Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
Over the past two days, the main indicator of the cryptocurrency market has added 4% to a value of $256 billion.
So far, we can say that the market as a whole remains sideways. Perhaps the only exception is LTC, which due to growth in recent days has firmly entrenched in 4th place in terms of capitalization. The news background is neutral. Volumes are average. The most active part of market participants is in anticipation of greater certainty.
BTC once again pushing off support in the $7500 area, broke through the upper resistance of the downward trend line, identified as a layer of the downward trend. Now you should carefully look at which way the exit from the range of $7500- $8050 will occur. In the event that bulls will be able to move the price beyond the upper trend line and gain a foothold there, there will be a good opportunity for a new series of purchases of this coin with relatively low risk.
In the ETH, the dynamic of the quote for the last days cannot be called technical. After a false breakdown of the upper border, a false breakdown of the lower border of the trading range followed, which is why a conclusion arises about the absence of any pronounced unidirectional interest among the participants. The most likely scenarios do not work, which is why we believe that at the moment it makes sense to take a short pause and pay attention to other, more technical instruments of the cryptocurrency market.
In XRP, chart stuck in the middle of a downward trend line. Despite the report regarding plans for further expansion of the startup, there have been no noticeable changes in the moods of speculators over the past two days, which is why, as we wrote earlier this week, we will make any predictions based on the price dynamics in the support area of $0.37. If the market moves up, then in this coin, first of all, it would be advisable to wait for the breakdown of the upper boundary of the downward trend line.
EOS chart is still locked in the outset of $6.00–6.80, so there is also no significant changes here. Exit above or below the specified level will tell us the most likely direction of travel in the near future. We remain in a waiting position and, in case of a breakdown of the level of $6.8, we will begin to consistently form a long position.
LTC maintains a leading position in terms of relative price increase since the beginning of the current month. As we mentioned in the last review, there is a large buy opportunity in the coin. For a while, LTC took a short pause, but after that, the purchases continued, which allowed us to ride on another wave of growth from the $120 level, which we identified as the key one. While we are doing everything according to the classics — we hold the position, purchases of LTC coin continue.
DISCLAIMER: All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.
Author: Marko Vidrih
Charts via Investing.com powered by TradingView