IOTA (MIOTA) has been trading in positive territory all through the day. It opened the day at $0.49 and is now trading at $0.51. In the course of the day, it has pushed above two critical moving average levels, the 55-day moving average at $0.50, and the 100-day moving average at $0.51. This is a clear indicator that bulls are in control of this market, and could push it higher in the day, having established support at $0.50. This momentum is mainly supported by bitcoin, which is now trading at $6600, having gained by over $200 in the last 48 hours. For traders looking to make a move into IOTA (MIOTA) the key levels to watch are $0.51 and $0.50.
At the moment, $0.514 is a key resistance level, since IOTA has formed a double top at this price level. As such, if IOTA breaks above this level, it could make further gains in the day, with the next target at $0.525. However, if IOTA fails to break above this price, it could drop in the day. In such a scenario, the price to watch is $0.503. If IOTA (MIOTA) breaks below $0.503, then a short entry would offer the best possibility for returns, with a target of $0.495, which a key support level on the 1 hour chart.
Ethereum Classic (ETC)
Ethereum Classic (ETC) like most major cryptos has been in the green today. It started the day at $12.22 and is now trading at $12.47. In the course of the day, it has broken above the 55-day moving average at $12.40. However, it seems to have failed to break above the 100-day moving average at $12.53. This could be an indicator that it might be headed into a minor retracement.
For traders looking to get into Ethereum Classic (ETC) at this point, the key points to watch are $12.54 and $12.38. If it breaks above $12.54, then it will be headed higher, with a target of $12.72. On the other hand, if it falls below $12.38, Ethereum Classic (ETC) could drop further, and could test $12.27.
ZCash is one of the biggest gainers in the day, having pushed from a low of $130.02 to its current price of $135.95. The first target in the day is $137.32 along the 200-day moving average. For traders looking to make a buy-entry into ZCash (ZEC), the price-level to watch is $135.95. If price momentum sustains above this level, ZCash (ZEC) could rise to $142, which is the next resistance level to the upside.
On the flipside, if ZCash doesn’t break above $137.32, then it could drop and test $131.91, along the 100-day moving average on the 1-hour chart. $131.91 is now offering strong support for intra-day trades. However, if volumes decline in the market, then ZCash could range around $134 – $135. Overall, the most important price level to watch should be $137.32. It is the key direction determinant at this point in time.