Trading volume has been concentrated in Bitcoin and Bitcoin Cash again today, as altcoins in general traded with low volatility and muted volumes. The most valuable coin retreated from yesterday’s highs as it failed to reclaim the $6000 mark durably despite the strong rally. As the currency slipped, its dominance fell slightly to 57%, even altcoins stagnated.
The coin is in a rising short-term trend, and although correction risks remain high, another push to new highs is possible. The overbought long-term momentum readings still suggest that patience is needed from investors, as more favorable buying points should emerge in the coming weeks. Support levels are found below the current price near the $5400 level, at $5000, and near $4650.
BTC/USD, 4-Hour Chart Analysis
Ethereum continues to trade in a narrow range near the $300 level today, and that determined the trend in altcoins, with the majors all hovering around unchanged. A slight negative tendency is apparent among the majors, but besides IOTA none of the largest coins covered significant ground. IOTA remained the most volatile major, but it recovered most of its early losses and remains positive regarding the long-term picture. Let’s see how the most traded altcoins look before the weekend.
ETH/USD, 4-Hour Chart Analysis
The technical setup remains unchanged for Ethereum, as the long-term rising trend is intact, but short-term a neutral range is still dominant. With the strong $285 level supporting the price of the token, a move above the $315 level is more likely in the coming period, and we still expect the long-term trend to prevail. Further support is found $250, while resistance is ahead between $330 and $350 and near $380.
LTC/USD, Daily Chart Analysis
Litecoin gave back most of yesterday’s gains, but it remains glued to the $56 support/resistance level, within a bullish consolidation pattern. The next major move is still likely to be a bullish one and the coin is expected to test the $64 in the coming weeks. Support levels are still found at $53, $51, and $44, while above $64, the next target is the $75 price level.
DASH/USD, 4-Hour Chart Analysis
Dash is still among the weaker coins concerning the short-term picture, but the long-term uptrend is still intact, despite the recent test of the $265 level. A move below that level would warn of further weakness, but we expect the uptrend to resume, with a move above $300, towards the $330 resistance.
XRP/USD, 4-Hour Chart Analysis
The volatility in XRP collapsed today, as the coin continues to trade near the $0.20 level, still in a short-term downtrend. The currency remains bullish from a long-term perspective, but short-term traders should wait for a bullish break-out before entering new positions. Support levels are still found near $0.18 and $0.16, while resistance is ahead around $0.22 and near $0.26.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic is drifting lower today, and the coin is still the weakest major regarding the long-term picture, with the short-term trend also being negative. The short-term resistance at $11 is well above the current price, and another test of the $9 level is likely in the coming period. While the long-term setup is neutral, traders should still stay away from new positions, with further strong resistance ahead at $12.50 and around the $13.50 level.
XMR/USD, 4-Hour Chart Analysis
Monero also lost some ground today, but compared to ETC it is in a much better position both long- and short-term, hanging on well above the primary support level. The currency remains inside the dominant trading range between $80 and $100, with a positive long-term outlook. Key resistance is still ahead at $125, while further support is found at $68.
NEO/USDT, 4-Hour Chart Analysis
NEO has been showing strength today, and although it remains below the key $30 level, the recent low-volatility consolidation is a bullish sign. Resistance levels are still ahead at $34 and $40, while support is found at $27 and $25.
IOTA/USD, 4-Hour Chart Analysis
IOTA remains among the stronger coins regarding the short-term picture, despite today’s dip, as it is holding on to most of its early-week gains. The long-term picture is still encouraging, and after bouncing off key support at $0.35, the token is expected to break-out above the crucial $0.45-$0.48 zone, towards the target levels near $0.56 and $0.64.
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Source : CrytoCoinNews