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Bullish Signs Remain Dominant as Coins Continue Rally

A quiet and positive day; it has been a while that cryptocurrency investors experienced such a comfortable environment, especially amid the most volatile period in global financial markets in the past two years.

Of course, the preceding steep decline was challenging for crypto-bulls, but as early positive signs already emerged last week, and price action looks to be confirming them this week, the worst might be behind the segment.

Most of the majors finished with gains today, although correlations are much lower than in recent weeks, and that leads to a few standout performances, while some of the largest coins were lagging the broader market.

Bitcoin performed in line with the segment’s average, as it continued to consolidate below the key $9000-$9200 resistance zone, while hovering around the weekly high near $8650. With the downtrend in the coin still being intact, traders could still be in for a rocky ride in BTC, although the final cycle low is likely in, and investors could still use the short-term sell-offs to add to their holdings. Further resistance levels are ahead at $10,000 and $11,300, while support below $7650 is found between $6750 and $7000, and at $6150 and $5750.

BTC/USD, 4-Hour Chart Analysis

Ripple was among the leaders again today, as we pointed out in our early update, and the coin continued its rise throughout the session, topping the $0.85 level. The currency was joined by most of the altcoins in the second half of the session, but it remains relatively strong from a short-term perspective. That said, traders and investors should still expect volatile periods before an uptrend is established, with support levels below $0.85 at $0.68 and $0.57, and key resistance ahead at $1, $1.25, and $1.5.

XRP/USDT, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum cleared the $850 support/resistance level today, as it continued to trade in line with the broader market following the steep correction. While the downtrend remains intact in the coin, and a test of the $740 is still likely in the coming period, we don’t expect a new low before a durable rally, and investors could still add to their positions on the dips.  Support levels below $740 are found at $625 and $575, while further resistance is ahead near $1000.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin hit an intraday high near $160 today, and the coin remains shy of the $170-$180 support/resistance zone, as it failed to retain its previous relative strength. That said, the coin seems likely to hold well above the prior low near $100 during the future short-term sell-off, and investors and aggressive traders could till enter positions near the mains support levels. Further resistance is ahead near $200 while support is at $150, $125, and $100.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash topped out just below the key $650 level today, and the coin remains one of the most encouraging majors from an investment standpoint. That said, a trend change is still not confirmed, although investors are still advised to add to their holdings on the dips, and a test of the 4500 level is still in the cards. Further resistance level is ahead near the $825 level, while support is found at $410 and $360.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic had a very strong session, climbing above the key $23 level, for a higher swing-high, reaching past last week’s bounce level. That said, a short-term correction could now be near, and traders should still be cautious with leveraged positions while investors could still add to their holdings on the dips.  Key support is found at $18, $16 and, $14.50, while resistance is ahead at $25.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is also very close to last week’s bounce high, although it is still a tad below that key level. XMR continues to be among the strongest majors, and it is edging ever closer to the dominant declining trendline. The currency is trading above the $240 level, with further support found at $200, $175, and $150, while resistance is ahead at $280 and $300.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO continued to slightly lag the segment today as we expected, and the coin remains the least encouraging from a short-term standpoint, as further corrective price action is likely, even as the final low is likely in. Investors could add to their positions on the short-term sell-offs, but traders should wait before entering new trades. Resistance levels are ahead at $125 and just above $150, while support is at $100, $80, and $64.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA resumed its rally after a brief period of relative weakness, and the coin is now trading right at the key support/resistance level near $1.9. As the downtrend is still intact, further volatile trading is expected in the coin, but a final cycle low is likely in and investors could still add to their holdings on the dips. Primary support is found at $1.5, while further resistance is ahead near $2.2 and $2.35.

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