Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
Correction continues on the cryptocurrency market. On decent volumes, sales are observed in all more or less liquid instruments, with the exception, perhaps, of stablecoins.
Since Friday, the capitalization rate has decreased by 11.5% compared to a value of $278 billion.
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BTC continues its decline to two-week lows. Depending on how the coin will be traded in the support area of $9,750, it will be possible to make some predictions about its immediate prospects. A decrease in quotations is at high volumes, but for now, the movement still fits into the framework of a wide side range. There are no ideas on the current segment, and since the markets are cyclical and there is a period of uncertainty, now, being in a neutral position, it remains only to wait for the formation of new interesting conditions.
At ETH, the decline also continues. After the breakdown of local support, chart rushed to the area of values a month ago. Volumes are high and sales are much more aggressive than it happens in BTC. The current correction shows in a certain sense the “cleansing” effect of the market, in the sense that after the growth cycle and price reduction occurred, it immediately becomes clear what kind of cryptocurrency investors are really interested in. In this token, also without ideas, it is necessary to wait for the formation of a key point, so that the level from which new market conditions may be formed will become clear.
In XRP, the rate of decline slowed down, and against the background of general market sales, the coin shows relative stability, although at the same time the current price is lower than on Friday. The level of $0.32 has been passed, so the immediate goal of the decline remains in the support area of $0.29. While everything is also without ideas and positions in this instrument, there are no fundamental changes, and the technical picture does not dispose of performing active operations.
At EOS, the decline continues. The level of $4.4, which is significant support, is also broken at the moment and now the price is in the value of early April. Thus, it can be said that all growth has completely disappeared since April. In the event that the price will not be able to return above the green line in the near future, the likelihood of further decline will increase markedly, which will tell us that there are any active actions in this instrument. Also, if possible, it is better not to take any action until the situation is fully clarified.
In LTC, in the context of a decline in the entire market, sales are also observed. After the breakdown on Saturday of the psychologically important mark of $100 per 1 coin, have already lost about 13%. The weakness, not only in LTC but in other altcoins too, is obvious and persists. The immediate support for this decline is around $83. However, taking into account the rate of decline, bears can try to push the price lower and into the region of $75 per LTC.
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Author: Marko Vidrih
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