IOTA (MIOTA) started the day at a key support level on the 1-hour 200-day moving average at $0.156. It has been gaining from that point on, and it’s now trading at $0.54. The $0.54 price level happens to be a key resistance level that may curtail any further gains within the day. However, if it breaks above this level, IOTA could make further gains, with a target of $0.561. On the other hand, if it fails to break above this level, then it could drop back to $0.516 on the 200-day moving average support level. As such, for a trader looking to make an intra-day entry, the key levels to watch are $0.516 and $0.54.
If IOTA breaks above $0.54, and holds there for a 3 to 4 hours, it could rise in value, and test $0.56. However, if it fails to break above $0.54, then the price to watch is $0.533 along the 21-day moving average. On the other hand, if it breaks below $0.533, a short position would offer the best risk/reward potential, since the probability of IOTA (MIOTA) dropping to $0.515 would be quite high. If $0.515 doesn’t hold, then the next target will be $0.514 along the 100-day moving average.
In the last few hours, Monero has broken above two key moving average levels, the 100-day and the 55-day moving average. At the moment it is trading in a range between $92.42 and $93.12 with the 21-day moving at $92.12 offering support. For a trader looking to buy into Monero (XMR), it is best to wait until the price breaks above the 200-day moving average at $94.56. That will be a clear signal to buy with a target of $98/62, which is the next key resistance level to the upside.
On the flipside, if the price fails to test $94.56 or doesn’t break above it, it could be a signal to go short. But, it would be best to wait until the price breaks below $92, along the 55-day moving average. This will be a clear signal to go short with a target of $90.17. A break below this price level could see Monero test $88.83 in the course of the day. If Monero (XMR) doesn’t break outside $94.01 and $92.10 in the course of the day, then it could range there, heading into the new week.
ZCash (ZEC) is trading along the 200-day moving average at $136. This could be an indicator that bears have short-term control over ZCash at the moment. This is validated by the fact that the 200-day moving average has crossed the 55-day moving average from above, which in itself is a short-term bearish signal. However, before making the move to short ZCash, it is best to wait for it to clear below $134.53, which is the day’s low.
This will be confirmation to go short with a target of $133.87, which is the day’s support level on the 100-day moving average. However, if ZCash (ZEC) breaks above $137.04 in the day, a long entry would be ideal with a target of $138.93, which is a key resistance level on the 1-hour chart.