Analysis: Coins Turn Lower Again as Dash Hits $360
Dash remained the strongest cryptocurrency after yesterday’s Fed meeting, as the turmoil in fiat currencies, left the trends in the segment intact. Most of the major coins are in a limbo after last week’s crash and the subsequent surge. The general direction of the market is lower today, but Dash is up by more than 5% and it has been trading below an important support/resistance near $360. The coin is the only major the already established a new short-term uptrend and now it’s the closest to its all-time highs near $410. As we expect the broader market to correct further, Dash might head back for a re-test of the $300 level but the long-term uptrend remains dominant and we expect new highs in the coming weeks.
DASH/USD, 4-Hour Chart Analysis
The other majors are headed lower yet again, as the bounce ran out of steam and the currencies remained inside their short-term downtrends. We continue to expect another leg lower in the majors, as the bullish sentiment that developed during the prior rally need to be reset. Last week’s crash most likely marked the final price lows in most of the coins, but a re-test of those levels or at least a deep dip is possible now. Today’s move might e the start of that decline so let’s see the short-term setup in detail.
BTC/USD, 4-Hour Chart Analysis
BTC is still trading in declining short-term trend and the most valuable coin dipped back below the $3800 level today, and it’s most likely headed to next major support level at $3500. Further resistance is ahead at $4000, while support below $3500 is found between $3000 and $3150. We don’t expect a durable move below the crash lows and investors should be looking for buying opportunities near the major support levels.
ETH/USD, 4-Hour Chart Analysis
ETH failed to hold the $285 level and it re-entered the declining trend after trading slightly above it after the bounce. We still expect a test of the $250, or even the $235 level before a sustained move higher, but the long-term picture is looking encouraging for investors after the deep correction. The crash lows further support near $200 while resistance is ahead at $330.
LTC/USD, 4-Hour Chart Analysis
Litecoin remains relatively weak after its stellar rally and the 60% crash, as it is still hovering around the $50-$51 support-resistance zone, after failing near at the$56 resistance. We are expecting more sideways price action in the coin, with a possible test of the $44 level, but without a new low below Friday’s crash levels. Crucial resistance is ahead at above $56 at $64 while support is found near $38.
XRP/USD, 4-Hour Chart Analysis
XRP is still following the general trends of the segment as correlations remain elevated, pointing to the continuation of the correction. The coin is back below $0.18, but remains well above the crash lows and the long-term base formation. Ripple is still in a declining short-term trend, but we still expect the currency to perform well after the conclusion of the correction. Support is found at $0.16 and $0.14 while crucial resistance is still ahead around the $0.1950 and $0.22 levels.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic remains very weak technically, failing to show strength in the face of the broad correction, after re-entering the declining long-term trend in the wake of the Chinese legislative changes. The coin is likely headed to a test of the 9 support, and traders should stay away from new positions until the short- and long-term downtrends are broken. Strong resistance levels are ahead at $13.5 and $16.
XMR/USD, 4-Hour Chart Analysis
Monero is still showing short-term relative weakness, and the coin is now well below the key $100 level, as the correction continues in the previously surging currency. XMR is expected to continue the short-term decline together with the broader market, but the long-term uptrend is in no danger. Support levels are found near $80 and $68, while primary resistance is at $125.
NEO/USDT, 4-Hour Chart Analysis
NEO is still inside the lengthy correction pattern even after the strong post-crash bounce as the coin failed to recover above the $22 resistance. Strong support is found near $16.50 and $13 and we don’t expect a new low in the currency in the coming period. That said, traders should wait for a new uptrend to form before entering new positions. Above $22, more key resistance levels are at $25 and $30.
IOTA/USD, 4-Hour Chart Analysis
IOTA is headed back towards the $0.45-$0.48 support zone, despite exiting the lengthy downtrend after the crash. We still expect the coin to outperform the market in the coming weeks, as the correction concludes, and investors should buy the short-term dips, as the long-term picture is favorable for the currency. Resistance is ahead at $0.65 and $0.75 while further support is found near $0.35.
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