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.

Ethereum Classic

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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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.