It’s the first day of the week, and looking at the weekly charts, is the best way to determine the direction of the market. Looking at Tron (TRX) in the weekly chart, it is clear that it is headed lower, and there is significant support in the near-term. On the daily charts, Tron (TRX) seems to be entering into a consolidation phase, and has ranged between $0.04 and $0.04 in the last 4 days.
That’s an indicator that the market is trying to find direction, though the overall momentum is still bearish. To make an entry into Tron (TRX), one needs to watch out for a break outside of this range. If it breaks to the downside below $0.04, Tron (TRX) will be headed lower towards $0.02 on the weekly charts. However, if it breaks above $0.045, it be headed towards $0.05 and above. To buy into Tron (TRX) in the next 24 hours, it is best to wait it out, and watch the volumes. If volumes continue to decline, Tron (TRX) is likely to head lower and test $0.03 in the next 24 hours. Conversely, an increase in volumes could push Tron (TRX) into bullish territory.
In the last 7 days, XinFin (XDCE) upside moves has been weak just like Bitcoin and the rest of the market. XinFin (XDCE) is likely to test the $0.004 support level, unless volumes change in the next 24 hours.
Looking at the daily charts, XinFin (XDCE) seems to be entering a consolidation phase. That’s an indicator that XinFin, like the rest of the market, is seeking direction as we start a new week. If volumes decline, it is likely to test the $0.004 support level. On the other hand, if there is an upsurge in volumes in the next 24 hours, XinFin would test $0.005 on the upside.
On the weekly charts, NEO (NEO) has opened the week lower, and looks set to test the $27 support level. Looking at the daily charts, NEO (NEO) is trading in a tight range between $39 and $37. That’s a sign of low volumes in the market.
If volumes remain this low, NEO (NEO) is likely to break to the downside towards $27. On the flip side, if there is an upsurge in volumes, NEO (NEO) is likely to rise towards $80, which is the next major resistance level along the 200-day moving average. To make an entry into NEO (NEO) with a 24-hour target, it is best to watch volumes in the next 12-hours.