Crypto Market Suffers Massive Price Correction as Ethereum (ETH), EOS, Litecoin (LTC) Make …

Litecoin has enjoyed a fairly positive run in recent weeks with its price progression in tandem with that of leading coin Bitcoin. The last 24 hours has …

Cryptocurrencies are known for their volatility with prices able to change drastically and this is partly what was experienced in the last 24 hours. The market suffered massive price correction with most top coins trading in the red zone.

Leading coin Bitcoin led the bearish movement having failed to surpass the $10,200 resistance barrier. This, alongside movement from major whales resulted in BTC falling below the support levels of $9800.

Bitcoin is currently valued at $9,598 with some analysts suggesting that the coin could suffer more losses in the coming weeks.

The travails of Bitcoin as expected saw the market follow suit with popular altcoins, Ethereum, EOS and Litecoin suffering huge losses.

Ethereum analysis

Ethereum had enjoyed a decent upward run in recent days with the altcoin moving above $275 resistance levels. However, ETH failed on multiple occasions to surpass the $286 mark leading to its current downturn in value.

There was a sharp decline from the $280 mark and the price begun to drop until it reached its current levels below the $260 mark. Ethereum is currently valued at $251 with a loss of 10.29% to the USD in the last 24 hours.

If Ethereum price starts a fresh positive movement the next resistance level will be around $265. However, a bearish trend could see the coin drop to $240.

EOS Analysis

EOS is also one of the coins affected by the recent bearish movement within the market. The altcoin lost 13.09 in value to the USD in the last 24 hours and currently trades at $3.96 per unit.

Looking at the market trend, a positive movement for EOS could see the coin hit the $4 mark. While its next resistance point is likely to be around the $4.30 point.

If the bearish trend continues the next support levels for EOS would be around $3.50.

Litecoin analysis

Litecoin has enjoyed a fairly positive run in recent weeks with its price progression in tandem with that of leading coin Bitcoin. The last 24 hours has seen the coin suffer double-digit losses of around 10.48%.

As at the time of writing LTC is valued at $68.85 per unit and placed 7th on the coin rankings. If the bearish position continues the next support levels will be within $65 while an upsurge in price would put the resistance levels at $70.

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Litecoin may face sideways movement between $71.94 and $78.53

Litecoin’s past 24-hour change does not mirror its recent bullish rally. The silver counterpart to Bitcoin registered a slump of 9.08 percent and its price …

Litecoin’s past 24-hour change does not mirror its recent bullish rally. The silver counterpart to Bitcoin registered a slump of 9.08 percent and its price held support just above $70. According to CoinMarketCap, its market cap remained under $4.5 billion at press time but the 24-hour trading volume remained positive and above $5.4 billion.

Source: CoinStats

Litecoin 1-day chart

LTC/USD on Trading View

The 1-day chart of Litecoin indicated that the breakout on 30th January was due to the formation of a cup and handle pattern which started taking shape from the end of November 2019. A cup and handle pattern is a long-term bullish sign, which usually results in a strong move above the neckline once it is breached. The price followed a similar path after the breakout, which took its valuation above key resistances at $71.94 and $78.53.

However, over the last few days, Litecoin has faced correction. Since 15th February, Litecoin registered a dip of 20 percent which took its valuation from $83.45 to $67.37. From a market perspective, such a correction is deemed healthy for the long term bullish rally and over the next few weeks, Litecoin may consolidate between $71.94 and $78.53.

Registering a strong consolidation between that range should revitalize Litecoin’s rally to re-test long term resistance at $88.38. At press time, resistance at $78.53 was strong but another rally may allow Litecoin to gain movement above the $80 range.

According to the VPVR indicator, trading volume at $71.94 and $73.79 has been strong as well, indicating the strength of the resistance.

The 200-Moving Average remains a key support for the price, which suggested that the bullish sentiment is still active in the market.

Source: CoinMetrics

According to CoinMetrics, Litecoin’s NVT recently registered a dip but since the start of 2020, the incline is pretty evident.

A higher NVT usually suggests that the network valuation of the token is outperforming the value being transmitted on the network. Whenever NVT reaches a higher rating, it usually indicates that investors are valuing the asset from a perspective of long-term growth.

Litecoin’s rising NVT ratio mirrors its overall performance in 2020 and it may play a bigger role over the next few weeks.

Conclusion

Litecoin’s recent correction below $70 can be a blessing in disguise for the token as it improves its chances of consolidating higher in charts during the next rally. Significant resistance will be faced at $78.56 but a march towards $88 should be possible by mid-March.

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Trade99’s ETC Price Analysis: Is Ethereum Classic on the Way to Outsmart from the Bears?

Ethereum Classic was being traded at $8.06 on July 4, 2019, with the bullish trend, soon started to drop and reached $5.28 with a 34% fall as on July …

Ethereum Classic was being traded at $8.06 on July 4, 2019, with the bullish trend, soon started to drop and reached $5.28 with a 34% fall as on July 17, 2019. It continued to be traded close to $6 mark until August 21, 2019. With a sharp rise, ETC price reached $7.57 on August 22, but dipped down by 23% and reached $5.83 on August 30. On September 25, there was a dip of 27.76% with the price dropping to $4.68. After this drop, the bullish trend ended and the bears have ever since started to dominate the coin.

Ethereum Classic Price

As per the price evaluation of Ethereum Classic since December 17, 2019, it shows an uptrend by 33.54%. It may rise in the near-term and reach near its next resistance $5.81.

Trade99’s analysts recommend to invest money in purchasing new coins and retain the same for the long term. CMF indicator also reflects the bearish stance for ETC. The previous six months’ performance for the coin presents the bearish trend from July till September 25, 2019, post which the bulls are controlling it. Since the end of September 2019 till the present date, the movement for ETC has been almost constant without any drastic rise or fall noted.

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Bitcoin Price Analysis: After Another Rejection, Bulls Need a Little Push To End December In Green

There was some good news since our previous weekend price analysis, as Bitcoin returned to retesting the higher descending angle of the bearish …

There was some good news since our previous weekend price analysis, as Bitcoin returned to retesting the higher descending angle of the bearish triangle.

However, yesterday we saw another fake-out when Bitcoin quickly turned down back under the confluence price area.

A new weekend starts today, not a regular one since many traders are still on their vacation. The ones that are trading are not many, as the trading volume levels are close to the month’s low.

The new week brings the usual Monday CME Futures price gap; however, this time the gap is positive and is relatively minor – down below at $7313. As been said, most of those gaps are quickly getting filled. We won’t be surprised to see Bitcoin wicking down to $7300.

A Quick Recap

The following daily chart tells the whole story. Bitcoin is building another bearish triangle, since the end of November.

Yesterday, it created another wick to the bullish side, touching the significant 50-days moving average line (marked by pink, roughly around $7530), and rapidly down below to close the daily candle inside the bearish triangle area.

As mentioned here on our recent price analysis, we did receive a short-term reversal following Friday’s Hammer shaped candle. The three days since then were all green, as the price of Bitcoin surged from $7050 to $7524 (yesterday’s high).

December Candle To End In Green?

For the short-term, the bulls would like to turn December candle to green. This is not an impossible mission, and it only need to close above $7560. As we already know, Bitcoin can surge even 40% in just a day.

Total Market Cap: $197.2 billion

Bitcoin Market Cap: $134.5 billion

BTC Dominance Index: 68.2%

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance: Bitcoin is now facing again the confluence price area of $7300 – $7400. This includes the significant descending trend-line, as discussed above, which is the first major level of resistance.

Further above lies the 50-days moving average line (pink), currently around $7520 (the high of yesterday). Higher above lies the $7700 – $7800 resistance area.

From below, the first level of support is $7300, along with the CME’s gap and the 4-hour MA-200 and MA-50.

Further below lies $7200, together with the mid-term ascending trend-line. Down below lies $7000 – $7050 support.

– The RSI Indicator: The bullish divergence is clearly seen on the RSI; this might indicate on bulls accumulating at those prices.

– Trading volume: Discussed above.

BTC/USD BitStamp 4-Hour Chart

btc_dec30_4h-minbtc_dec30_4h-min

BTC/USD BitStamp 1-Day Chart

btc_dec30_dpng-minbtc_dec30_dpng-min

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Cryptocurrency charts by TradingView.

Technical analysis tools by Coinigy.

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