Press "Enter" to skip to content

Crypto Update: Coins Drift Higher as Ripple Hits $0.60 Again

The cryptocurrency segment settled down today after the selloff in the second half of the session yesterday. Ripple is the most active among the majors, spiking higher in early trading, and while most of the top coins are also off their lows, yesterday’s highs are clearly above the current price levels in most cases. With Bitcoin and Ethereum both being relatively weak from a short-term perspective, the rally attempt is facing strong headwinds.

The technical setup has been virtually unchanged despite the relatively active market as most of the majors have been trading within the ranges that developed after last week’s strong rally attempt. The mixed short-term outlook means that a healthy bullish leadership still hasn’t developed, despite the encouraging signs in the market of the likes of Litecoin, Monero, NEO, and IOTA, with still only Ripple being close to a confirmed trend change.

XRP/USDT, 4-Hour Chart Analysis

Ripple is testing the resistance zone near $0.57 again after breaking out from a very narrow short-term range today in early trading. The coin continues to trade well above the key long-term zone between $0.42 and $0.47, but given the still weak overall picture in the segment and the lack of an established uptrend, the long-term sell signal is still in place in our trend model.

The short-term signal is positive, and primary support is found at $54, with another strong level at $0.51, while resistance is ahead at $0.64, $0.68, and between $0.725 and $0.75.

BTC/USD, 4-Hour Chart Analysis

Bitcoin once again rallied up to the $6750 level after recovering above $6500, but the coin is now back near the crucial level after yesterday’s selloff, still being among the weaker majors. The weak rising trend is intact, within a broader triangle pattern, and the coin is still on a neutral short-term signal, not showing signs of strong momentum in any direction. Support zones below $6275 are found at $6000 and $5850, while further resistance is ahead at $7000.

Litecoin and Monero Remain Bullish Short-Term

ETH/USD, 4-Hour Chart Analysis

Ethereum hit the $235 resistance level yesterday and today in early trading, but the second largest coin continues to be weak from a technical perspective, still being stuck below the previously dominant short-term uptrend line. Despite the technical weakness, ETH avoided a short-term sell signal, since it held up above $200, but the long-term picture remains strongly bearish. Further support levels are found near $180, $170, and $160, while resistance is ahead at $260 and between $275 and $280.

LTC/USD, 4-Hour Chart Analysis

Litecoin retreated off the $64 resistance level together with the broader market, but it managed to hold up within the rising short-term trend, maintaining the buy signal in our trend model. While the long-term picture is bearish a new swing high would point to a rally towards $75, while triggering an upgrade to neutral regarding the long-term signal. Support zones are now found near $59, $56, and $51 and traders could still enter short-term positions here.

XMR/USDT, 4-Hour Chart Analysis

Monero is also on a short-term buy signal similarly to LTC, and as the long-term outlook is also a tad better for XMR, the neutral signal on that time-frame is also in place. That said, the coin is back below the strong $120-$125 zone, and it is close to breaking below the short-term uptrend line. That would trigger a downgrade in our model and a likely test of the $108 and $100 support levels, with the August low found below those at $80.

Featured image from Shutterstock

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.

Read the article from the original source here

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

sixteen − nine =