Like the rest of the market, IOTA (MIOTA) has tanked. In the initial shakedown, IOTA (MIOTA) hit a low of $0.35. However, it has pulled back a little and recovered some of its losses. In the last 2-hours, XRP (XRP) has pushed up and stabilized at around $0.44. But this pullback is not strong, which means that momentum is still heavily bearish. If in the course of the day IOTA (MIOTA) fails to break above $0.50, it would be best to go short, since it would mean that bears are still in control. A short-entry on IOTA (MIOTA) would have a good exit point at $0.34. That’s the day’s low, and a possible support in the day.
On the other hand, if IOTA (MIOTA) pushes back above $0.50 in the day, it would be a trigger to go long. That’s because it would be an indicator that bullish momentum is back in the market. A bull positioned at this price level would have a target of $0.54. That’s a key resistance point on the 12-hour 200-day MA. A break above this could push IOTA (MIOTA) to over $0.80, backed by a renewed bullish momentum in the market.
Monero (XMR) is down, just like all other coins. It has dropped below the psychological $100 level, an indicator that bears are in control. In the last few hours, Monero (XMR) has dropped to touch a low of $85. However, it has since stabilized and established resistance at $95. To go long on Monero (XMR), it would be best to wait until it breaks above $100. Otherwise, if it fails to push above $95, it would be best to go short with a target of $85. This is the last low it has hit in the day and a possible short-term support level.
However, if there is enough momentum to push Monero (XMR) above $100, it would be an indicator that bulls are back in the market. This would be a signal to go long, with a target of $114.83. That’s a key resistance level on the 12-hour chart and a possible exit point from a short-term long position.
XRP (XRP) has broken out to the downside and has touched a low of $0.414 in the day. In the last couple of hours, XRP (XRP) has made a slight pullback but seems to be losing momentum again. At the moment, it has established support at $0.455. If it breaks below this support level, it would be best to go short with a target of the 24-hour low of $0.415.
However, if XRP (XRP) pushes back above the psychological $0.50 resistance level, it would make sense to go long on XRP with a target of $0.556. That’s a key resistance level for XRP on the 12-hour chart, and a possible reversal point, if upside momentum is not strong enough. However, if there is strong buying momentum in the market, XRP could hit $0.60 in the day. That’s a longer-term resistance point, one where it could either reverse or mark the beginning of a rally back to a dollar and above.