Analysis: Monero Surges by 50% as Ethereum Breaks Out

The coin quickly hit the range projection target for a break-out at 90, and with the move, the coin is now getting overbought regarding long-term momentum so investors shouldn’t take on new positions here.

XMR/USD, 4-Hour Chart Analysis

The other majors are mixed, with Ethereum starting a new leg higher in its uptrend as expected, being up by double digits. Dash is consolidating its lofty weekend similarly to NEM, while Litecoin and Ethereum Classic are slightly higher today.  Ripple and Bitcoin are virtually unchanged, with the latter still being stuck around $4000. The long-term picture is getting mixed after a period of broad bullishness, as some of the coins are in, or approaching overbought territory. Let’s see how the short-term charts are looking after the weekend. 

Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin is still in a correction since hitting $4500 for a new all-time high. The currency is still within its short-term uptrend, but the overbought long-term picture suggests more downside for BTC. Major support levels are found near $3800, $3500, and near $3000. Investors should still wait until the overbought condition is cleared before entering new positions.

Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH cleared the major resistance level near $330, and now the coin looks ready to test the $380 level, and probably its all-time high near $400 in the coming weeks. Support below $330 is found at $300, and $285. Both short-term traders and investors could still hold the coin, but new long-term positions now have a less favorable reward/risk profile.

Litecoin

LTC/USD, 4-Hour Chart Analysis

The currency continues to hover around $46 and it’s still in a bullish consolidation pattern, within an uptrend, and we expect a break-out from the coin in the coming weeks. The $50 and $56 levels are ahead as resistance with the long-term range-projection target found just below $60.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash blasted through the $300 level during the weekend and corrected back below the key resistance afterwards. The coin might be headed even higher short-term, but long-term investors shouldn’t open new positions here, as the long-term MACD is getting overbought after the huge rally. Support levels are found at $260 and near $230.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple showed some stability in the past couple of days after a period of eroding prices. The currency is still trading within a forming base pattern, giving investors an opportunity to increase their holdings. Key support is found near $0.14, while resistance is ahead at $0.16, $0.18, and around $0.22.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic found support near the lower boundary of the forming long-term base pattern, just as Ripple, and the coin might be ready to finally break-out from the declining trend. The falling trendline is converging with the $14.50 resistance in the coming days, and a move above that zone would provide a buy signal for short-term traders.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM is still trading in a volatile range amid the BTC correction, with the long-term picture being constructive. We expect the coin to re-test the prior break-out highs in the coming weeks, with a likely rally towards 0.00010. Support levels are found near 0.0000575 and 0.000048, while strong resistance is at 0.000075.

NEO

NEO/USDT, 4-Hour Chart Analysis

Previously high-flying NEO has been through an almost 50% correction, and it still trading in a declining short-term trend. The strong support/resistance zone near $40 could be in the focus, in the coming period while the $30-$31 zone should provide support for the coin. Short-term traders should wait with new positions until a break-out from the current trend, while investors could add to their positions on the dips.

 

Bron: Hacked.com