IOTA (MIOTA) is one of the better crypto performers in the last 24 hours. While it has dropped just like the rest of the market, its intra-day losses are lower than most other cryptos and has held strong above $0.52. In the day, it has hit a low of $0.50 in the day before a rebound back above $0.52. However, this price rebound is weak, since it is still way below the day’s opening price of $0.55. That’s an indicator that IOTA (MIOTA) could break lower. Besides, it has hit a ceiling on the 21-day moving average at $0.53 in the last 4 hours.
For an investor looking to trade in IOTA (MIOTA) in the next 24 hours, it is best to watch out for $0.53 and $0.513. If IOTA (MIOTA) breaks below $0.513, chances are that IOTA could be headed lower, with a target of $0.391. It’s the next key support level in the long-term charts. On the other hand, if IOTA (MIOTA) breaks above $0.53, its price could head higher and test $0.546. That’s the next key resistance level in the day.
Ethereum Classic (ETC)
Ethereum Classic (ETC) has been one of the most volatile cryptos today. It started the day at $11.32 before a drastic drop pushed it to a low of $9.81. However, it has since rebound and is now trading in a range between $10.52 and $10.32. For a trader looking into Ethereum Classic (ETC), it is best to watch for a break outside of this range. If the price breaks $10.32 and retests the day’s low of $9.81, then it would be best to go short with a target of $7.83. That’s a near-term support level on the 55-day moving average on the weekly chart.
On the other hand, if the price breaks out above $10.52 and pushes above the day’s opening price of $11.32, it would be best to go long with a target of $11.72. That’s the next key resistance level on the 1-hour chart, one that could offer a significant level of resistance in the day. However, given the heavy bearish sentiment in the market at the moment, a short position offers the best risk/reward ratio for a short-term trade in Ethereum Classic (ETC). There just aren’t enough buying volumes in the market to sustain such a huge jump in price.
Like the rest of the market, NEO (NEO) is deep in bear territory, and hit a low of $16.41 in the day. But it has recovered most of its losses, and is now trading along the 21-day moving average at $17.06. This is an indicator that renewed selling could be underway. If $17.06 doesn’t hold for the next 6 -12 hours, NEO could drop to $15, which is the support level in the day.
However, if there is renewed selling buying pressure in NEO (NEO) and the price rises above $17.06, chances are that it could rise to $17.73, which is the next resistance level in the day.