Analysis: NEO and Ripple Surge as Bitcoin Price Recovers Above $4000
Crypto bulls should be delighted by the performance of the segment this week as the rising prices are also accompanied by bullish changes in the characteristics of the market action. The breaking down of the correlations is a very positive sign, and the general decline of volatility also points to an ongoing healing process. NEO is among the notable performers, as it jumped higher once again following two bullish sessions and surged past the crucial $30 level, more than doubling off the crash lows. The coin is now slightly overbought short-term but the long-term picture remains encouraging. Support levels are found near $30 and $22, while resistance is ahead at $40.
NEO/USDT, 4-Hour Chart Analysis
The most valuable coins are all on the rise once again, with Ripple leading the way higher, finally breaking out of its declining trend, while Ethereum Classic is also showing strength, and Bitcoin and Ethereum are also up since yesterday. Dash, Monero, and IOTA are still slightly lagging the majors, as a sign of rotation, but the overall picture continues to improve following the deep correction. Let’s see how the majors are shaping up today.
BTC/USD, 4-Hour Chart Analysis
BTC continued to build its new uptrend today, climbing above its recent swing high on the way towards $4000. The largest coin is still trading well below its all-time high, but the deep correction is likely over and a test of the prior high is possible in the coming weeks. The currency faces strong resistance between $4150 and $4200, above that at $4400, and around the historic $5000 level.
ETH/USD, 4-Hour Chart Analysis
Ethereum is trading right at the $300 level today after showing relative strength during the weekend. The coin is close to confirming a new uptrend after the deep correction, and a break-out above primary resistance would open up the road to the $330 level. Further resistance is ahead at $380, while support is found near $250 and $235. The current levels are still attractive for long-term investors and short-term traders could also enter new positions here.
LTC/USD, 4-Hour Chart Analysis
Litecoin is on the verge of breaking out from the declining short-term trend, although the strong $56 resistance is still ahead for the currency. While the coin is yet to give a buy signal for traders, long-term investors could already look for short-term dips to add to their positions. Above $56 resistance is found near $64, while support is at the $44 level.
DASH/USD, 4-Hour Chart Analysis
Dash is still trading in a low-volatility consolidation pattern that developed after the post-crash surge, and the coin remains below the $360 resistance as well, despite the clear long-term relative strength. We still expect the coin tot test the prior high in the coming weeks, as the long-term trend is still intact. Resistance at $360 and near the $400 level, while support levels are found around $300 and $265.
XRP/USD, 4-Hour Chart Analysis
XRP surged above the $0.20 level as we expected after breaking-out from the declining trend. The key resistance zone around the $0.22 level is still ahead for the coin, but we expect a rally above that in the coming days. Support levels are now found at $0.18, $0.16, and $0.14, while further resistance is ahead around the $0.26 and $0.30 levels.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic is finally showing relative strength after a lengthy period of underperformance, and the coin broke back above the declining long-term trendline today. The coin is still at attractive price levels for long-term investors, and short-term traders could also get a bullish confirmation. That said, the resistance zone around the $13.50 level is still ahead, and more overhead supply is found at $16 and $18.
XMR/USD, 4-Hour Chart Analysis
Monero is still among the weaker majors regarding the short-term picture, together with Dash and IOTA, s it still trades below both the key $100 level and the declining short-term trendline. The long-term picture remains encouraging, with strong support at $80 and $68, but we expect more sideways price action before a sustained move higher. Above $100, resistance is found at $125 and near the all-time high above $150.
IOTA/USD, 4-Hour Chart Analysis
Volatility crashed in IOTA after the recent crazy price action, and the coin settled down below the declining short-term trendline after breaking out from its lengthy correction pattern. The coin is still well above the $0.45-$0.48 support zone, and we expect a rally to test the $0.64 level in the coming period, with further support found at $0.35.
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