Topic: Ripple Closes in on Ethereum as Altcoins rally, Bitcoin Stalls (Read 126 times)

Ripple continues to be in the center of attention in the crypto segment, as the coin continued to build momentum amid the ongoing correction in most of the majors, hitting new all-time highs throughout the session. XRP surpassed the $1.50 level, the range projection target, and spiked above $1.75 too, nearing the $2 level and overtaking Ethereum as the second largest coin in market value on some exchanges.

The lofty gains triggered a short-term sell signal in our trend model, and traders now should reduce their exposure or apply a trailing stop-loss order to protect profits. Key support levels are now found at $1.25, $1, $0.85, $0.68, and $0.425.

Bitcoin has been trading in a narrowing consolidation pattern after yesterday’s early sell-off, and the coin gravitated towards the $14,500 level in the process following the SegWit2x  launch. The most valuable digital currency still faces long-term headwinds following the recent run-up, and the correction that started last week will likely continue after the current consolidation phase, with the short-term momentum indicators already showing neutral readings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.


  #Ethereum

Ethereum is back near the crucial $740 level after yesterday’s wobble and it continues to trade relatively strong in comparison to Bitcoin, hovering just below its weekly highs. Despite the strength, the long-term picture still signals further corrective price action, although the extent of the move should be smaller than in the case of the leaders of the prior rally. The $740 level still serves as primary resistance, while strong support is now found at $625, $575, between $480 and $500, and near the prior all-time high at $400.

  #Litecoin

Litecoin remained weak compared to the rest of the market today, although it briefly spiked higher in early trading, just to fade back below the $250 level later on. LTC trades in a short-term consolidation pattern since the crash one week ago, and we expect the correction to continue soon, with at least a re-test of the prior low. Key support levels are found at $125 and $100, with a weaker zone at near the $170 level while primary resistance is ahead between $250 and $260.

  #Dash

Dash is trading slightly higher today after testing the $1000 level yesterday, but the coin failed to show the strength of Ethereum, and the long-term bearish pressures remain strong. The currency is still expected dip below the prior correction low during this cycle, and investors should remain patient until opportunities with better risk-reward ratios emerge. Major support levels below $1000 are found slightly above $800, at $650, and near $600.


  #Ethereum Classic

Ethereum Classic has also been relatively weak recently and the coin remains stuck in a bearish consolidation pattern and below the $30 level. The token’s price is still above the primary support at $25, but a move below that and the prior high near $23 is likely in the coming weeks, with further strong support at $18. Resistance is ahead above $30 at $34 and around $40.


  #Monero

Monero continues to trade right at the lower end of the rising trend channel, and it failed to significantly rally today, despite the broad bullish move in the segment. The long-term overbought readings suggest a deep correction in the coming period, and we expect the coin to break below the trendline in the next few days.  Primary support is still found at $300, with further important levels at $240, $200, $180, and $150.


  #NEO

NEO was among the best performing majors, as the coin broke out form the dominant short-term correction pattern again, building on the still encouraging long-term setup. We still expect the coin to outperform the segment in the coming period, with a likely rally towards the $100 level after the broad correction concludes, but volatility is expected to remain high. Key support zones are now found near $64, $56, and $50, while resistance is ahead at $80.


  #IOTA

IOTA is trading in a bearish short-term consolidation pattern with very low volume today, after bouncing lower off the previously dominant rising trendline. Given the still overbought long-term picture, the coin should continue its correction in the coming period, with a possible early bottom compared to the other majors. Strong support levels are found at $3 and $1.5, with a Fibonacci support between those at $2.35.