Home Analysis Alt Coins Crypto Weekly Byte: Market Struggles to Break Higher, Litecoin Gains Over 80%...

Crypto Weekly Byte: Market Struggles to Break Higher, Litecoin Gains Over 80% in a Month

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The crypto market continues to trade in a very narrow and tight range, with directionless momentum. And, the market in recent past has struggled multiple times to break higher and witnessing sell-off around the important levels.

One of the positive development in the market is the increased level of trading activities with 24-hour volume hovering around the $30 billion levels. Also, the market is showing resiliency with the total market cap is holding above $130 billion level.

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The market continues to be volatile with both bulls and bears lacking fundamental support that could push the price action on either side.

Here is the technical analysis of the top 5 cryptocurrencies:

Bitcoin

Overall, Bitcoin remained positive with sideways price action as it is trying to form a strong base around. The 50 Day EMA underneath is offering strong support to the market and is likely to continue to gain momentum. I think the $4,000 level above will continue to offer a strong resistance and will witness a lot of selling pressure, until and unless there is any significant change in the fundamentals in terms of regulatory action.

The $3,800 level underneath is strong support and if the BTC price goes below this level, then we can witness selling down to the $3,500 level.

Ethereum

Ethereum has been successful in holding on the gains in the past week and the $135 level around is currently offering strong support. Post the smooth network upgrade, Ethereum is witnessing a strong build-up of bulls in the market and a break above $150 level, would be very positive for the market. I think range-bound momentum is likely to continue for some more time in the market.

The 50 Day EMA and $120 level underneath is strong support, and if it breaks below then we can again see the $100 level.

Ripple

Ripple on the daily chart looks extremely bearish and is moving inside a symmetrical triangle formation. The last candle is hugging the lower trendline and is also struggling to break higher the upper trendline. I think, its a matter of time Ripple will witness a selloff and could reach down to the $0.2890 level, which is the next strong support line for the pair. And, 50 Day EMA above is also offering strong resistance to pair and given the weak momentum of the market, its unlikely to be broken anytime soon.

Litecoin

Litecoin gained close to 18 per cent in the past week, bouncing from the $46 level, up to the $55 level. And, in past one month, it has been the top performing legacy cryptocurrency with gains above 80 per cent. I think the bullish sentiment in the pair is likely to continue with dips attracting buyers.

If we see the longer term charts, in the monthly chart, Litecoin has bounced after forming a bottom at $30 level, and both stochastic and RSI oscillators are indicating bullish pressure. The $75 level above is massively resistive and needs a strong momentum to break above that region.

EOS

EOS bounced higher from the 61.8% Fibonacci retracement scale ($3.12 level), but now is witnessing strong resistance at the $3.90 level which is also the 23.6% in Fibonacci retracement scale. The stochastic oscillator on the daily chart showing bullish pressure is likely to continue further. A cross above $3.90 and $4 level would be extremely positive and will bring back the buyers.

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