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XRP, Monero, IOTA Price Analysis: 08 February

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Source: Pixabay

XRP projected rangebound movement as the dust settled in its market following a period of high volatility. XMR moved within a horizontal channel and the breakout did not seem imminent over the next few sessions. IOTA could depend on a broader market rally to climb above its local high.

XRP

Source: XRP/USD, TradingView

XRP continued its consolidation phase over the past few days as some cautiousness was observed in its market. The consolidation was preceded by a period of high activity for XRP, in which the crypto-asset rose to December 2020 levels and then plummeted to the $0.36 support. The Bollinger Bands now showed low volatility in the price as the bands were compressed. A breakout in either direction did not seem likely over the coming sessions, as the trading volumes and buying activity remained subdued.

The Awesome Oscillator was bullish-neutral as a single green bar was registered on the index in the last trading session. Moving forward, XRP could continue to move rangebound on the charts.

Monero [XMR]

Source: XMR/USD, TradingView

A false breakout saw Monero move back within its horizontal parallel channel. There were no clear indications in the direction of a breakout as the on-chain metrics gave mixed signals at the time of writing. The Stochastic RSI backed an optimistic outcome after a bullish crossover in the oversold zone. An upwards breakout could see XMR challenge $163 resistance.

On the other hand, the Parabolic SAR’s dotted markers moved above the candlesticks and offered sell signals on XMR. In the event of a southbound move, the next areas of support reside at $143.3 and $139.4.

IOTA [IOTA]

Source: IOTA/USD, TradingView

IOTA bulls held on to $0.54 support after a correction dragged the price lower from its local high of $0.61.  Some bullishness was observed in its market as the MACD closed in on a bullish crossover. However, a rise above the most recent local high was unlikely as the trading volumes almost halved over the past 24-hours. The Relative Strength Index also pointed lower from just beneath the overbought region.

A move below the current support could likely signal a short-term downtrend, with the next levels of support at $0.489 and $0.446.

 

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A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.