IOTA (MIOTA), Litecoin (LTC) & NEO (NEO) technical analysis 23rd May – Low volumes market offers excellent medium-term buying opportunities

IOTA (MIOTA)

IOTA (MIOTA) is trading in a tight range at the moment. On the weekly charts, IOTA the downturn that has characterized this crypto in the last few weeks seems to be losing momentum, with the $1.74 price level offering major support. In the day chart, IOTA (MIOTA) is trading along the 100-day moving average, and has been unable to break below this price level in the last 7 days. That’s an indicator that bulls are holding strong despite the cooling down of the market. Looking at the volumes, we can see a slight decline in the last few days. However, this is nothing unique to IOTA (MIOTA). The entire market has seen a significant decline in trading volumes, after bitcoin failed to break above $8500 in the last week of trading.

As an investor looking to get into IOTA (MIOTA), a more long-term entry would make the most sense at the moment. That’s because in such a low volumes market, we are unlikely to see any major break to the upside, despite the market holding strong on the support level. It is likely to oscillate around this level, until money starts flowing back into crypto. In the medium-term, IOTA (MIOTA) could get rise to around $2.50, once it breaks above $2.08 at the 200-day moving average.

Litecoin (LTC)

In the weekly charts, Litecoin (LTC) seems to be on a downtrend, though it’s not a strong one, when correlated with the trading volumes. There is every indication that Litecoin could get to $113, an area at which, it has experienced some level of support in the past. This can be confirmed in the daily charts, where Litecoin has broken below the 55-day moving average, and is dropping further towards $113. However, this drop is not related to Litecoin’s fundamentals, or any negative news related to this coin. This has to do with the overall decline in crypto volumes in the last few days. As such, for someone looking to make an investment in Litecoin, this is an opportunity. That’s because once money flows back into crypto, Litecoin will surge, and could hit $160 in a few days. That’s the first point of resistance on the 100-day moving average. A break above that could see it surge even further towards $200.

NEO (NEO)

Like the rest of the market, NEO(NEO) has been hit by declining volumes, and the price has dropped. In the weekly charts, we see NEO on a slow but steady fall. A similar scenario is visible in the daily charts, where NEO has broken below the 55-day moving average. However, this drop is not that strong, indicating that there is some strong buying activity going on, despite the decline in volumes. The $55 price level is likely to offer some support in this environment. However, once more money starts flowing in again, NEO could surge to around $78, which is around the 200-day moving average. A break above this price level could see NEO surge to over $100. That’s why the current environment is a good opportunity for long-term investors.