ANALYSIS - Long-Term Cryptocurrency Analysis: Coins Consolidate But Uptrend Still Dominant

The major coins had a quiet and slightly negative week, as the previous healthy rally faded away, and a shallow correction developed. As trading volumes continued to decline, and correlations also trended lower, the bull market remained intact in the segment, and the prospects of the next weeks are still positive.

Ripple decoupled from the broader market, and continued the post-crash rally with a break-out above the $0.22 resistance as we expected. XRP is now trading just below the $0.24 level likely on its way towards $0.26. As the short- and long-term are both encouraging, a quick rally to $0.30 is also in the cards. Support is now around $0.22, just below $0.20 and near $0.18.

XRP/USD, Daily Chart Analysis

The other majors settled down towards the end of the week, with clear differences between the prior leaders, who are lagging in the rally, and those coins that are in later stages of the recovery. Dash, Monero, and Litecoin are relatively weak after their stellar rallies, while IOTA, NEO, and Ripple are among the current leaders together with Bitcoin. Ethereum Classic is still suspiciously weak, as the long-term trend remains in question for the coin. Let’s see the technical analysis of the daily charts.

Bitcoin

BTC/USD, Daily Chart Analysis

BTC held up well above primary support at $4150, despite exiting the short-term rising trend after running into resistance near $4400. The MACD indicator still shows a bullish setup, and the relative strength of the most valuable coin is also encouraging. Key support levels below $4150 are at $3800 and $3500, while resistance is ahead at $4400 and near $4650.

Ethereum

ETH/USD, Daily Chart Analysis

Ethereum is finally is showing strength again today after successfully testing the $285 level, and climbing back above $300. The coin is likely to stage a rally in the coming week towards $330, while the $380 level is still ahead as strong resistance. The long-term setup is clearly bullish and we still expect the test of the all-time during this leg higher.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin remains inside a narrow trading range after showing weakness near the $56 resistance. The coin is still correcting its August rally that carried it near $100, but we expect the long-term rise to resume on the coming weeks. The $51 support is still in focus, with further levls at $44 and $38, while resistance is ahead at $64.

Dash

DASH/USD, Daily Chart Analysis

Dash bounced off the $300 level durability the correction, while remaining relatively weak regarding the short-term picture. The currency is still inside a strong long-term uptrend, and although more sideways price action is likely, between $300 and $360, we expect the trend to resume soon. Support below $300 is found at $265, while resistance is ahead at $360 and near $400.

Ethereum Classic

ETC/USD, Daily Chart Analysis

Ethereum Classic is still the weakest major since the ICO-ban crash, and although it exited the declining ttends, both short- and long-term, it remains stuck below the key price range around $13.50. The coin is in a weak short-term advance, and traders should wait for the signs of relative strength and a break above primary resistance before entering new positions. Strong support is found at the $11 and $9 levels, while further resistance is ahead around the $16 level.

Monero

XMR/USD, Daily Chart Analysis

Monero has been among the least volatile majors during the consolidation, and despite its short-term weakness, it is still among the most encouraging coins regarding the long-term prospects. Thr declining trend is still intact, but a break above it could open up the way towards the $100 and $125 levels, with support still found at $80 and $68.

From: Hacked.com