Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
The decline in the cryptocurrency market continues. Since Friday, the indicator of total market capitalization lost 1.4%, dropping to the value of $209 billion.
After consolidation last weekend in the range of $7900- $8200, BTC chart break through the lower border of the corridor. Thus, the likelihood of continued decline significantly increases. If in the coming hours' chart do not return above the green line, then the formation of a reversal pattern will again be delayed indefinitely. In the current situation, when there is no more clarity, a wait-and-see attitude is still the most preferable.
ETH, unlike BTC, has shown more confident dynamics over the past three days, but it is still premature to talk about any significant changes. From a technical point of view, the chart moves sideways, so it will take extra time to draw conclusions about the relative stability of this coin. Short-term price moves in a downward channel and at the current stage, there are no obvious ideas for opening long positions.
XRP is consolidating in the support area at $0.232. Here, most likely, further dynamics will completely depend on the mood in the market as a whole. Despite reports from company management about promising new projects, market participants no longer believe in such statements and prefer to wait for real changes. From a technical point of view, you can wait until the formation of the shape of the triangle, after which, perhaps, there will only be some clarity regarding the immediate prospects of the coin. At the same time, as already mentioned, over a longer time period, the instrument does not cause investor interest, and therefore, even in the case of short-term positive changes, the issue of the limit on opening long positions in it remains extremely important.
EOS chart is in the range of $2.68- $2.87. Volatility has decreased to its normal values and now, from a technical point of view, the fact of the presence of a breakdown in the trading range in one direction or another will be important. The technical picture in this tool is quite clear. In case of a breakdown of the red line, the opportunity for trading from purchases will open. To implement this scenario, it is necessary that optimistic sentiment develops in the market as a whole. At this stage, the wait-and-see attitude still remains relevant.
LTC chart came close to the levels of the 26th, while the short-term bearish channel remains. In the near future it will become clear whether the “bulls” are ready to start buying at current prices and deploy a negative trend, or, the price will go to update the lows. From a practical point of view, it is important for some time to observe the dynamics and wait for a more suitable moment in order to make any trading decisions. A breakdown of the upper boundary of the triangle will probably be the first signal confirming positive changes in the mood of the participants.
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Author: Marko Vidrih
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