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Ripple, Ethereum, Litecoin Prices - Charts Remain Negative

Ripple, Ethereum, Litecoin Prices - Charts Remain Negative

2018-08-13 09:25:00
Nick Cawley, Strategist
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Ethereum, Ripple, Litecoin: Prices, Charts and Analysis

  • Ethereum (ETH) breaks noted support.
  • Ripple (XRP) oversold but unlikely to move higher.
  • Litecoin (LTC) bounces but remains negative at current levels.

IG Client Sentiment Reportshows that retail investors remain heavily long of Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). See how daily and weekly sentiment changes shift market perception.

Cryptos Rebound but Remain Weak

The latest mini-rally in the cryptocurrency market, from a multi-week low, has fizzled out, leaving a range of tokens below noted support. The sell-off over the weekend saw Ethereum fall below $359, Litecoin hit $55 and Ripple fading further and changing hands at $0.30. Bitcoin avoided the worst of the sell-off and trades around $6,450 after testing the $6,000 level before a sharp buy-back. Bitcoin’s market dominance is back above 50% - currently 51.1% - a fresh nine-month high.

Bitcoin Market Dominance Over the Last Year Chart

Ripple, Ethereum, Litecoin Prices - Charts Remain Negative
  • Ethereum (ETH) at levels last seen in mid-November 2017 with partial support seen around $280. The market need to trade back above $359 to regain any positive momentum.

Ethereum Daily Price Chart – August 13.

Ripple, Ethereum, Litecoin Prices - Charts Remain Negative
  • Litecoin (LTC) support now seen between $47 and $50 but medium-term downtrend remains clear. Any bounce back to the mid-$70s will meet resistance and retail investors remain heavily long LTC.

Litecoin Daily Price Chart – August 13

Ripple, Ethereum, Litecoin Prices - Charts Remain Negative
  • Ripple is heading back towards congestion between $0.20 and $0.28 and will likely find some support. Upside remains capped at $0.425 and retail clients remain exceedingly long.

Ripple Daily Price Chart – August 13

Ripple, Ethereum, Litecoin Prices - Charts Remain Negative

We cover Bitcoin, Ripple, Ethereum, Litecoin and a range of other cryptocurrencies, at our Weekly Cryptocurrency Webinar on Wednesdays at 12:00pm.

You can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

https://www.dailyfx.com/sentiment?ref-author=Cawley

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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