XRP (XRP) is sending bearish signals in weekend trading. In the last one hour, it has formed a bearish engulfing pattern, having dropped from a high of $0.344 to a low of $0.336. This is an indicator that bears have control of this market at the moment and could see it test new lows in the course of the day. If this bearish momentum continues, XRP could test $0.332 in the day. That’s a key support level on the 1-hour 200-day moving average.
A break below that could see it test a low of $0.328, which is the last low, in the last 5 days. However, for a low-risk short entry, it would be best to wait until the price drops to $0.335. Such an entry would have a target of $0.332. However, if this setup is not met, then it could be a signal for a possible price reversal. In such a case, it would be best to wait until a bullish pattern is formed, by the price rising above the last high of $0.344. At that point, a long-entry would be most ideal with a profit target of $0.355 in intra-day trading.
Litecoin has formed a bearish engulfing pattern, and price action now confirms that it could be headed lower. If the current bearish momentum sustains, then LTC could be headed lower, with near-term support at $61.33 on the 100-day moving average.
On the basis of this pattern on the 1-hour chart, a short entry into Litecoin (LTC) at $64.10 – $63.83 would be most ideal with a target of $61.45. However, if the price reverses back above $65.44, it could invalidate the bearish sentiment, and create a setup for a long-entry at $65.45 with a target of $74.89, which is a key resistance level in the day charts.
IOTA (MIOTA) is currently trading on the 100-day support level at $0.723. It has retraced to this level after a series of gains in the last 12 hours. As such, if the current price level holds, then IOTA (MIOTA) could be headed for further gains within the day. To make a low-risk buy entry into IOTA (MIOTA), it would be best to wait it out until the price rises above the last day’s high of $0.760.
It would be a perfect buying point with a target of $0.80, the highest price level in the last 5 days. However, if IOTA breaks below the 1-hour 100-day moving average at $0.722, it would a clear signal to go short with a target of $0.665, which has been a key support level for the last 5-days.