Crypto Price Analysis
Cryptocurrency market cap has lost more than $80 billion to $582 billion a few days ago.
The last time we saw such market capitalization, it was back in January 2018.
To decide if the downward trend will continue or whether a short-term reversal is around the corner, let’s examine the LTC, ADA, BTC, ETH, XRP and XLM cryptocurrencies.
Video crypto price coverage
XRP has touched 3 times the resistance level of $57 cents for the past few days on several occasions. As long as XRP stays above the $49.6 cent support level. XRP is on track to make a breakout and exceed $57 cents.
When it comes to support and resistance level, XLM has the largest price range. Currently, XLM appears to keep the price above the $15 cent support level. In order for XLM to break the $15 cents and $22 cents price range, the $22 cents range or the $15 cents range will need to be revisited several times. The $23 cent breakout will set off the XLM price rally.
If ADA is able to break the resistance of $14.4 cents, it will most likely try again to reach a support level of $12.6 cents.
However if the pair is able to keep the price above the support level, we might see some attempt to break the resistance of $14.4 cents.
LTC is currently holding well above the $65 support level. Litecoin will most likely try to break the $72.8 resistance on the next day. Failure to break this level will result in the LTC price being pushed back to the support level and possibly even lower than the support level.
ETH has tested a resistance level of $525 in the last few days. The ETH will continue to test the resistance level. If it is unable to break this level, it will result in ETH potentially touching the support level of $485 again.
Bitcoin has 2 major break resistance to be on track to over $19000.
Currently, BTC is struggling to break the $17,200 resistance level. In the event of another major selloff, BTC will try to reach the $15750 support level.
For those who are trading day, the current level of support for BTC is $16289 with a resistance level of $17400.
A drop below $16289 could lead to bitcoin touching the $15750 support level.
The viewpoints and opinions expressed here are solely those of the author and do not necessarily represent the views of Cryptostec. Any investment and trade move involves risk. When you make a decision, you can do your own analysis.