As the rising trend in cryptocurrencies is reaching its latter stages, more and more coins are showing overbought readings, but there are still majors that are in promising technical setups. Litecoin has only now left a broad triangle consolidation pattern yesterday in late trading. The currency rose above the $50 level after an extended period of low-volatility trading, but so far it got smacked back below its all-time high near $56. We still expect a break-out from LTC in the coming days and a test of, at least, the $60 level.
LTC/USD, 4-Hour Chart Analysis
The other majors are a mixed bag today, with the previously strong coins experiencing heavy trading, especially Ripple and Monero. BTC and ETH are relatively calm, as Bitcoin is hovering around the $4200 level, while Ethereum is trading just below the key $330 resistance. XMR is down by 20% off its break-out high, ETC failed to hold above $16, while Ripple is stuck below $0.30, with Dash trading right at the $300 level again. The short-term technicals are diverging strongly, so let’s see how the majors look today.
BTC/USD, 4-Hour Chart Analysis
Bitcoin is trading in a narrow range after the early week volatility, still within its short-term uptrend. The coin remains strenuously overbought regarding the long-term picture, but short-term more upside is possible. That said, investors should stay away from new positions until a deeper correction develops. Strong support is found at the $4000 price level, with further key levels near $3800, $3500, and $3150.
ETH/USD, 4-Hour Chart Analysis
ETH is slightly higher today, but it remains near the crucial $330 resistance, despite the recent break-out attempt. As the coin is still well off its all-time high, and with the long-term picture still not being overbought, we still expect it to rise in the coming period. The next major resistance level is found at $380, while support zones are near $300 and $285.
DASH/USD, 4-Hour Chart Analysis
Dash has been virtually unchanged since its weekend break-out and the following pull back, as it remains stuck slightly below $300. The coin is still overbought concerning the long-term picture, but the short-term momentum could be enough to propel it back to its highs. Major support levels are still found near $266, between $220 and $230, and at $200.
XRP/USD, 4-Hour Chart Analysis
Ripple has been the most active major since it’s bullish move on Tuesday, and despite yesterday severe drop, the coin is just below its rally highs. The $0.30 level remains in focus, and XRP could remain volatile after the 100% jump. Key support is now found near $0.26 and $0.22, while resistance is ahead above $0.30 at $0.32, with the all-time high near $0.40. We expect the rally to continue after the lengthy correction, but short-term, more sideways price action is possible.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic continues to show signs of weakness, despite its recent move, as the first major resistance level at $16 stopped the advance. The coin is now above its prior downtrend, but a move below $14.50 would warn of further correction. Above $16 the next target would be $18, and for now, the currency remains on a buy signal both short- and long-term.
XMR/USD, 4-Hour Chart Analysis
Monero entered a deeper correction after breaching the $100 level yesterday, as we expected. The coin is still overbought, and we expect more corrective price action after the strong rally. Long-term investors should wait with new positions, while traders should expect choppy trading in the coming period.
NEM/BTC, 4-Hour Chart Analysis
NEM has been trading in a low-volatility and low-volume range in the past couple of days, while the broad trading range around the 0.000065 level remained intact. Strong support levels are found near 0.0000575 and 0.000048, while resistance is ahead at 0.000075, and odds still favor a move back towards the recent high at 0.00009 as we expect a deeper Bitcoin correction.
NEO/USDT, 4-Hour Chart Analysis
NEO is still trading near the crucial support/resistance zone around the $40 level, after the recent breakout if the short-term correction pattern. The up-and-coming coin continues to look promising, with a likely re-test of its all-time high in the coming weeks. The token faces strong resistance at $47.50, while a base pattern near $30 provides long-term support.