After some gains over the weekend, the crypto market seems to have slipped in early Monday trading. This could be the result of investors booking profits. That’s because from a fundamentals perspective, nothing extremely negative has happened. As a matter of fact, the outlook is positive. There are news coming out that South Korea could be easing up crypto trading, which is a big boost to the market. With such good news coming out, and the market in a slight dip, here are some cryptos that are trading at a discount, and have a good risk/reward ratio.
NEO is in an intra-day bear run. In the last few hours, it has broken below the 200-moving average, at $84, and is now trading at around $77. But there are indications that it might oscillate around this price level before pushing higher, as the rest of the market regains. That’s because in the last 3 hours, NEO seems to be range bound. That’s an indicator that after a series of drops, buyers are coming in, forcing a consolidation as shown below.
Another indicator that NEO is consolidating for a soon to come bullish-run is the money-flow index. After a drop in money volumes, it seems to be flattening out. For someone looking to trade NEO intra-day, this is a good time to enter the market. The risk reward-ratio is favorable, at this price level, with a target of $84 and above.
Like Bitcoin, Neo and the rest of the market, XinFin too has dropped in early Monday trading. The price has dropped from a high of $0.008011 to its current price of around $0.007872. However, from the charts, it is clear that this is a price level that has acted as an area of major support, in the past few hours of intra-day trading. The price behavior at the moment seems to be supporting this analogy. We see the price curve of XinFin (XDCE) flattening out at this level, as shown below.
The likelihood of this price holding up is also supported by the increasing volume levels, after a drop several hours later. That’s an indicator that investors are taking advantage of the price drop to make entries in an anticipation of a bullish reversal. It’s fully in-line with the behavior of the rest of the market at the moment.
Cardano seems to be in an intra-day bear-run, with the price having broken below the 200-day moving average in the last few hours. However, we see it consolidating at around $0.32765209 to $0.32002326, an indicator that bears are giving-in to bullish pressure.
The same is clear in the Cardano RSI readings, which have shot up sharply to the current levels of around 34. It’s an indicator that investors are taking advantage of the recent price drop to make long entries. As such, the current price level offers a good risk/reward ratio for a long-entry into Cardano at the moment. The money-flow index is flattening out too, after a drop, which is indicative of a reversal in the prevailing short-term bear-run.
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.