Monero XMR has performed quite well in the last 24 hours, having established strong support $121. If the current momentum sustains, Monero is likely to rise to $166, which is the first point of resistance in the day. Looking at Monero’s price behavior in the last 12 hours, it looks set to close above yesterday’s high of $129.
In the next 12 hours, Monero (XMR) looks set to hit $166 along the 55-day moving average. Monero’s positive momentum in the next 24 hours is also supported by bitcoin’s performance in the last 12-hours. Bitcoin has shot up above $6500, indicating that money is flowing into crypto, after a slump all through last week. Given that bitcoin drives the rest of the market, it is only natural to expect that if bitcoin stays above this level, Monero too will perform well. In the coming week, if Monero opens the week above $141, it could trade in the green all through the week, and possibly hit a high of $168 along the 55-day moving average.
To conclude, Monero XMR is a strong buy in the next 24-hours, unless something extraneous happens in the market, similar to last Sunday’s hack on South Korea’s Coinrail exchange.
In the last 12 hours, EOS (EOS) has been trading in a very interesting territory, along the 200-day moving average at $10.90 – $10.50. This is a strong resistance level, and a break above it could see EOS (EOS) rise to around $12.45, which is the next resistance level on the 55-day moving average.
However, in the case that it fails to break above this price level, EOS (EOS) could drop to $9.65, which is the first support level to the downside. However, a look at the day charts, this is highly unlikely. That’s because EOS (EOS) is trading strongly above the 200-day moving average. The fact that it has sustained above this price level for the 3 last days is an indicator that EOS (EOS) has the potential to rise towards the $12 resistance level.
In essence, getting into EOS (EOS) at the moment offers a good risk-reward ratio, since it is trading a strong historical support level.
Litecoin LTC was the one of the biggest losers in last week’s crash, having broken below the $100 mark. However, in the last 24 hours, Litecoin could break back above this price level. That’s because in the 12-hour chart, Litecoin has formed a double-bottom, which is usually a good sign of an impending uptrend.
Unless Litecoin breaks below $92, it is likely to rise further to $106, which is the first major support to the upside. This view is well supported on the day chart where Litecoin is consolidating at between $95 and $101. That’s an indicator that after last week’s drastic drop, Litecoin is regaining its losses. Therefore, this is the best time to make a long entry into Litecoin LTC. The risk/reward ratio is quite good, especially if bitcoin breaks back above $7000 to support the whole crypto market.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.