Ethereum (ETH) has been relatively stable all through the week, standing at around last week’s highs of $590 -$600. That’s an indicator that even in a week that has been largely non-eventful, Ethereum is still pretty strong. It’s also an indicator that the weekly 55-day moving average is offering strong support, and creates a basis to conclude that Ethereum is at the very beginnings of a long-term uptrend.
For an intra-day trade, the daily charts offer the best perspective on what is happening in the market. In the day charts, Ethereum has been trading in a stable range at the $600 price level for the last 5 days. However, the momentum has been largely upwards, with the price staying above the last 5 day low of $591. This indicates that while there are buyers in the market, they don’t have the volumes to drive up the price above last week’s highs, and give Ethereum (ETH) the momentum it needs to rise even higher.
In the next 24 hours, Ethereum is likely to continue trading in this range, unless money flows in large volumes within the next few hours. Bu that’s highly unlikely considering that it is a weekend.
Like the rest of the market, Ripple (XRP) has had a largely uneventful week. Though price has largely stayed around last week’s highs, it has not moved much. That’s largely because of the low volumes that have characterized the market all through. For an entry into Ripple with a 24 hour target, the day charts offer the best perspective. In the last 3 days, ripple (XRP) has been trading at the $0.66 price level, with minimal moves on either direction. However, that’s slightly higher than what it was trading at the beginning of the week, at $0.62.
That’s an indicator that there are more buyers than sellers in ripple (XRP) at the moment, but they are just not enough to drive the price higher. In the next 24 hours, this scenario is likely to continue and ripple (XRP) will trade around $0.64- $0.68, until volumes start flowing back into the market.
On the weekly charts, OmiseGo (OMG) is showing clear signs of weakness after a huge upside push last week. Throughout the week, OmiseGo has cleared half the gains it made last week, an indicator that there is strong selling pressure, even though volumes are quite low.
Looking at the day chart for further clarity on direction, it is clear that despite the price drop, OmiseGo has found support at the $10.78 price level. If it doesn’t drop below this level in the next 12 hours, then it is likely to continue trading at this level, until volumes start flowing back into the market. In the next 24 hours, OmiseGo (OMG) is likely to continue trading in a stable range of between $10.78 and $11. It’s a good price range for a long-entry in anticipation of higher volumes next week.
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.