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Alt Coins Forecast March 22, 2018, Technical Analysis

By:
Christopher Lewis
Updated: Mar 22, 2018, 05:01 UTC

Alt coins gained a bit during the trading session on Wednesday, as we await the Federal Reserve monetary policy statement. Ultimately, all coins are heading towards resistance in the crypto currency space, and that of course is going to be no different here.

BTG/USD daily chart, March 22, 2018

BTG/USD

Bitcoin Gold rallied slightly during the day on Wednesday, as we approach the $68 level. This is an area that if broken, would be very bullish as it would signify a basing pattern being triggered, and should send the market looking to higher levels, somewhere near the $76 level. Otherwise, we will more than likely pull back in test the $64 level or maybe even the $60 level as support.

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BTG/USD DASH USD and XMR USD Video 22.03.18

DASH/USD

DASH traders broke to the upside during the day on Wednesday, as it looks like we are trying to go towards the $450 level. I believe that the $480 level will be the next target, possibly $500 after that. I think that pullbacks will offer value the people are willing to take advantage of, unless we see some type of breakdown in either Bitcoin or Ethereum, which of course leads the rest of the way for these coins.

DASH/USD daily chart, March 22, 2018
DASH/USD daily chart, March 22, 2018

XMR/USD

The Monero markets also rallied, pulled back a bit, showing signs of support at the $225 level, and then rallied again. This shows that we are trying to break out to the upside, and perhaps reaching towards the $250 level. If we can break above there, the market then goes to the $280 level after that. I believe that ultimately, this market is going to try to rally from here, but it will remain choppy as there are a lot of concerns in the crypto currency space. If the Bitcoin market can break above $10,000, then I think we have a chance for Monero to rally a bit more. Until then, I think it will be slow movement to the upside.

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Monero/USD daily Chart, March 22, 2018
Monero/USD daily Chart, March 22, 2018

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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