Altcoins Price Analysis: Upward Correction With A Chance To Break Resistance
The current week became symbolical and significant in a present situation on cryptocurrency market. Why? Because a few weeks earlier the market began a corrective upward trend, showing a tendency to increase, but the past two weeks of decline could create the impression of a new impulse of decline.
Nevertheless market hasn't overcome the last minimum and the current week passes under a banner of a new impulse of growth. Thus it is possible to make assumption that in the nearest future the market will continue to develop the ascending correction.
ETH/USD demonstrates the overcoming of the resistance of the descending channel and the development of the corrective trend. The purpose of the current movement is the mark of $ 322.50, which is on the resistance line of the long-term downtrend.
Additional confirmation of further growth will be the intersection of MACD lines with a zero mark and moving to the positive zone. After reaching this level, you can expect a rollback to psychologically important support around $ 300, and then - the formation of a growth momentum to the resistance line of the current corridor at $ 344.30.
The current support level is $ 267. We can not rule out its breakthrough, which will open the way for quotations to the level of $ 203.70.
TRX/USD demonstrates the development of a corrective upward trend relative to the last descending trend.
At the moment quotations approach the line of resistance of a relevant corridor. Its breakdown will allow quotations to rise above and to test resistance of a long-term trend of decrease near the level of $0,0320. At his achievement the coin can beat off and begin decrease to a mark of $0,0238.
But if price overcome $ 0.0320, the market can rise to the resistance line of the projection channel at $ 0.0367. If we analyze the indicators of the indicator MACD, then the intersection of the zero mark and the exit to the positive zone confirm the hypothesis of short-term growth. Stochastic, staying in the "overbought" area, can only talk about the slowing down of the growth momentum, but not about its termination.
EOS/USD shows upward movement and expansion of the correction is observed.
The first thing is the tendency of quotations to the projection resistance at $ 6.75 after overcoming the resistance of the medium-term downtrend. The second is a breakdown of the resistance line of the short-term growth channel, which demonstrates the potential for overcoming the $ 6.75 level, which will open up the quotes to the level of $ 7.50.
But if the resistance at $ 6.75 is too strong and the market pushes away from it, then the subsequent decline could be aimed at $ 5.00. The confirming factor in favor of the growth hypothesis is the directionality of MACD lines and the movement in the positive area of the indicator.
XRP/USD is breaking the resistance line of the corrective "Triangle", trying to develop the growth trend and overcome the resistance of the long-term downtrend.
Formation of the "Black Cross" on the Stochastic indicator, it is possible to allow a correction decrease along the tested line to the mark of $ 0.3328. The nearest objective of the developing upward trend may be in the area of resistance of the current short-term corridor near the level of $ 0.3815.
Considering the 2-hour chart of Dash from the point of view of technical analysis, it is worth noting a few points.
First, the market has overcome the resistance line of the long-term downtrend. Second - the market also overcame the resistance of the corrective "outset", than demonstrated the expansion of the corrective phase. The target of the current growth impulse may be the $ 212,675 mark, located on the resistance line of the projection corridor.