Cryptocurrency Analysis: Major Coins Steady amid Geopolitical Storm
The crypto-segment settled down after a brief volatile period yesterday, as Bitcoin and Ethereum continue to consolidate their recent gains near $3400 and $300 respectively. The global risk-off sentiment didn’t affect the segment significantly, as the largest coins are still holding up above the primary resistance levels. Bitcoin only spiked down just below $3200 after hitting a high at $3500, and despite the slightly overbought long-term picture, it could soon be ready for another leg up in the ongoing trend.
BTC/USD, 4-Hour Chart Analysis
NEM and Dash are relatively strong among the other majors, while Monero, Litecoin, Ethereum Classic and Ripple are virtually unchanged for the day. LTC and XMR are just below their recent highs while ETC and XRP are still stuck in downtrends. As global tensions continue to escalate, Bitcoin might yet again outperform the other coins, as safe haven buying usually favors the most valuable cryptocurrency. That said, the bull market in the sector seems safe for now, so let’s see how the charts shape up today.
ETH/USD, 4-Hour Chart Analysis
ETH is acting bullish amid the short-term correction, with the crucial $285 level holding the coin yesterday. The positive trend in the currency is clearly intact, but more sideways action might be needed before another rally. The coin is not overbought regarding long-term momentum as BTC is, so we expect new highs in the coming period, with a possible test of the prior all-time high at $400.
LTC/USD, 4-Hour Chart Analysis
Litecoin continues to consolidate after the weekend rally, and the coin is just 15% off its all-time high with the long-term momentum still being only neutral. We expect a test of the $56 level in the coming weeks, and a rally to the long-term range projection target near $60.
DASH/USD, 4-Hour Chart Analysis
Dash is still looking bullish, despite remaining within the triangle consolidation pattern. A break-out looks very likely in the coming days with a test of the prior all-time high, and possibly the range projection target near $260. The $200 level is now the primary support, with further levels at $190 and near $170.
XRP/USD, 4-Hour Chart Analysis
XRP is still among the weakest coin, trading in a long-term downtrend and staying well below the $0.20 level that it hit recently. The falling trendline is now at $0.19, converging with the primary support level in the coming days. A move towards $0.22 is the most likely scenario, especially if the broad rally continues in the segment.
ETC/USD, 4-Hour Chart Analysis
ETC Classic is also stuck in a downtrend and below short-term resistance like XRP. The token is trading in a narrow range below the $16 resistance, and a move above that level and the declining trendline could open up the road to $18 and the prior high near $22. Support is still found around the $14 level.
XMR/USD, 4-Hour Chart Analysis
Monero remains among the strongest coins, in a steep rising trend, trading just below the $52 level. As the short-term MACD is approaching neutral again, another leg higher in the rally is expected soon, and the prior high near $58 could be breached. The strongest short-term support levels are found near $46 and $42.
NEM/BTC, 4-Hour Chart Analysis
NEM regained its relative strength today, and its trading just below the 0.00009 resistance compared to BTC again. The bullish setup remains intact, and a rally towards 0.00010 seems likely in the coming days. Strong support is found at 0.000075, and below that near 0.00007.
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