In the last 12 hours, Ripple (XRP) has broken below the $0.55 support level. That’s an indicator that in the short-run, ripple may be headed lower. Selling volumes are heavy too, meaning that the number of sellers in the market are on rise, hence pushing the price lower. If this selling momentum continues, the next support level will be at $0.48. For someone looking to invest to invest in ripple (XRP) in the next 24 hours, the best option would be to wait it out, until it finds major support, or buyers come in and force the market into a major consolidation phase. Alternatively, a short entry would be ideal with a target of $0.50 -$0.48.
One also needs to watch bitcoin in the next 12 hours or so. If bitcoin breaks below $6000 in this period, then ripple and the rest of the market will be headed much lower, and ripple (XRP) could test $0.40. However, indications of such a drastic drop are not yet there. Bitcoin looks set to hit $6000, and at that level, ripple (XRP) will most likely find support at $0.48. In essence, the current price is not ideal for a long-entry. It’s best for buyers to wait it out.
In the 12 hour charts, EOS (EOS) is set to go much lower, after breaking below the 200-day moving average at $10.68. If it continues on its current trajectory, EOS (EOS) could be headed towards $7.97, which is the next the support level on the 12-hour chart. The selling volumes are also increasing, which is an indicator that there are very few buyers in the market at the moment.
Unless a huge influx of buyers gets into the market in the next 12 hours, EOS (EOS) will continue on its decline until a stable support is reached. Like with Ripple (XRP), one also needs to watch bitcoin to determine the near-term trend of EOS (EOS). If bitcoin breaks below $6000, EOS (EOS) could be hit by a selling wave that could see it drop to $5 in the short-term. As such, it is best to either short EOS (EOS) in the next 24 hours, or wait on the sidelines until the price finds stable support, and enters a bullish accumulation phase.
Unlike ripple (XRP), and EOS (EOS), Tron (TRX) dropped hard after Sunday’s bloodbath and is now trading at a significant support level at $0.04. However, that’s not an indicator to buy into Tron (TRX) as yet. That’s because the overall market is still bearish, and this could push Tron (TRX) below this support level. If in the next 12 hours Tron (TRX) breaks below this support level, the next support level will be at $0.003.
For a trader looking to get into Tron (TRX), it would be best to wait it out and watch price. If the price drops below $0.04, it would be best to short it, with $0.035 as the first target. On the other hand, if it breaks above $0.045 in the next 12 hours, Tron (TRX) could test $0.05 in the next 24 hours. $0.05 is the first target to the upside on the 200-day moving average.