The aftermath of Monday’s massacre turned out to be very volatile, but now trading in most of the majors calmed down, with only NEO continuing its crazy period. The most affected coin by Chinese ICO ban surged higher today and it’s now trading near its pre-announcement levels above $30, after doubling from its crash lows in a matter of days. The coin is now right at the declining trendline that dominated its correction off the all-time high near $52, and the long-term picture still looks promising. Resistance is ahead around the $40 level while strong support is found near $22.
NEO/USDT, 4-Hour Chart Analysis
The largest crypocurrencies are all modestly higher, with Bitcoin Cash gaining the most in the improving environment, while Litecoin also holding up well after its strong rebound. The rest of the market is quiet, with the coins trading in narrow ranges. Ethereum, Ripple, Monero, Dash, and ETC are all still well off their rally highs and the segment is still not out of the woods, with the long-term technicals still signaling overbought conditions. Let’s see how the short-term charts look today.
BTC/USD, 4-Hour Chart Analysis
Bitcoin continues to be relatively strong, as the weakness in the USD and the still looming geopolitical risks help the most valuable coin, and the post-fork momentum also continues to push the BTC higher. The currency tested the $4400 level this morning, and it remains above the crucial support, despite the still overbought long-term picture. We expect more corrective action form the coin, but for now the short-term picture remains positive. Crucial support levels are still found near $4000, $3800, $3500 and $3150.
ETH/USD, 4-Hour Chart Analysis
ETH is trading in the vicinity of the key $330 level, underperforming BTC during the rebound, but holding up above the $300 level after Monday’s strong decline. The coin faces short-term resistance near $350, and if the relative weakness of the token persists a dip towards the $300 level is likely in the coming days. Below that further support is found near $285 and $250, and investors should still wait with new positions until the correction runs its course.
LTC/USD, 4-Hour Chart Analysis
LTC continues to be the strongest major together with BTC, trading just below its all-time high after the sharp rebound of the past two days. The long-term picture remains overbought, but the short-term momentum could propel the coin to a new high. Resistance is ahead near $95, while support is found at $80, $75, and near $64.
DASH/USD, 4-Hour Chart Analysis
Dash is still stuck below the $360 price level after the bounce, and with the short-term momentum being back in neutral territory, the coin might be ready to roll over and head back towards $300. The long-term picture is still stretched, and more correction is likely before the next sustained move higher. Below $300 support is found at $265 and near $220.
XRP/USD, 4-Hour Chart Analysis
XRP is still trading in the broad consolidation pattern that developed following the break-out from its long-term correction. The coin is hovering around the $0.22 resistance, and with the long-term picture still looking encouraging, we still advise long-term investors to hold on to their positions. Should the broad correction continue in the segment, the possible dips will present good buying opportunities, with support levels found at $0.20, $0.18, and $0.16.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic is trading just above the $18 level, similarly to XRP, both regarding the short- and long-term setups. The coin is expected to test the all-time highs after the current correction concludes, although volatile trading is expected until then. The long-term support zone near $14 should hold during the move, and the down swings could be good buying opportunities in the coin.
XMR/USD, 4-Hour Chart Analysis
Monero is still overbought concerning the long-term picture, as it continues to trade below the $125 resistance, below the recent all-time high above $150. We still expect a move below $100 in the coming period, with further support levels found at $72 and $58. A short-term move towards the highs is still possible but long-term investors should still wait with new positions.
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