Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
On the cryptocurrency market, trading is calm, there is a slight tendency to decrease volatility, while volumes are average. Since Wednesday, the capitalization rate has grown by 0.7%. At the moment, total market cap is $305 billion.
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In BTC, the situation develops in accordance with the laws of price movement within the framework of a trend. The previous maximum from the 6th at $12,200 is still not exceeded. Visually, everything looks as if the current trend is developing. But if you compare prices, it will immediately become apparent that the pair has been sideways for the last three trading days. This behavior of the coin attracts additional attention, but there is no cause for concern yet. Holding a position with a protective order below the trend line will increase profit in the case of continued growth and keep already earned if a correction occurs in the market.
In ETH, after two unsuccessful attempts by the “bulls” to move chart above resistance at $233, there has been a weakness. Apparently, a number of participants recognized the fact that ETH is interesting to investors only as of the second most liquid, bargained coin. The growth that we observed in it recently has occurred not because of an increase in its fundamental value, but rather because of the growth of the market leader represented by BTC. Sometime after the breakdown of the trend line, prices rushed down, so the neutral position in this instrument turned out to be correct, which allowed us to save capital. Support is in the region of $204, and the border of the local bearish trend has been formed. Reaching the specified price in the coming weekend is likely.
XRP chart is at the support of $0.305. In the coming days, perhaps the moment of truth will come: the price will either go down to the $0.293 region or a local key turning point will begin to form at the current level. In the second case, the trend will change to an upward one within the existing trading range. Probably, it all depends on the general market sentiment. There is no individuality in the coin, even despite a significant decrease and attractive prices. Given the general weakness of the altcoins when deciding to open long positions, one should act with increased caution and wait for explicit confirmation. So far, the wait-and-see strategy seems the most logical in the current situation.
EOS chart is close to the support of $4.10, which has formed over the past 10 days. The technical picture looks so that from the current level, one could buy a small position. However, it is embarrassing that in the coin, as in other altcoins, there is no interest from investors. Even if growth occurs at some moments, it is connected exclusively with growth in BTC. Purchases in other instruments at the same time appear as a consequence. Participants are already tuned to such market behavior. Not the fact that on the next wave of growth, such a pattern will continue. If you make a purchase in EOS, then you should wait for confirmation in the form of the formation of a local reversal pattern.
In LTC, a protective order was triggered to break the blue trend line. In general, there are no ideas here so far. The technical goal of the decline will become clear after some time, depending on whether the bears can push the price below $87. At present, a neutral position is probably the most reasonable in terms of the ultimate goal of trading.
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Author: Marko Vidrih
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