ZCash, IOTA, Stellar

Zcash (ZEC)

It is a bearish weekend for crypto, and Zcash (ZEC) is no exception. In the last 24-hours, Zcash (ZEC) has been trading in negative territory. In this period, it has dropped from $55.13 to a low of $49.02. However, in the last 8-hours, it seems to have established support at $49.25, though it is a weak one as selling volumes are still high. In such a bearish market, a short position holds the most promise. To go short on Zcash (ZEC), it would make sense wait for a break below the day’s low of $49.02. This would be confirmation that bearish sentiment is prevalent.  Such a position would have a good exit point of $36.50. This is a long-term support level on the weekly chart and a possible exit point from a short-term sell position.

However, in the scenario that $49.25 support holds, and Zcash (ZEC) pushes above the 12-hour high of $51.55, it would be an indicator that bulls are back, at least in the short-term. This would see it possibly rise to $58.59. This is a 4-day high and a possible exit point for Zcash (ZEC) from a short-term long position.  A break above this level could see it possibly test $60, which is a key resistance point in the short-term.

IOTA (MIOTA)

In the last 24-hours, IOTA (MIOTA) has been on a downtrend. In this period, it has dropped from $0.229 to a low of $0.207. However, in the last 12-hours, it has been trading in a range between $0.211 and $0.217.  To trade in IOTA (MIOTA), it would be best to wait for a break outside of this range. In the scenario that it breaks out to the upside and pushes above the 12-hour high of $0.221, it would be an indicator of short-term bearish sentiment. This would see it possibly rise to $0.227. This is a key resistance level for IOTA (MIOTA) on the 200-day MA.

On the other hand, if it breaks out to the downside, a short position would be most ideal with a target of $0.207. This is the day’s low and a possible exit point from a 24-hour short position.

Stellar (XLM)

Stellar (XLM) has been on a downtrend for the past 24-hours. In this period, it has dropped from $0.114 to a low of $0.094. This drop has seen Stellar (XLM) break key support at $0.096, an indicator that it could be headed lower. This makes its current price of $0.095 a good entry point for a short position. A sell position at this point would have a good exit point at $0.090. This could be a good exit point since it’s a major psychological support for stellar (XLM).

On the other hand, if Stellar (XLM) breaks out to the upside, and pushes above $0.10, it could possibly rise to $0.114. This is a 24-hour high and a possible resistance point for Stellar (XLM) in the day. A break above this could possibly see it rise to $0.124. This is a 5-day high and a possible exit point from a short-term long position. A break above this could see it possibly rise to $0.17, which is the next key resistance level for Stellar (XLM).

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