This weekend has characterized by low volumes. This explains why Cardano (ADA) has been trading in a narrow range for the last 24 hours. However, in this low volumes environment, Cardano (ADA) is holding above the 100-day moving average support level. That’s a key indicator that Cardano could be headed for a bullish breakout if volumes increase in early Monday trading. If Cardano (ADA), breaks out to the upside above the 200-day moving average at $0.073, then it could test a high of $0.106.
However, if volumes remain low and Cardano breaks below $0.0688, then it could test a low of $0.061, which is the next major support level in the 4-hour chart. In essence, the two factors to watch out for are the volumes, and the 100-day moving average support level at $0.068. An increase in volumes and a strong push above it would be a signal to go long with a target of $0.10. Conversely, a short entry would be more ideal with a profit target of $0.061.
After breaking below the 100-day moving average at $17.88, NEO (NEO) seems to have found new support at $17.63, where it has now formed a double bottom. This is indicative of a possible rise in price, in the next 24 hours. However, to make a low risk buy entry, it would be best to wait until it rises above the 200-day moving average at $18.40.
A break above this level could see its price rise to $20.70, which could offer a significant level of resistance in the 12-hour charts. However, if NEO loses momentum and breaks below $ 17.51, which is the last low it has hit in the last 6 hours, then it would be best to short NEO (NEO) with a target of $16.34. That’s the last low it has hit in the last one week, and could be a good exit point for a short-term trade.
Ethereum (ETH) performed quite well last week, and looks set to hold above $200 as the new trading week begins. That’s because, in this low volumes market, it is still trading above a key moving average level, the 55-day MA, while moving up faster than the longer term 100-day moving average. That’s a key indicator that there is strong bullish sentiment at current prices.
To go long on Ethereum, it’s best to wait for it to gain and push above the last high of $227. A buy entry above $227 and below $230, would be a great entry with a target of $249. That’s the 12-hour chart 55-day moving average level, and could offer a significant level of resistance in the next 24 hours. However, if Ethereum drops below $212 in the next 12 hours, then a sell order would offer the best profit potential, with a target of $200.04. That’s the 200-day moving average support level, one that could offer a significant level of support in the next 24 hours.
Tron (TRX) looks set to start the week in positive territory. It has been gaining for the last 12 hours, after bears failed to push it below the 200-day moving average at $0.0193. But even with its strong bullish sentiment, one can lower the risk of a long entry by waiting for it to push above $0.0204. A break above $0.0204 could see its price rise $0.022 which is a key resistance level on the 55-day moving average on the 12-hour chart.
On the other hand, if its price drops below $0.0197, then a short entry would offer the most promise, with a target of $0.0193. That’s a key support level on the 200-day moving average and could offer a good exit point for a short-term sell position. Overall, its good to keep an eye on the volumes, to have better clarity on market direction.