Another boring day in crypto where the markets don’t seem to be moving much. Most cryptocurrencies are trading sideways after a brief bull run last night. Let’s take a look at some of our favorite altcoins and see if the indicators tell us what’s to come ahead.
Ethereum Price Analysis (ETH/USD)
On today’s hourly chart, ETH/USD pair has exhibited a significant drop below the $178.79 resistance level. The downside move later dipped the price further below critical support level at $175.687. Additionally, a new support level was then defined near $174.3201 that signified the presence of strong selling pressure. Afterwards, the descending channels give a sign that sellers are leading the market movement.
Therefore, the dip escalated ETH from the opening price of $178.076 to currently changing hands at $174.54. That translates to a slight fall of about 2% over the last 24hrs. The RSI that is hovering below level 50 indicates a continuation of a downside rolling. Besides, the moving averages are giving a bearish alarm since the long-term SMA has been trading above the short-term SMA.
Ethereum Price Prediction (ETH/USD)
If the bulls can surpass the upper descending channel that is around $176.000, then $179.000 and $180.000 resistance level may come into action. As reflected by the short-term SMA that is currently acting as the price support. Notably, the bulls seemed to be regrouping as they wait for a buy signal.
Litecoin Price Analysis (LTC/USD)
On an intraday chart, LTC/USD pair has been on a sideways movement between $68.1786 resistance level and $66.8475 support level. However, both the support and, resistance levels were tested in several instances, but there was no successful breaching. Apparently, LTC/USD pair is down by 0.2%, having moved from $67.1275 to $66.9699 over the last 24hrs.
The long-term SMA that traded above the short-term SMA throughout the intraday supported the bearish pressure. The market has lucked momentum, as suggested by the RSI indicator that has been hovering between level 40 and 60. This also shows equality between sellers and buyers over the last 24hrs.
Litecoin Price Prediction (LTC/USD)
A further downside move is anticipated, as suggested by the moving averages. A break below $66.8475 may lead to a downside correction near $61.0000 and $59.0000 in the near term.
Monero Price Analysis (XMR/USD)
Conversely, the XMR/USD pair has recorded a positive performance. The trend is bullish that may increase investors sentiments. The moving averages have also switched from a bearish sign to a bullish sign. Thereby an increase of about 3.5% was seen, with the pair’s price escalated from $73.0724 to $75.7462 that indicated a positive outlook. Significant resistance level was found near $76.0000 and support level near $71.5000. Additionally, hope for further upside correction is possible since the RSI indicator is currently moving towards the overbought territory, which gives a positive outlook.
Monero Price Prediction (XMR/USD)
Next focus should be seen near $80.0000 that is if the bulls manage to make a sustainable move above $76.0000. The moving averages that are now below the candles confirmed the incoming upward rally.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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