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The crypto markets continued to decline gradually following the market surge last Friday. Most cryptocurrencies have fallen today, with a slight drop from Ethereum, and a nearly 2% drop in XRP due to concerns that JP Morgan's recently announced crypto (JPM Coin) could be a competitor.
Many badysts now expect the main cryptocurrencies, notably Litecoin and Ethereum, to see increased sales pressure in the short term, as these cryptocurrencies do not exceed their respective resistance levels.
Ethereum and Litecoin may soon see further losses
At the time of writing, Ethereum was trading slightly lower at the current price of $ 122. Although ETH is apparently stable at this price level, badysts quickly point out that cryptocurrency is currently at the bottom of its flag formation, which may indicate that a fall is imminent.
Chonis Trading, a popular cryptocurrency badyst, pointed out in a recent tweet, pointing out that ETH is currently "on the verge of bankruptcy".
$ ETH – flag about to break down … pic.twitter.com/SUSw6GTkMb
– Chonis Trading (@BigChonis) February 15, 2019
The Litecoin is also facing increasing resistance as it struggles to break through, but it has been able to climb slightly today to reach its current price of $ 42.40.
Chonis Trading also spoke about LTC in a recent tweet, pointing out that its price is currently struggling to exceed the top of a descending triangle in which it is currently trading.
"$ LTC – This feeling when you play the breakout of the #litecoin resistance line, and that line ends up holding on to the one hour chart …"
$ LTC – That feeling when you play it #litecoin breaking the resistance line, and the line ends up holding on the graph 1 hour … pic.twitter.com/UDx3CFKbLN
– Chonis Trading (@BigChonis) February 15, 2019
Hsaka, another popular cryptocurrency badyst on Twitter, also shared his thoughts on Litecoin and explained that the short-term price drop would probably depend on how the price of Bitcoin ultimately responds to its long run. parallel trade.
"$ LTC Update: Covered … Tested resistance twice and finally exceeded … $ BTC seems to be well wound up to make a move now, do not want to get caught on the wrong side … Do profits, "he explained.
$ LTC Update
Covered.
Tested the resistance twice and finally exceeded.$ BTC seems to have rolled tight enough to make a move now, do not want to get caught on the wrong side. Booking benefits. pic.twitter.com/LQNdZULxay
– Hsaka (@HsakaTrades) February 15, 2019
Crypto Markets Experience Mixed Trading Session
The cryptocurrency markets are generally mixed, despite the apparent stability of Bitcoin at its current level of $ 3,620.
At the time of writing this article, the XRP is trading down nearly 2% at its current price of $ 0.30. The XRP fell slightly after the announcement yesterday that JP Morgan would release a cryptocurrency – JPM Coin – that bears its name – that would work the same way as the Ripple XRP.
After falling yesterday, TRON climbed almost 3% to reach its current price of $ 0.024.
Binance Coin (BNB) is one of today's top performing crypto-currencies, up more than 5% to $ 9.20. Yesterday, BNB fell to $ 8.50, which proved to be a significant level of support that contributed to soaring prices.
Selected image of Shutterstock.
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