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Technical analysis

Top Altcoins Technical Analysis for the Short Term

Amandeep Sonewane | Feb. 14, 2019
Top Altcoins Technical Analysis for the Short Term

February 14, 2019 AtoZ Markets  - The crypto market unpredictable movement has left a lot of traders and investors confused as the price fluctuation continues to be controlled by the bear. Few days before, popular cryptocurrencies like Bitcoin, Ethereum and EOS had enjoyed a bullish spike during which some coins also shifted ranks. Other than the market movement, Ripple and Tron has also been in the news that have decidedly left a positive impact on the coins.

Major Altcoins Technical Outlook

XRPUSD

At the time of the press, Ripple is quoted at $ 0.30697 mark. However, the maximum prices the coin has attained was at $ 0.3216 mark in the weekly timeframe. Bulls have confidently increased the volume of Ripple in the past few days, but above the $ 0.3150 price the coin was met by strong sell resistance. Looking at the 4 hours XRPUSD chart, confirms that the willingness of traders to sell the coin was in large volumes.

Moreover, XRPUSD is trading below $ 0.3111 pivot and the average price of the coin is exerted by the SMA100 with a value on the price scale of $ 0.3100. The price movement of Ripple indicates that the probability of bulls trying to break through resistance point at the indicated levels in the upcoming days. The RSI(14) indicator signals of short-term growth of the coin, as the coin is directed in upward direction. On the upside, if the coin breaks the $0.32 resistance zone, than it might make a bullish move towards $0.33- 0.34 levels in the short term.

BCHUSD

Bitcoin Cash is trading at $ 120.05 mark against the weekly high of $ 125.50 level. During the morning trading session, the BCHUSD pair broke the support at the level of the weekly pivot point of $122.30 mark. However, the bulls stopped the decline in the price of the coin above the support of $ 119 level.

Moreover, Analysis of the 4H BCHUSD chart, indicates that the coin has formed an uptrend. Now, the bulls need to clear a range with an upper limit in the $127.0 level on the SMA200 line. In conclusion, the breakdown of the nearest support level of $119 level will attract more sellers for Bitcoin Cash and open up the price for bears to reduce the price to the first key support level of $114 level.

LTCUSD

Yesterday, the price of the coin broke through the weekly pivot point of $ 43 mark and registered a new low at $41 mark. At the time of press, the LTCUSD pair is trading at $ 41.950 level with a slight increase in volume. The technical indicators indicate weak support for the coin, and the probability of recovery for the pair above the pivot is estimated as low.

Moreover, it might be expected that, in the near term, the price might again test the low and might break the support for the LTCUSD pair. As per the technical indicators, the price might rebound to its previous high with targets of $45 and $47 levels.

TRXUSD

On February 13, TRXUSD breaks through the second key support level of $ 0.024. If the buyers consolidate in the range of $ 0.0254-0.0244 before the end of the day, the coin might continue to trade sideways. However, technical indicators signals that the bears might exploit the buyers in the short-term. If the price failed to remain supported at this level than it might test $0.0220 level in the upcoming days.

Moreover, the SMA200 is currently putting pressure on the Tron's price and increasing resistance at a key level of $ 0.0254 level. The values of the RSI(14) from the start of the trading week are held in the bearish zone.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.