Bulls in the cryptocurrency market refuse to relinquish control to bears. Bitcoin and Ethereum continue to show bullish intention, while other top 10 cryptocurrencies keep up. Today we carry out an analysis of XRP, BSV and LTC to forecast their future in the short term.
Analysis of XRP, BSV and LTC cryptocurrencies
We start with the 3rd largest by market cap.
Ripple shows a behavior quite similar to the other main altcoins, a daily bullish structure composed of a clear succession of ever higher lows.
Yesterday we observed the closing of a bearish engulfing candle, immediately showing weakness of the buyers to continue generating higher maximums. This is the first indication of a change in trend, but nothing is confirmed until the near structural support is crossed, in the case of XRP, located at USD 0.18.
If the upward trend continues, the areas of resistance to watch will be the ones around USD 0.20, USD 0.2138, USD 0.22, USD 0.24. Keep in mind that the dominant force is bearish, to resume, a new and strong fall will be witnessed.
Occupying the 6th place among the top of the largest cryptocurrencies, BSV shows a behavior quite similar to XRP, but with the difference that it has recently experienced a Pump and Dump, which makes the graph look quite different.
In January Bitcoin SV increased its price by more than 200% in a matter of hours. However, all of those gains were wiped out after hitting a high of $ 458.
The recovery of the overall crypto market also supported BSV, managing to surpass even the 200-day moving average, a bullish signal that few cryptocurrencies currently hold.
The 8-day EMA and 18-day SMA moving averages are crossed higher, supporting the bullish structure it maintains.
Immediate resistance to watch is at $ 212. If traversed, the ground will be free for the bulls to test $ 252.
As with XRP, a first indication of trend transition can be observed. In this case, for a bearish trend start to be confirmed, the support at USD 180.5 must be crossed.
Litecoin, currently in 7th place among the largest cryptocurrencies by market cap.
LTC also maintains a daily bullish trend, made up of ever-higher lows, and with a recent weakness in the bulls for immediately continuing the current trend.
From the LTC USD chart in daily temporality we can clearly see the downward force that is still predominant, which remained after the imminent fall experienced in mid-March of this year.
If the bears want to resume that negative sentiment in Litecoin, they will have to break through the immediate support zone, around $ 40.
Otherwise, the bulls will continue to search for close resistance. The most important to watch are $ 50, $ 65, and $ 80.
All our publications are informative, so in no case should they be adhered to as investment advice.