While the whole market has experienced reduced volumes in the last 24 hours, the momentum around IOTA (MIOTA) has been relatively bullish. IOTA pushed from a low of $0.552 to a high of $0.572 in the last 24-hours. However, it has since retraced in the day, and is now trading along the 200 day MA, which is now acting as a resistance point. If in the next 6 to 12 hours IOTA (MIOTA) fails to push above this price level, a short order would offer the best profit probability. Such an order would have a possible profit target of $0.552. However, if there is an increase in selling volumes, IOTA (MIOTA) could touch a low of $0.545 in the day. That’s a level at which IOTA has reversed at in the last 48 hours, and could be a good second exit point for a short order in the next 24 hours.
However, if in the course of the day IOTA (MIOTA) pushes above the 200-day MA at $0.564, and extends above the 24-hour reversal point at $0.569, then there is a chance that it could rise to $0.578. That’s the last high it has hit the last 48 hours one at which, it could reverse in the day. But if volumes decline, then IOTA (MIOTA) could trade in a range between $0.563 and $0.568 in the next 24 hours.
XRP (XRP) has been trading in a low volumes environment for the last 48 hours. Since it broke below the 200-day MA at $0.547, it has been dropping slowly, to a low of $0.510. If volumes remain as low as they are, then XRP (XRP) could trade in a range between $0.510 and $0.519 for the next 24 hours. However, if there is an increase in selling volumes in the next 24 hours, then XRP could test a low of $0.50.
Conversely, if buying volumes increase in this period, and XRP pushes above the 55-day MA at $0.528, then it could touch a high of $0.547. That’s the 200-day MA resistance point, one that could hold in the next 24 hours. A break above that could see XRP of $0.566 in the course of the day.
Ethereum Classic (ETC)
After ETC failed to break above the 200-day moving average at $11.21, Ethereum Classic (ETC) has been on a steady decline for the last 48 hours, with the 21-day MA acting as resistance. In the next 24-hours, if Ethereum Classic (ETC) fails to break above the 21-day MA at $11.04, then it would make sense to sell it, with a target of $10.89.
However, if ETC breaks above $11.04 and extends above the 55-day MA at $11.08 it would be an indicator that buying momentum is coming into the market. This would warrant a buy order with a target of $11.21 on the 200-day MA. However, if volumes remain depressed, then ETC could trade in a range between $11.04 and $11 for the next 24 hours, with a possible downside break in the course of the weekend.