Ethereum (ETH) Ripple (XRP) Litecoin (LTC) – The cryptocurrency market is suffering a few key days, with a market correction that seems to mark a rebound to levels above Bitcoin’s immediate resistance of $5200. The total volume of the market has grown and has skyrocketed to just over 79 trillion dollars and the main reference is gaining dominance again.
Since then, Bitcoin’s closest competition is moving almost equally as their leader. However, this calls for short term analysis of some important altcoins in the market.
Ethereum (ETH) Short -Term Price Analysis
The second most important cryptocurrency of the ecosystem is quoted, at the time of writing, at a price of $162.74 per unit, with a decrease of -3,91% in the last 24 hours. Its volume in the last 24 hours has grown to just over $9.5 billion and its capitalization has increased to just over $ 17.1 billion.
For the short term, Ethereum presents a corrective band of prices currently between levels of $160 and maximums of R1 reached of $180. If your Elliot Wave correction pattern is met, we could see a reboost of Ethereum to levels of R1.
Otherwise, it will descend vertiginously to average support levels of $144.
If we extend this horizon, we can see that the tendency to complete the second wave of Elliot is being fulfilled after a bearish cross indicated by the exponential moving average in short. To finish the period of one week, ETH should reach R1 without any problem.
This pattern is now confirmed by the Relative Strength Index (RSI), which remains at average levels of purchase-sale balance, pending the next closing movement.
Ripple (XRP) Short -Term Price Analysis
The third cryptocurrency by market cap is quoted $ 0.34 per token at the time of writing, with a decrease of -5.59% in the last 24 hours. Its market capitalization has risen to $ 14.1 billion, after a $ 2 billion increase in its daily volume.
In the short term, the XRP token shows signs of correction, normal in a period following an untimely impulse where small investors withdraw profits before they come into play. Its support price remains at $ 0.31, wit a consistent increased that gives the altcoin higher minimums every time. However, thisis good for the economy of the token in its long-term objective.
Its immediate resistance in short term, we assume at point Z of the third impulse wave of Elliot, levels of R1 ($ 0.38). Even this is expected after an upward crossing of EMA indicators and it is confirmed by the possible change of pattern that Aroon indicator is beginning to direct, with its bearish measurement level (Aroon DownTrend) going to the bottom of the chart.
Litecoin (LTC) Short -Term Price Analysis
The fourth cryptocurrency of the crypto space is losing strength after its amazing rally. It is quoted at the time of writing at $86.06 per unit and presents a contraction of -2.46% that is putting its fourth place in the general ranking at risk, especially with the sustained growth of Bitcoin Cash that has done a lot of damage for its passage.
Its market capitalization is $5.2 billion, just 30 million dollars above BCH. If LTC does not gain ground in the next few hours and its opponent continues in a positive direction, it could lower the silver coin to fifth place, but this time below a new protagonist.
Litecoin presents a possible strong correction after a spin ball that took it to levels of $100, now its maximum immediate resistance. If this pattern were met, it would reach correction levels of S1 ($ 64.4), thus completing its second wave of Elliot, and then take up momentum to finish short up again.
This forecast correction is confirmed by the Stochastic indicator falling to the sales level and the EMA cross in short term with immediate downward trend for LTC.