Analysis: Ethereum and Monero Shine as Crypto Market Tops $120 Billion | Hacked: Hacking Finance
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Analysis: Ethereum and Monero Shine as Crypto Market Tops $120 Billion

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Analysis: Ethereum and Monero Shine as Crypto Market Tops $120 Billion

Introduction

This article was posted on Tuesday, 14:38, UTC.

The cryptocurrency segment experienced some rotation after the first day of the week, as BTC showed some relative weakness following its strong break-out during the weekend. The most valuable coin still inched higher, and it got close to the $3500 level for the first time ever, but Ethereum, Monero, and NEM all gained more. BTC remains short-term overbought, but the currency hasn’t been hurt too much by the strong bounce in Bitcoin Cash, which got back to $350, as volatile trading continues in the forked coin.

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BTC/USD, 4-Hour Chart Analysis

The divergence between the weaker and stronger majors remained apparent, as ETC and Ripple continued to trade sideways, still failing to join the rally. Dash and Litecoin also lack short-term bullish momentum, but both coins have a stronger long-term setup to encourage traders. The overall market mood is still positive and the sector is back at all-time highs regarding capitalization, although BTC is looking slightly stretched and taking on new long-term positions is not recommended here. Let’s take a look at the technical setup of the other majors.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

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ETH is getting close to the most likely target of the current short-term move near $285, with the MACD indicator edging towards overbought readings. The coin has confirmed the trend change last week, and the token is finally is finally showing relative strength. That said, the all-time highs are still $120 away, and with the long-term momentum still only being neutral, more buying opportunities are likely ahead after the next short-term consolidation.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is still trading in very narrow range right at the $46 level, holding to its gains from last week.  A move towards $50 and the prior high above $56 is still likely, and the long-term range projection target remains just below $60.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is right at the $200 resistance today, as it bounced back off the declining short-term trendline overnight. A break-out from the consolidation pattern is still likely, which would point to the re-test of the prior high above $220, with short- and long-term momentum indicators still being in neutral territory, and the coin being on a buy signal.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP continued to drift lower in a narrow range after breaching the 0.18 level during the weekend, remaining among the weakest majors. The long-term correction pattern is still intact, but the price is quickly approaching the declining trendline. Crucial resistance is ahead at $0.22 with support found at $0.16.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC is also trading in a narrow range, failing to move above the $16 and $18 resistance levels. The long-term picture is still bullish, but a break-out of the declining trend would be needed to confirm the rally. Primary support is around the $14 level, providing a solid base for the token.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero reached above $52 today, still being one of the strongest coins, and trading just 10% off its all-time lows. While the short-term picture is getting overbought a rally to $58 is in the cards, but short-term traders should wait with new positions, and reduce exposure here. Support levels are now found at $50, $46, and near $42.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM remains bullish both short- and long-term although it failed to rally past the previous high on the BTC chart near 0.00009. That said, the break-out is intact and a move to 0.00010 is still the most likely scenario. Storng support is found at 0.000075, and below that near 0.00007.

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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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