Technical Analysis: Litecoin Follows Bitcoin Higher as Market Tops $165 billion
Bitcoin’s surge is all the rage today in the cryptocurrency segment, as the most valuable coin took out the previous all-time high near the historic $5000 level, and breached the $5300 level for a new record. The digital currency has enjoyed another great run thanks to the fading worries regarding another hard fork, and the exponential growth of SegWit transactions in the system. Today, as a sign of improving sentiment, even Jamie Dimon took a step back after his widely cited criticism of cryptocurrencies.
The coin is clearly in short- and long-term uptrends, and although the short-term picture is overbought, further upside is likely after the break-out. Support levels are now found near $5000, $4650 and $4400, while the most likely long-term target is ahead at $6000.
BTC/USD, 4-Hour Chart Analysis
Litecoin is also up substantially today following its recent weak performance, while last week’s leader Ripple continues to trade in an orderly correction. Ethereum is also up along with most of the majors, with only NEO and IOTA drifting meaningfully lower. As BTC is stealing the show right now, some under-the-radar moves may happen in altcoins, so let’s see the detailed short-term analysis.
ETH/USD, 4-Hour Chart Analysis
Ethereum is also up today, but only by a few percents, and it remains below the $315 level that has been limiting the upside since the China-crash. The coin is looking bullish regarding the long-term picture, and it held up well above the $285 support during the altcoin sell-off, so we expect a move above primary resistance soon. The currency faces further resistance near $380 while support is at $300, $285, and $250.
LTC/USD, 4-Hour Chart Analysis
Litecoin bounced off the zone above the $51 support/resistance level today, but it remains below the $56 resistance that could be the next major hurdle for the coin’s price. The digital currency is now on a short-term buy signal thanks to the relative strength, and the long-term rising trend could resume. The coin also faces strong resistance $64, while below $51 strong support is at $44 and at $38.
DASH/USD, 4-Hour Chart Analysis
Dash is still stuck below the $300 level, inside the dominant correction pattern. The long-term picture remains bullish for the coin, and we expect a move out of the consolidation in the coming weeks. The currency faces resistance near the $330 and $360 levels, and above that above $400 with support below at $265.
XRP/USD, 4-Hour Chart Analysis
XRP settled down somewhat after a very active period, as it is drifting lower currently in a short-term correction pattern. The $0.26 level remains in focus as we expected, and a re-test of the $0.24 level is possible before the resumption of the underlying trend. Further support levels are now found at $0.22, and $0.20, with the primary target above $0.26 being the $0.30 price level.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic is experiencing some buying today, but the coin remains stuck in a short-term downtrend after the recent lackluster performance. Short-term traders should still wait with openinng new positions, at least until a break above $12.50, with the crucial zone around $13.50 still ahead as an obstacle, and support levels found at $11 and $9.
XMR/USD, 4-Hour Chart Analysis
Monero is getting close to the declining trendline and the coin has been supported by quiet buying just below the $90 level, as a sign of long-term stability. The currency still looks bullish form an investment standpoint and a new uptrend could already start in the coming week. XMR faces resistance near $100 and $125, with support at $80 and $68.
NEO/USDT, 4-Hour Chart Analysis
NEO is still in correction-mode after tripling off the China lows, and touching the $40 resistance in the process. The coin is hovering around the $30 support/resistance level, and although another test of the $25 level is possible, a move towards $40 is likely in the coming weeks. Primary support is ahead at $34, while support below $25 is found at $22.
IOTA/USD, 4-Hour Chart Analysis
IOTA is testing the lower boundary of the key $0.45-$0.48 support zone, as it remains relatively weak amid the Bitcoin break-out. The coin is still expected to rally back towards the $0.64 level in the coming weeks. Below that, resistance is ahead near $0.56, while long-term support is at $0.35.
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