Technical Analysis: Litecoin and Ethereum on the Move as Rotation Continues
The altcoin bull run continued today despite the US Thanksgiving holiday, as trading remained active in the majors, and another important break-out occurred, this time in Ethereum. Litecoin is also strong today, and the coin is testing the key $75 resistance level, as it follows in the track of ETH again. The currency still looks set to hit the next target at $82.50, with the all-time highs below just below the $100 level also in sight. While the long-term momentum is edging towards overbought territory, the coin remains bullish on both time-frames, with strong support still found at $64 and $56.
LTC/USD, 4-Hour Chart Analysis
Ethereum scored a new record high after moving past $400 for the first time in five months, and considering the lengthy consolidation before the move, more upside is likely for the second largest coin. With the long-term momentum still not being overbought, the token’s price might test the $500 mark in this leg higher, with Fibonacci targets ahead at $475 and $512. Support levels are found below $400 at 4380 and $350.
ETH/USD, 4-Hour Chart Analysis
Ripple is also attempting another bullish move, while Monero and Dash are consolidating just below their recent highs, while IOTA is in a short-term correction pattern as well. More and more altcoins are now in the latter phases of their rallies, just like Bitcoin, but traders still have opportunities with favorable risk-rewards ratios. Let’ see the short-term charts.
BTC/USD, Daily Chart Analysis
Bitcoin’s technical picture is still unchanged as the coin is trading in a narrow range just below its all-time high, despite the jumping Bitcoin Cash’s price today. While the coin is clearly overbought regarding the long-term picture, the short-term momentum is neutral, and the rising trend is still intact. Investors and traders should wait for a deeper correction before entering new positions hers, with support levels found at $7700, $7000, and $6700.
DASH/USD, 4-Hour Chart Analysis
Dash is in a narrow bullish consolidation pattern, as the coin is trading just shy of the recent all-time high. While the long-term momentum is reaching overbought readings, the short-term trend is still bullish and traders could play another leg higher, above the $600 level, while investors should look for exit points after the strong rally. Key support levels are found at $500, $470, and between the $400 and $410 levels.
XRP/USD, 4-Hour Chart Analysis
Ripple spiked above the $0.25 level today, as the coin keeps sending mixed signals, despite the short- and long-term buys signals on our trend model. The currency still faces strong resistance at $0.26, and $0.30, and although the long-term picture is bullish, the coin is the furthest away from its record highs among the largest coins (together with NEO). Support below the current levels is found at $0.2250, near $0.20, and at $0.18.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic is still trading near the crucial $18 support resistance level, right at the rising short-term trendline. The short-term consolidation still suggests another leg higher, even as the long-term momentum is slightly overbought. The al-time high near $23 is still the primary target for the move, with further support at $16 and $14.50.
XMR/USD, 4-Hour Chart Analysis
Monero is holding up just below its record high, and above the previous maximum level, as the short-term rising trend is clearly intact. XMR looks set to test the $180 target, although more consolidation is possible as the short-term MACD is overbought. As the long-term picture is still encouraging, a rally above $200 is in the cards during the current leg higher, with strong support at $150 and $125.
NEO/USDT, 4-Hour Chart Analysis
NEO is consolidating after the violent pull-back that followed the recent break-out, and the coin is holding up above the key $34 level. The currency is back to neutral regarding the short-term momentum and we expect another move higher towards the $40 and $50 resistance levels, given the still bullish long-term setup.
IOTA/USD, 4-Hour Chart Analysis
IOTA confirmed out bearish short-term view, as the coin entered a correction, and it is now testing the rising short-term trendline. Although we still expect a final test of the all-time high at $1.1, correction risk is high thanks to the overbought long-term momentum, and investors should wait for a deeper correction before adding to their holdings.
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Disclaimer: The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.