IOTA (MIOTA), Ethereum (ETH), Monero (XMR) price analysis 31st August/1st September

IOTA (MIOTA)

After a minor uptrend earlier in the day, IOTA (MIOTA) is now dropping, and has broken below the 100-day moving average at $0.705. That’s an indicator that bears have control over this market in intra-day trading.  The sudden spike in selling volumes also points to increased downward pressure in IOTA.  For traders looking to make short-term entries into IOTA (MIOTA) it is best to watch the price for the next 3-4 hours. If the price drops sustains below $0.69761, it would be an opportunity to go short on IOTA (MIOTA) with a target of $0.654. That’s the intra-day low, one that could offer a significant level of support in the near-term.IOTA

If it breaks below this level, then the next target will be $0.60 on the 200-day moving average, going into the weekend. On the other hand, if the price reverses and breaks above $0.72, which is the 1-hour 55-day moving average, then it would make sense to go long, with a target of $0.755 as we start the weekend. However, momentum is currently downward, and a short entry is valid unless a sudden upside break invalidates. This is supported by bitcoin (BTC) which is trading sideways, and is finding it hard to break above $7000.

Ethereum (ETH)

Ethereum (ETH) looks set to start the weekend in bear territory. It has broken below the 200-day moving average, and below the day’s previous low of $278. Going by this trend, Ethereum (ETH) could test a new low of $272 within the day, or in the next 24 hours. In essence, the current price level is most ideal for a short entry.Ethereum

It offers the best risk/reward level for an intra-day trade. The only thing that would invalidate this trade is if there is a price reversal that sends the price above the 200-day moving average at $280 and above the last high point of $281.63. As long as this condition is not met, then a short entry remains the most ideal, with a target of $272 – $270.

Monero (XMR)

Monero (XMR) is one of the biggest gainers in the day. It started the day along the 55-day moving average at $102.81 and has been rising from that point onwards, hitting a high on $110.95. However, like the rest of the market, it is reversing and could test new lows in coming hours. If it continues in its current trajectory, the next target will be $102.97 on the 55-day moving average.Monero

A break below that could see it retest the previous low of $97 in the course of the weekend.  However, if selling volumes decline, then Monero (XMR) could reverse and retest the day’s high of $111.11. For a day trader, a short entry makes the most sense at this point, with a target of $102. But in case of a reversal, it would make sense to wait it out for the price to break above $110.95 then buy with a target of $112.

loading…

Be the first to comment

Leave a Reply

Your email address will not be published.


*