Alt Coins struggle on Monday after showing initial rally

Alt coins rallied a bit during the early training on Monday but showed a bit of struggle later in the day, as they approached the first signs of resistance. This has been a reoccurring theme in the alt coins markets, as just like Bitcoin and Ethereum, they cannot find significant footing. · FX Empire

Christopher Lewis

Updated Mon, Apr 2, 2018, 11:20 PM

BTG/USD

Bitcoin Gold rallied a bit during the early hours on Monday but found a bit of trouble near the $42.50 level. I think that the market is entering a significant area of previous consolidation, so if we can get some type of roll over effect from here, it would continue the stair stepping that has been a hallmark of this downtrend. If we were to break above the $46 level, then we would probably go looking towards the $50 level next.

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DASH/USD

The DASH market rallied slightly during the trading session on Monday, reaching towards the $300 level. However, we are still in the downtrend, and it’s not until we clear the $330 level that I would be convinced we could make more of a move to the upside. I believe that the market will continue to find plenty of reasons to break down, and if we were to clear the $280 level to the downside, we should then go to the $250 level below there. A breakdown below that level would unwind this market to the $200 level longer term. At this point, it still seems to be a “sell the rallies” situation that we find ourselves in when it comes to the DASH market.

XMR/USD

Monero did very little during the trading session on Monday, chopping around the $175 level. If we could clear the $185 level, then I think the buyers may pick up a little bit of traction and try to go towards the $200. Otherwise, I expect to see consolidation more than anything else.