ZCash, IOTA, Stellar XLM

Zcash (ZEC)

Zcash has been on a downtrend for the past 24-hours. In this period, it has dropped from a high of $86.78 to its current price of $76.81. At the moment, it’s trading along the 200-day MA support level at $76.11, an indicator that this support level could hold in the day. If it holds, then Zcash (ZEC) could be headed for an upside break. To go long on Zcash, it would be best to wait for a break above the 55-day resistance level at $83.15. This would be confirmation of strong bullish sentiment and a trigger to go long, with a target of $91.34. That’s a 4-day reversal point and a possible exit point from a short-term long position.

However, in the scenario that Zcash (ZEC) breaks below the 200-day MA support level at $76.11, it would be an indicator of increased bearish sentiment in Zcash (ZEC). This would be a trigger to go short with a target of $65.19. That’s a two week low and a key support level. In the event that Zcash (ZEC) breaks this support, it could possibly test $62.60. That’s a key reversal point on the 12-hour chart and a possible exit point from a short position.

IOTA (MIOTA)

In the last 24-hours, IOTA (MIOTA) has dropped from a high of $0.316 to a low of $0.289. However, it has stabilized and is trading along the 200-day MA at $0.290, with an upside cap of $0.294 on the 55-day MA. This means that IOTA (MIOTA) could either range in the day or breakout in either direction. In case IOTA (MIOTA) breaks below the 200-day MA at $0.290, then it would make sense to go short with a target of $0.282.  That’s a key reversal point for IOTA (MIOTA) in the last 24-hours, one where it could find support in the day.

However, in the scenario that it breaks upwards, above the 100-day MA at $0.297, it would be best to go long with a target of $0.316. That’s a 48-hour high and a possible exit point from an intra-day long position.

Stellar (XLM)

Stellar (XLM) has been trading in a low volumes environment for the last 24-hours. Momentum has also been largely bearish dropping from a high of $0.172 to a low of $0.161. However, it seems to be consolidating around $0.161 and $0.613. This means that it could be headed for a breakout. In the scenario that it drops below the 200-day MA at $0.159, it would be an indicator that bears are in control and, a signal to go short. A short position at this level would have a good exit point at $0.141. That’s a two week, low and a possible exit point from a short position.

On the other hand, if Stellar (XLM) pushes up above the 21-day MA at $0.166, it would be an indicator that bulls are back in control. This would be a trigger to go long with a target of $0.172. That’s a 48-hour high and a possible exit point from a long position. A break above this could see it test a high of $0.19 in the next 24-hours.

 

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