IOTA, Monero, DigiByte Market Analysis for 16th January 2021

Monero has slipped from $173 to test the $149 level of support over the past few days and has been trading at an important level as market bulls and bears are struggling to control the market. IOTA formed a bullish pattern on the charts and saw a bullish breakout targeting $0.55. Finally, DigiByte again noted some early signs of heading towards $0.022.

IOTA

IOTA formed an ascending triangle (white), a bullish pattern that generally sees the price rise upside down. The price of the cryptocurrency has consistently increased its lows over the past few days, and the MACD has agreed as it noted that the momentum of the cryptocurrency has been bullish.

A breakout will see IOTA climb to the $0.55 resistance level in the coming days. On the other hand, a trading session close below the rising trend line will indicate that IOTA is poised to fall to $0.37.

Monero [XMR]

Monero has been rejected twice over the last few days at the $173 level. The $164 level, which is both horizontal support and the 38.2 percent retracement level, has not been maintained as support as the price has dropped to $156.

This represented a 50% retracement for XMR, while enjoying the same confluence with the 50 SMA (yellow) as the support region. The response of XMR at this level will therefore dictate its short-term movement.

Close below $156 is likely to see it headed towards $149-support again, while some sideways trading at this level could see a move back towards $164.

DigiByte [DGB]

The RSI showed that the momentum for DGB was neutral with a value of 47. It had just tested neutral 50, however, and was unable to rise past it. This was indicative of a possible short-term downtrend in the charts.

It was trading within a range of $0.022 to $0.032 with a midpoint of $0.027. In addition to historical support and resistance levels, the mid-point was the level of importance for DGB at the time of writing.

Since DGB had slipped below the mid-point, the $0.025 support level could be expected to be tested. Losing this region would soon strengthen the case for a DGB test of $0.022.