Ethereum (ETH), Litecoin (LTC), and XRP Price Analysis – July 10
Ethereum (ETH), Litecoin (LTC), and XRP Price Analysis – Bears Strike Fiercely
ETH/USD pair moved from $312.15 as at noon yesterday to the current price rate of $295.51. This represents a minimal 3.07% dip in the pair’s price. Despite the dip, the pair’s price has been trading on a sideways trend that was bolstered by the intertwining moving averages.
This also indicates indecision in the market momentum. The horizontal channels confirmed the sideways price movement, thus acted as the price new resistance level (R) and support level (S)
Increase sellouts were also reflected by the RSI indicator that later dipped from level 58 to 49. In addition, sales of ETH coin were up to the tune of $12 billion over the last 24hrs that brought the coin capitalization to $33 Billion.
At press time, the Relative Strength Index indicator is seen trying to break through the north direction, that signals a bullish sign. An upward price rally should be expected in the next few hours. New target should be set at breaking past $310.
Like ETH, LTC/USD pair has dipped by 6.8% in its bearish outlook. LTC/USD pair started trading at $120.76 as at noon and is currently at $112.59. The downtrend was also buttressed by the 21 day MA that was seen gravitating above the 7-day MA. The Relative Strength Index was seen hovering between level 50 and 30 that showed that sellers dominate the market momentum, thus increase sellouts.
Notably, both the resistance level and support level were tested in several instances. In the market, the drop in LTC price negatively affected investor’s sentiments. Currently, the RSI indicator is heading north, which reflects the unwillingness of traders to go short, hoping for the price to improve.
The 21-day MA is still gravitating above the 7-day MA that signals a further bearish rally in the next few hours. Support level $110.96 is most likely to be broken. New targets should be set at $105.70.
However, the litecoin foundation has put on some work to strengthen the stability of the coin by collaborating with Cobo Vault which launched the new Litecoin-branded Cobo Tablet that will be used to secure crypto according to user’s terms. This may result in a bull run in the coming days.
XRP/USD has undergone a bearish movement since the coin has moved from $0.3957 to $0.3683. This translates to a dip of 8.9% over the last 24 hours. The direct effect of this price dip was due to increase sell-offs of XRP coins. The Relative Strength Index indicator was seen trending between the level 60 and 40 that signaled lack of momentum in the market due to larger than unusual price variation.
The resistance level was placed at $0.3973, and support level was at $0.3907 at the early hours of today. The RSI indicator is currently heading south, which shows reduce confidence in the coin.
At the moment, the 21-day moving average is gravitating above the 7-day moving average that signals further bearish rally. New targets should be set at $0.353.
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