After breaking below the 100-day moving average support level at 101 satoshis, Dogecoin (DOGE) has dropped to an intra-day low of 90 satoshis. However, it has since rebound and is now trading above the 200-day moving average, which is now offering major support at 93 satoshis. For a trader with a 24-hour target on Dogecoin (DOGE), the key level to watch is 93 satoshis on the 200-day moving average. If Dogecoin breaks below this level and retests 90 satoshis, it would be best to go short with a target of 68 satoshis, a significant support level in the day chart.
On the other hand, if Dogecoin (DOGE) breaks above the 100-day moving average support level at 101 satoshis, it would be best to go long with a target of 120 satoshis. That’s a long-term resistance level, where it could range or reverse in the course of the day. However, if Dogecoin (DOGE) doesn’t break outside of the 93 – 100 Satoshis range in the next 6 – 12 hours, then it could range there all day, and consolidate for a breakout in either direction next week. Such a range could be due to a volumes decline as weekend trading kicks in.
Tron (TRX) started the day above the 200-day moving average, which was offering key support at $0.0197. However, it has since broken below it and now looks set to test a second support level, the 100-day MA at $0.0189. For a trader looking to trade in Tron (TRX), it is important to keep an eye on the 100-day moving average level. If Tron (TRX) breaks below this level, then a short position would offer the best reward potential with a target of $0.0172. That’s Tron’s low for the last 3 days, one that will most likely hold or offer a basis for a short-term reversal.
On the other hand, if Tron (TRX) breaks back above the 200-day moving average at $0.0197 and retests the previous high of $0.0206, it would be more prudent to go long with a target of $0.026. That’s the day chart’s 55-day moving average resistance level, one that could hold in the short-term.
Ethereum (ETH) has been one of the best performers in the last 24-hours. It started the day above the 200-day moving average at $208 and surged to a high of $224.24. However, it has since retraced back to $205- $204, though it’s still trading above the 200-day moving average that is offering significant support. For a day trader looking into Ethereum (ETH), it would be best to wait it out until there is a clear break outside of this range. If Ethereum (ETH) breaks below the 200-day MA and further below $200, it would be best to go short, with a target of $183.13. It’s a key support level on the 55-day moving average, one that could hold in the day.
On the other hand, if Ethereum breaks above yesterday’s high of $224, a long entry would be more ideal with a target of $287. That’s the next key resistance level in the day.