XRP (XRP) is still the most bullish cryptos at the moment, even though it has slightly retraced due to profit taking. Looking at XRP (XRP) in the next 24 hours, there is a good chance that it could outperform the market. That’s because, in the daily chart, it is still trading above a key resistance level, the 200-day moving average at $0.54, even after easing up on the huge gains it made on the 20th and the 21st of September.
In essence, if it holds above this level for the next for the next 4 to 6 hours, it would be a signal that bulls are in control of the market. For a low-risk buy entry, it would be best to wait until XRP (XRP) pushes above its last intra-day high of $0.627. A push above this would be confirmation to go long, with a target of $0.789. That’s the last high point it has hit in the last 24 hours, one that could offer some resistance in the day. However, if in the course of the day, XRP breaks below $0.540 and extends below $0.530, it would be more prudent to go short, with a target of $0.485. That’s the next key support level, along the 55-day moving average.
After making some huge gains yesterday, Ethereum (ETH) has eased up slightly, from a high of $254.97 to its current price, at around $239 – $240. But from a look at the day charts, it is clear that Ethereum (ETH) is still bullish. That’s because it is trading above the 21-day moving average, a level that was acting as a key resistance point at $222.50. The fact that is has held above this price level in the day, in spite of today’s price retracement, is an indicator that it could go higher. For someone looking to buy into Ethereum (ETH), it would be best to wait until it pushes above the day’s high of $255.13.
That would be confirmation that bulls are in control, and would be a signal to go long with a target of $289. That’s the next major resistance level on the one day chart, 55-day moving average. However, if in the next 6 to 12 hours Ethereum (ETH) fails to break above the 1-hour 21-day moving average at $241.15, and drops below the day’s low of $232.93, it would be a clear signal to go short, with a target of $227. That’s the 55-day moving average support level on the 1-hour chart. A break below this level could see Ethereum (ETH) drop to $216.48, on the 200-day moving average, which a key support level, from which it could rebound. But if in the course of the day overall market volumes drop, then Ethereum could trade in a range at around $241.39 and $235 for the next 24 hours.
Tron (TRX) was one of the biggest gainers during yesterday’s market wide pump. In the course of the day, it hit a high of $0.0262, but it has since retraced, and is now trading at around $0.02267. For an intra-day trade, Tron (TRX) looks slightly bearish. That’s because in the day, it has broken below the 21-day moving average at $0.024, and looks set to touch the 55-day moving average at $0.0222. A break below this level could see it test $0.0209 on the 100-day moving average on the 1-hour chart. For a trader looking to go short on Tron (TRX), it would be best to wait until it breaks below $0.0222, then make a trade with a target of $0.0209.
However, if Tron (TRX) hits $0.0222 and reverses, it would be more prudent to wait until it breaks above $0.023, then go long with a target of $0.026. That’s the last high in the day, one that could offer significant resistance in the day.