The crypto market has opened the week in the green, with bitcoin holding steady above $9200. It’s an indicator that the positive momentum is back, and that we are at the beginning of a new long-term uptrend. It’s also a good time for short-term traders because your market entry decisions are supported by market momentum. Some of the coins that look attractive at the moment for day-traders are Tron (TRX), XinFin (XDC), and Cardano (ADA). Let’s go through their charts, to aid you in making a short-term entry position in any of them.
In the hourly chart, it is clear that Tron is on the rise, and is in the middle of an intra-day bull run. This observation is based on the alignment of the moving averages. During a bull-run, the short-term moving averages always move faster than the longer-term ones creating a perfect alignment, with the longer-term ones at the bottom. In this case, the price of Tron on the hourly charts is trending along the 21-day moving average. The 50 –day moving average is acting as first support and the 100-day MA is major support as seen in the hourly chart below.
As long as the price remains above the 50-day moving average, Tron is likely to continue in its current trend. For someone looking to buy now, it is best to wait it out, for the price to retrace back to the 50-day moving average, so as to avoid a lengthy draw-down.
XinFin is a relatively new coin, one that is showing lots of potential. This high potential reflects in the price of XinFin. In the last three weeks, the price of XinFin has been forming higher highs, which is indicative of an uptrend. It’s clear that investors are taking note of this crypto, based on its strong fundamentals. For someone looking to make a long-entry, the current price is a good entry point, now that there is a minor dip in price. Anyone getting in now can do so with the $0.0000887 price level acting as major support.
As more people get to learn about XinFin and its power to transform the business world, and government financing models, volumes will increase, and so will the price. This is a crypto that will reward long-term investors, as it gets adopted by more corporations. As it gets listed on more exchanges, it could easily get to $1 within the next few months.
Cardano is one of the most watched crypto at the moment. It is one of the few cryptos that have has the potential to dethrone Ethereum. Looking at the hourly charts, Cardano is trading on the 50-day moving average, with the 100-day moving average acting as major support, as shown below.
For someone looking to make a short-term entry into Cardano, it would be best to wait it out for a retracement. That’s because the price is sitting on a major resistance level on the 30-min chart, as below.
A break above this resistance level at $0.35 will be an indicator to go long, in the short-term.