After yesterday’s massive gains that saw it hit a high of $0.337, XRP has eased up, and is now trading at around $0.315. It has oscillated around this price level for the last 3 hours, an indicator that it could be a key support level in the day. It is also supported by the fact that XRP has previously reversed at around this level, and is now forming what looks like a double-bottom. As such, if this level holds for the next 3 – 6 hours, and price shows signs of an upside break above $0.322 on the 21-day moving average, a long entry would be most prudent, with a target of $0.374. That’s the highest point it has hit in the month, and one that could offer a good exit point on the 6-hour chart.
On the other hand, if the $0.315 support level doesn’t hold and XRP breaks below it; and extends below $0.310, it would be best to go short, with a target of $0.297. That’s the next major support level on the 55-day moving average. A break below that could see it test the 200-day moving average support at $0.28, and erase all the gains it made during yesterday’s pump.
Like the rest of the market, Ethereum (ETH) made significant gains yesterday, hitting a high of $221.97. It has since eased up on most of those gains, and is now trading along then 200-day moving average, which is now offering a significant level of support. In the last 4 hours, Ethereum has touched this level and reversed, an indicator that it could hold in the day. As such, for a day trader, the current price around $204 – $207 offers a great entry point for someone looking to buy into Ethereum. However, to minimize the risks of such a trade, it would be best to wait until it pushes above the 100-day moving average at $212. That would be confirmation for a bullish trade, with a target of $227. That’s the next major resistance level, one at which, Ethereum (ETH) could range in the day.
However, if by any chance, Ethereum drops below the 200-day moving average at $204 and extends below $200, a psychological support level, it would be best to go short with a target of $194. That’s the next key support level for Ethereum, one that would most likely hold for the next 24 hours.
Like the rest of the market, Tron (TRX) was a big beneficiary of yesterday’s massive price pump. It pushed from a low of $0.018 to a high of $0.02. However, in the last 5 hours, Tron (TRX) has given up most of those gains to hit a low of $0.0189. But is has since retraced back above the 200-day moving average at $0.0192, which is now acting as major support. If Tron holds above this price level for the next 4 to 6 hours, it would be best to go long. To refine such a trade, it would be best to wait for it to rise above the 100-day moving average at $0.0195. That would be a low risk buy entry, with a target of $0.02. That’s the day’s high, one that could offer a significant level of resistance in the day.
On the other hand, if Tron fails to hold above the 200-day moving average at $0.0192, and extends below the day’s low of $0.0189, it would be more rewarding to go short with a target of $0.0183. That’s the next key support level in the day, one that could offer a good exit point for a profitable short entry in the next 24 hours.