Analysis: Dash Nears All-Time High as Bitcoin and Ethereum Drift Sideways | Hacked: Hacking Finance
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Analysis: Dash Nears All-Time High as Bitcoin and Ethereum Drift Sideways

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Analysis: Dash Nears All-Time High as Bitcoin and Ethereum Drift Sideways

Introduction

This article was posted on Tuesday, 10:35, UTC.

The major cryptocurrencies are having a very quiet week so far, despite today’s brief spike lower, as the recent strong rally ran out of steam somewhat, with the two most valuable coins running into resistance and entering a consolidation period. The rest of the market is mixed, with some of the currencies, especially Dash, Monero, and NEM showing considerable short-term relative strength, while most of the coins joining BTC and ETH in their sideways drift. Ethereum is trading just below the crucial resistance zone between $235 and $250 since the second half of last week, while still being stuck in the more than one-month long consolidation.

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ETH/USD, 4-Hour Chart Analysis

Litecoin and Ripple have also been trading in narrow ranges after a bullish weekend, while most of the smaller coins are also holding on to their gains. As the long-term picture is still constructive, and the low volatility environment points to an uptrend, we expect more gains in the coming period, although uncertainty remains high regarding Bitcoin’s Judgment Day on August 1, and the aftermath of the likely move to the BIP 91 protocol. Let’s see how the charts of the majors look like amid the consolidation.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

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Bitcoin tried to move out of the short-term consolidation pattern on Monday, but it failed to advance above the $2800 level, while holding up well north of the primary support level at $2650, despite the recent lofty gains. The coin is up by more than 30% from its lows, with the previous all-time high just less than 10% above the current price after breaking-out of the correction pattern last week.

 Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is still trading right at the $44 level, after this morning’s spike, sticking to the two behemoths of the market so far this week. LTC is still in a slightly different phase of its trend compared to most of the other majors, as it just returned to neutral long-term momentum reading after the move from $30 to $57 in June. Below $44 strong support is still found at $40 and at $38, while the range projection target is still around the $58-$60 zone.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash broke out above the $200 level yesterday, as it remains the strongest major, only slightly missing its prior highs during Monday’s move. The $220 level remains the primary resistance here, and a move above that level could open up the road for a rally towards our long-term target just above $250. The $200 level held up the currency this morning, while another strong support level is found just below that at $190.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is still hovering below the $0.20 level, after showing strength during the weekend, while remaining well below the declining long-term trendline despite the strong rebound. A crucial support/resistance zone is found near $0.22, which coincides with the dominant trendline, creating a key convergence zone ahead of the coin. If XRP can reach above that level in the next leg higher, a renewed buy signal could be triggered.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC is still among the weaker majors short-term, being stuck below the $16 level, and continuing its low-volatility consolidation that it entered last week. Primary support is still found around the $14 level, with strong resistance at $18 and $20, and the prior highs above those at $23. As we noted on Saturday, the coin is still in the buy-zone regarding the long term picture, with the MACD still being in oversold territory.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is up by 8% this week, and it is right at a very important juncture, with the declining trendline and the $46 resistance level being very close to the current price. The coin has been one of the strongest in recent days, and a test of the $50 level looks likely now, although the short-term picture is slightly overbought.

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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