Technical Analysis: Dash Hits New All-Time High as Bitcoin Chaos Persists

The Bitcoin vs. Bitcoin Cash showdown has been undoubtedly the main event in the crypto segment during the weekend, but altcoins have also been active, with several of the majors experiencing heavy trading. Dash was among the biggest movers, as the coin that we have been monitoring as one of the most bullish coins from an investment perspective, delivered a huge break-out to new all-time highs.

The price of the privacy-centered currency surged past the $400 level with ease and hit a record high near $500. While the long-term picture is still not overbought, investors should now only hold on to their positions, while traders could still enter new positions during short-term corrections. Support levels are found near $400 and $360, while targets for the move are at $515, $540, and near $580.

DASH/USD, 4-Hour Chart Analysis

As the combined value of BTC and BCH stagnated, altcoins gained relative strength, but the performance of the majors was divergent. IOTA and Monero joined Dash among the strongest coins, while NEO and ETC were weaker, and Ripple, Ethereum, and Litecoin were neutral amid the turmoil. As trading activity is expected to remain high, with higher than usual volatility, let’s see the crucial short-term charts in detail.


BTC/USD, Daily Chart Analysis

Bitcoin fell 20% in the volatile correction as Bitcoin Cash went parabolic, and touched $5500 while reaching a short-term oversold state. The most valuable coin bounced back hard today in early trading and it’s already trading at $6700, the main target for the oversold rally. That said, the daily chart remains bearish, and we expect another leg lower in the correction. Key support levels are found at $6000, $5800, and $5400, while primary resistance is ahead at $7000.


ETH/USD, 4-Hour Chart Analysis

Ethereum is gaining relative strength after being the island of stability during the weekend, and it remains in a long-term rising trend, despite the recent tests of the dominant trendline. The coin still faces strong resistance at $330, $350, and $380, but it could be one of the main beneficiaries of the Bitcoin instability from an investment perspective, and a move towards the all-time high near $400 remains likely.


LTC/USD, Daily Chart Analysis

Litecoin acted similarly to Ethereum in the recent period, although form a long-term perspective it remains relatively stronger than the number two coin. LTC tested the $56 support successfully again, and we expect a rally above the key $64 level soon, as the short-term MACD is back in neutral territory. Targets are still ahead at $75, $82.50, and near $95, while further support is found at $53 and $51.


XRP/USD, 4-Hour Chart Analysis

Ripple has been among the less active coins during the weekend, despite the spikes lower, and it remains stuck near the $0.20 level. While the long-term picture continues to favor a move towards the $0.26 and $0.30 levels, more consolidation is likely in the current range. Support levels are still found just below $0.20 and at $0.18, with key resistance found in the zone around $0.2250.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic entered a volatile short-term correction yet again after the second leg of the explosive break-out that carried the coin way above our target at $18, reaching briefly above $20. The currency is now below the previous target level at $16, and the long-term picture still points to a coming test of the $23 level. That said investors and traders should expect high volatility, so positions sizes should be controlled.


XMR/USD, 4-Hour Chart Analysis

Monero remains one of the strongest looking currencies together with Dash, and we still expect a move above the all-time high near $150 during the current leg higher. The coin cleared the $125 target in weekend trading, and it remained in the long- and short-term bullish setups. Key support is found below $125 at $100, while a break-out to new highs would have targets near $175 and $220.


NEO/USDT, 4-Hour Chart Analysis

NEO is still relatively weak compared to the other majors, trading near the crucial $27 support/resistance level again, although the spikes towards $25 were quickly bought. Investors could still add to their holdings here, but traders should wait until a bullish move before entering new positions. Key resistance levels are still ahead at $30, $34, and $40.


IOTA/USD, 4-Hour Chart Analysis

IOTA remained strong in the volatile environment and it remains poised for a move towards the $0.75 target. While the long-term picture is not overbought yet, this is not the best time to enter new investment positions. That said, traders should still buy the dips, as the short-term trend is clearly intact, with support levels at $0.56 and between $0.45 and $0.48.

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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.