Despite the weekend sell-off, the cryptocurrency market is having another quiet and mostly positive session, although the large-scale setup in the segment is still a declining trend. That said, the rally of the now one-week-old lows has been encouraging, and we still expect a new bullish cycle to begin, with the final lows likely being already set.
Correlations between the majors remained muted compared to the levels seen during the steep sell-offs, and the coins have been diverging substantially today as well, as the market is back a normal, non-panicky state. While we are positive regarding the long-term outlook, short-term traders should remain cautious, as volatility might still return to the segment before a confirmed trend change.
Bitcoin has been among the leaders of today’s early rally, and although the momentum faded away, later on, the largest coin is still trading not far off the intraday highs, with the total market cap of the sector topping $425 billion again.
BTC/USD, 4-Hour Chart Analysis
BTC is still stuck below the key $9000-$9200 zone, and further consolidation is possible before a move above the strong resistance. Further levels are ahead at $10,000 and $11,300, while primary support is still $7650, with other important zones between $6750 and $7000, and near $6150 and $5750.
The third largest digital currency, Ripple is consolidating its recent lofty gains near the $1 level, giving up the leadership of the rally, for now. The coin is still almost 100% up since bottom, and even as the downtrend is still intact, and further volatile dips are possible, investors could still add to their positions during the sell-offs as we don’t expect new lows in the cycle. Further support levels are found at $0.85 at $0.68 and $0.57, with key resistance ahead at $1.25 and $1.5.
XRP/USDT, 4-Hour Chart Analysis
ETH/USD, 4-Hour Chart Analysis
Ethereum is hovering around the $850 support/resistance level, as it easily held up above the $740 support during the weekend dip, and recovered together with the broader market. The price of the token shows encouraging stability, as the long-term setup is still oversold, while the short-term momentum readings are neutral. Despite the positive signs, we expect the bottoming process to continue after the steep correction, and even a re-test of the ows is possible before a trend change. Support levels below $740 are found at $625 and $575, while further resistance is ahead near $1000.
LTC/USD, Daily Chart Analysis
Litecoin is still trading below the $170-$180 resistance zone, as the weekend left the technical setup unchanged. We expect the coin to regain its relative strength after the consolidation period, and remain well clear of the prior lows during the bottoming process. Investors could add to the positions near the main support levels, while aggressive traders could also look for entry points. Further resistance is ahead near $200 while support is at $140, $125, and $100.
DASH/USD, 4-Hour Chart Analysis
Dash has been among the laggards today, as the coin is consolidating after a period of relative strength, similarly to Litecoin. The currency is trading in the key $600-$650 support resistance zone, while being relatively close to the domain declining trend thanks to the prior strength. Investors could still add to their positions on the short-term dips, with key support levels found at $500, $410, and $360.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic entered a sharp short-term during the weekend as expected, but the coin quickly regained momentum and it’s now likely headed for a test of the $30 level after confirming the pattern of higher highs and higher lows and surpassing the $25 and $27 resistance levels. Short-term traders should remain cautious with leveraged positions, but investors could still add to their holdings on the dips. Key support is now found at $27, $25, $23, and while resistance is ahead at $25.
XMR/USD, 4-Hour Chart Analysis
Monero is among the laggards today from a technical perspective, but the coin remains in a position of strength regarding the long-term outlook, being close to breaking the declining trendline. Investors could still use the current consolidation to boost their holdings, while aggressive traders could also look for entry points. Primary support is found near $240 level, with further levels at $200, $175, and $150, while resistance is ahead at $280 and $300.
NEO/USDT, 4-Hour Chart Analysis
NEO is trading in a holding pattern after testing the $100 level during the weekend, and the coin is still likely to lag the segment in the coming weeks, as it concludes its correction. With that in mind, traders should wait with entering new positions, while investors could add to their positions on the short-term dips. Resistance levels are still ahead at $125 and just above $150, while support is at $100, $80, and $64.
IOTA/USD, 4-Hour Chart Analysis
IOTA is lagging is relatively weak today, staying well below last week’s high, but we expect the rally to continue after the consolidation. The technical setup is unchanged with the key support/resistance level still ahead near $1.9, and the dominant downtrend being intact. Primary support is found at $1.5, while further resistance is ahead near $2.2 and $2.35.