day moving average. If this support breaks, then a sell entry would be ideal with a target of $0.217, which is the lowest point it has hit in the last 72 hours. However, if it fails to break below this price, then a buy entry would be ideal. For a buy entry, it would be best to wait it out until it rises above $0.227, then buy with a target of $0.233, which is the last high in the day.
Dash Coin (Dash)
Dash Coin (Dash) started the day in negative territory. It opened the day at $222.51, and has dropped to its current level of $207. It is now trading along the 55-day moving average, and is consolidating at this level. In the last 3 hours, it has tested this level 3 times, but is yet to break below it. For an investor looking to day trade Dash (Dash), it would be best to wait it out until the price breaks outside of this price level. If it breaks downwards and breaks below $203.92, it would make sense to go short on Dash (Dash).
A sell order would have a target of $195.98, which is the next support level on the 200-day moving average. However, if $207 holds, and Dash rises above $212, it would make sense to go long, with a target of $222.23. That’s the price level at which, Dash (Dash) has lagged in the past, and could offer some level of resistance in the next 24-hours.
Ethereum Classic (ETC)
Ethereum Classic (ETC) has had an extremely volatile day. It opened the day at $13.18, and tested a high of $13.47, before hitting a low of $13.05. At the moment, it is trading in a range below the 21-day moving average at $13.22. For a trader looking to buy into Ethereum Classic (ETC), it would be best until it breaks outside of this range.
If the price breaks below $13.05, it would be best to go short, with a target of $12.92, on the 100-day moving average. On the other hand, if the price breaks above $13.24 it would be best to go long, with a target of $13.46. That’s the last high in the day, and could offer some significant resistance in the next 24 hours.