Altcoins Price Analysis: Upward Dynamics
Recently, the market has seen a moderate recovery in most cryptocurrencies. Such situation can be interpreted as correction of rather previous trend of decrease.
Short-term growth is not yet over, but its potential is almost exhausted. Since the long-term trend remains descending, then with the completion of the corrective uptrend, one can expect another decline.
On the 2-hours chart BCH/USD, there is an upward movement after overcoming the resistance line of the previous decline channel. The main target remains the $ 835 mark. But in the short term, if there is a divergence and break through the local support line of the current growth channel, we can expect a decrease to the area of $ 692.
Further, the market can develop a growth impulse to the main goal, additional confirmation of which will be the formation of the "Golden Cross" on the chart of the indicator Stochastic.
The technical picture of EOS demonstrates the trend of price growth. Such a development of the situation was prompted by the previously formed convergence and overcoming of the resistance line of the short-term downtrend channel.
The main target of the current uptrend is at the resistance of the projection channel $ 10. The next confirmation will be the formation of the "Golden Cross" on the indicator Stochastic. After testing the target resistance line, a downward trend pulse may form, the primary target of which will be the current support around $ 7,40.
Considering the technical picture of Ethereum, we can note that the market is in the same downward corridor. At the same time, a short-term uptrend is developing, possibly aimed at overcoming the resistance line. The main level of the last is $ 480.
Overcoming this level and consolidating quotes above it will be a signal of a change in the medium-term trend. The goal of the new uptrend will be $ 590. But, if in the short-term prospect a breakdown does not occur, then the observed resistance testing will end with a drop-off and a decrease to the local support line - $ 390. The possibility of developing this scenario can be said by the divergence on MACD.
Litecoin price, breaking through the resistance line of the previous downtrend, forms an upward trend. The target growth zone is located on the resistance line of the projection channel, near the $ 96.
The current channel of the upward trend can be characterized as stably developing. In this case, the following two scenarios can be the most realistic. The first of them assumes the further development of the uptrend to $ 96 with the subsequent advance of the downward trend to the current support line at $ 70.
The second way is implementing after the breakdown of the support line for a short-term growth trend and a decline to the level of $ 74.
One of the most interesting pictures of cryptomarket is the current situation in Ripple. The first interesting fact is the formation of convergence on both MACD and Stochastic, which served as a signal for a reversal.
Further, the quotes overcame the resistance line of the short-term downtrend, which allowed us to build a growth channel. At the moment, we notice the testing of the resistance line of the medium-term decline channel.
With the further development of the situation with the preservation of the pace and mood, the nearest growth target may be $ 0.5435. With a fracture in the medium-term trend, the market may target $ 0.6270. At the same time, noticing the formation of the "Black Cross" on Stochastic, you can allow a decline in the short term to the current support at $ 0.3850.