Crypto Market Analysis: Monero Drives Market Throughout Consolidation

The major Crypto Currencies continue to keep act bullish following previous week’s robust push higher since the most significant coins are all trading in shallows tight correction zone

The major Crypto Currencies continue to keep act bullish following previous week’s robust push higher since the most significant coins are all trading in shallows tight correction zone or have already been on the move once again after having a brief pullback.

The market segment in its entirety is holding on to the latest advances in marketplace value, with all the overall market capitalization of the Crypto Currencies hovering close to $335 Billion.

Crypto Short-Term Trend Is Established

Even though crypto currencies significant up trend can't be validated, nonetheless a whole new constructive short-term direction is established, having the two most active coins still in declining severe trend pattern. However, both Monero, and Bitcoin are ready to hit the road.

As correlations are beginning to collapse between the major's coins, which happens to be an additional bullish signal, some smaller currencies additionally are decoupling from the broader market segment, already trading within new rally high levels on Wednesday during the early trading. Considering the positive intermediate long-term setup, we continue to be at ease with regards to both long-term as well as short positions here.

XMR/USD, Daily Chart Analysis_Update

XMR/USD, Daily Chart Analysis_Update

While Monero coin continues to be in a robust mode close to long-term technical standing, the currency is driving the crypto market short-term, with the Key resistance $223 level busted and destiny of 225.70 reached, we are due for additional Market Completion (MC) of $241. A Key resistance now stands at $280.

BTC/USD, Daily Chart Analysis_Update

BTC/USD, Daily Chart Analysis_Update

Bitcoin is continuously showing some relative stability remaining above Mean short-term support of $7893, as a robust Mean resistance zone is ahead, at $8927 level. 

The wide-ranging ascending trendline is consolidating, and we anticipate trading action to expand higher toward Coin Destination (CD), should the coin attempt a breakout. Further Key resistance is ahead at $9533.

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