Crypto coins face shallow correction

On Friday, the crypto segment faced a rush of upbeat mood because Bitcoin’s price managed to overleap $10,000. The undoubted leader of the surge, Litecoin reached an intraday maximum of $235. As for other relatively firm crypto assets, such as Dash, IOT and Monero, they shined as well.

The early leader, Ethereum Classic proceeded with its short-term correction. Meanwhile, the moderately lagging crypto assets, such as Ripple and Ethereum posted moderate revenues.

From a short-term technical perspective, the vast majority of the major cryptocurrencies got moderately overbought. It’s no wonder that the jump ceased absolutely, especially considering the sturdy resistance zone in the current area, reacting to the active selling of the previous several weeks. It’s an evident fact that the coming pull-back is going to be an important one because after the higher swing maximums, the coins need to generate higher swing minimums too, with the aim of establishing short-term uptrends.

Bitcoin reached an overnight maximum of $10,300 before the consolidation burst out, although it’s still trading above the major $9000-$9200 support area, which could attract attention in the time of the short-term correction. By the way, resistance above $10,000 are $13,000 and $11,300. As for further support, it can be found between $7850 $7650.

Monero, which has appeared to be among the first crypto assets to break the dominant diving trend, hit the $300 mark, before sliding overnight. Moreover, it’s still in a good technical position for starting another soaring trend. It’s hovering over the $280 support mark, while $240 is another level, and one more can be found between $215 and $200.

Considering that the segment still preserves its bullish tendency, with low volatility and correlation as well as upbeat volume patterns, most probably the rotation between the digital currencies will remain.

Similar

25.11.2022 12:40 How to trade the JPY?

Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:

14.11.2022 10:00 Is Inflation Defeated?

Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.

07.11.2022 09:30 Who Will Rule the US?

The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.