Technical Analysis: Ethereum, Monero, and Litecoin Jump as Bitcoin Goes Parabolic
The stellar performance of Bitcoin continued today in early trading, as the most valuable coin got close to hitting $100 billion in market capitalization after breaching the $5900 price level. The coin turned volatile after the early surge, as it got extremely overbought short-term and briefly tumbled by as much as 10% before settling down slightly near $5700. The $6000 level is still ahead as a likely target, but the currency is now prone to a short-term correction, and the long-term picture is also looking more and more stretched. Key support levels are now found near $5000, $4650 and $4400.
BTC/USD, 4-Hour Chart Analysis
Ethereum, Litecoin, and Monero joined the party today, with the second largest coin’s value passing the $30 billion mark again, while Litecoin finally leaving behind the $56 resistance. Monero is still stuck below the key $100 level, but it’s now above the previously dominant correction pattern.
NEO and IOTA continue to lag the broader market, while Ripple is gathering momentum inside its short-term correction pattern, and Ethereum Classic is showing some strength amid the BTC-led rally. Let’s see the short-term setups before the weekend.
ETH/USD, 4-Hour Chart Analysis
Ethereum finally moved above the $315 level as the Byzantium upgrade is drawing closer, and the coin blew past the $330 resistance as well, with the weaker $345 level stopping the advance for now. The coin still looks positive regarding the long-term picture and a rally towards the next target near $380 is likely in the coming week. Above that, the currency faces resistance near the all-time high just north of $400 while key support is at $300 and $285.
LTC/USD, 4-Hour Chart Analysis
Litecoin cleared the $56 resistance following yesterday’s break-out and the coin is now trading near $60 and the previously dominant rising trend channel. The currency is still facing the line-in-the-sand resistance at $64 but the long-term advance is likely back on track. Below the $56 level, key support is at $51 and $44, while further resistance is at $75.
DASH/USD, 4-Hour Chart Analysis
Dash is still hovering around the $300, as it remains inside the post-surge correction pattern, while still being bullish regarding the long-term picture. The coin is close to providing a short-term buy signal and testing the $330 level, with the declining trendline also being close to that level currently. Further resistance is ahead at $360 and $400 while support is found at $265.
XRP/USD, 4-Hour Chart Analysis
XRP is still trading inside the rather volatile short-term consolidation pattern that developed after last week’s rally, but now the short-term picture looks promising for bulls. The coin looks to be ready to test the $0.30 level, possibly during the weekend, with another key level just above that at $0.32. Support is now found at $0.24 and around the $0.22 level.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic is still struggling to gain short-term traction despite today’s rally attempt, as the $12.50 resistance proved too strong for now. Short-term traders should still wait until a bullish confirmation with opening new positions, while long-term investors could still add to their positions here. Crucial resistance is ahead around $13.50, while support is found at $11 and $9.
XMR/USD, 4-Hour Chart Analysis
Monero broke above the declining trendline after a lengthy correction, but it still faces strong resistance at $100. That said, the long-term picture is clearly bullish and a rally above the $100 level, towards the next target near $125 is likely. Strong support is found near $80 and $68, while the all-time high is ahead just above $150.
NEO/USDT, 4-Hour Chart Analysis
NEO remains inside its volatile correction after tripling off the crash-lows, and the coin is stuck below the $30 level for now. The $25 level is the primary support with another strong level below that near $22. We still expect a move to $40 after the correction is completed, while a decline in volatility is likely before the next major move, with further resistance ahead at $34.
IOTA/USD, 4-Hour Chart Analysis
IOTA has been the weakest major recently, but we still don’t expect the coin to trade durably below $0.45 and a rally above the key $0.45-$0.48 zone is likely in the coming days. With the long-term picture still being positive the test of the $0.64 level is the most likely next move. Below that, a weaker resistance level is ahead near $0.56, with long-term support at $0.35.
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