Technical Analysis: Monero Breaks Out as Bitcoin Creeps Higher

It’s still not all rosy in the cryptocurrency segment, with several major coins still underperforming the average, but the relatively strong currencies are stable, and some of the leaders are showing clearly bullish signs, despite the lack of broad momentum.

BTC/USD, 4-Hour Chart Analysis

Bitcoin is among strongest majors, getting closer to the $11,300 resistance again today in late trading, after several short-term pullbacks this week. Above that level, the confluence of the level of the previous swing high and the declining trendline at $11,750 is the next major obstacle, with the first target being at $13,000 in the case of a break-out. While further consolidation is possible, traders and investors should hold on to their coins as the recovery will likely continue.

ETH/USD, 4-Hour Chart Analysis

Ethereum is still trading in a narrow range, drifting slightly lower along the declining trendline this week. The coin is now right at the trendline, and although we expect a break-out soon, the consolidation could still continue. Primary support is still found at $845, with further levels at $780 and $740, while resistance is ahead above the trendline at $910 and $1000.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is showing strength in late trading, but the coin remains inside the bullish consolidation pattern, with strong resistance still ahead at $225 and $250, and a short-term level near $235. LTC has been one of the leaders of the rally so far, and we expect it to regain strength after the consolidation period, with a likely rally up to $300 in the coming weeks, despite the already lofty post-crash gains.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash failed to build up momentum so far, despite showing early signs of strength yesterday, and the coin is still stuck in a short-term range. The long-term setup remains encouraging, and traders and investors should hold on to their coins as the recovery will likely resume soon. Resistance is found at $650, $700, and $750, with targets ahead at $825, $950, and $1000, and support is $600 and $500.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is also trading in a very narrow range, with meager volumes and volatility, and the coin remains the most notable laggard among the majors, still being stuck well below the $1 level. The $0.85 support could still be in focus, as the line-in-the-sand level for the bullish consolidation, as the long-term setup remains positive. Targets are still ahead at $1.25 and $1.5, with further support found at $0.68.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC had a bearish shift in short-term momentum yesterday, and the coin hasn’t been able to recapture the $32-$34 support/resistance zone so far, although it remained above the $30 level. We still expect the rally to continue, despite the slightly stretched long-term picture, with further resistance ahead just above $37 and near the all-time high at $43.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero broke out form the dominant consolidation pattern today in late trading as we expected, after showing clear signs of strength yesterday. We still expect the rally to reach the next target at $400, as the coin is among the leaders of the recovery, with a strong long-term technical setup. Support is now at $335 and $300 while above $400 the all-time high is ahead near $440.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is trading slightly higher today, after recovering well from the short-term weakness that carried the coin form $145 to the $120 support. The coin bullish both regarding the long- and short-term picture, with resistance ahead just above $150, and at $190, and support around the $125 level, at $100, and near $80.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA continues to struggle with the declining trendline and the massive resistance zone ahead, and that could mean that the coin is in for more consolidation. Despite that, we expect eh recovery to continue above the $2.2-$2.35 zone, with key support found just below the current price level at $1.90 and near $1.50.

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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.

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