Trading activity remains on very low levels in the segment, and that’s not a bad sign for the longevity of the rally, as probably lots of burnt investors are still on the sidelines, waiting for confirmation to enter the recovery.
The best period to that is already gone in the case of most of the coins, reflected in our trend model, but the continuation of the rally is still very likely, with no major red flags raised by the price action in the majors. The lack of momentum in the bullish moves is a slight concern here, but the resilience that most of the currencies showed during last week’s correction confirms the positive scenario.
Today, Monero and Bitcoin are the most active major coins, with the decline in ETC also making headlines. A large part of the market is not going anywhere, and to cite the old adage once more “Never short a dull market!”
BTC/USD, 4-Hour Chart Analysis
BTC edged as high as $11,500 as the creeping rally in the most valuable coin cleared the $11,300 level, with all being now lined up for a test of the dominant declining trendline. It would be a surprise to see Bitcoin taking out that resistance without some struggle, and more nervous short-term traders could take some profits here before the “battle”.
In case of a pullback, support is found at $10,500, $10,000 and between $9000 and $9200, while above the key zone the main target is the $13,000 price level.
Monero on the Move, Ether Still Flatlined, ETC Correcting
XMR/USDT, 4-Hour Chart Analysis
The overnight break-out in XMR reached the $375 level before a pullback ensued, but a rally towards $400 is still likely. That said, the short-term momentum is now overbought, and taking some profits here could be a good idea for traders, but we would leave some chips on the table.
ETH/USD, 4-Hour Chart Analysis
Dash and Litecoin have also shown some positive signs lately, but the corrective move in Ethereum Classic might be a warning sign that the early leaders of the rally might need more time to consolidate their lofty initial gains.
The tug of war in Ethereum’s market is still apparent, and with the very strong resistance ahead, we wouldn’t be surprise of more consolidation, before a move out of the declining trend to scare the weak hands out once again, as it is usually done by Mr. Market.
Ripple, Cardano, and Stellar the main laggards in the top ten, IOTA is in a similar position to ETH, while rising stars Tron and Nano have been very active yet again among the smaller coins.
Our short-term outlook is rather neutral for the segment, as the low liquidity could result in a choppy market with sudden spikes lower, but the we still expect the recovery to continue in the majors.
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.
The post Crypto Update: Ripple Breaks-Out Above $1 as Bitcoin Nears Trendline appeared first on Crypto Currency Online.
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