Weekly analysis: Ripple, Litecoin and IOTA end the week on a high


Choose your language:
A poor start to the week could end in profits as the broader cryptocurrency market turns things around
The cryptocurrency market had a poor start to the week, with Bitcoin dropping below $38,000 while Ether slipped below the $2,300 mark. However, the broader cryptocurrency market has managed to turn things around, with Bitcoin currently trading above $41,000 and Ether edging closer to $3,000.
Ripple (XRP), Litecoin (LTC) and IOTA (MIOTA) are also ending the week on a positive note following a poor start. The wins could be extended during the weekend if the broader crypto market continues this fantastic run.
XRP is the poor performer amongst the three, down by 2% over the past week. However, its performance over the past 24 hours could boost the bulls to embark on a bigger run during the weekend.
XRP/USD 4-hour chart. Source: Coinalyze
In order to embark on a rally, XRP needs to avoid the $0.72 pivot, as doing so would bring the first major resistance level at $0.75 into play. If XRP gets support from the general market, it could test the resistance at $0.78 before any pullback.
However, if XRP drops to the $0.72 pivot level, the bulls would be forced to the first major support level at $0.71. Further market sell-off could expose the second major support level at $0.69.
Litecoin recovered excellently after a poor start to the week. Currently, LTC is up by over 3% so far this week and looks primed to continue the run over the next few hours and days. LTC is currently trading at $145 per coin, and it would need to steer clear of the $142 pivot to help it rally past the first resistance level at $147.
LTC/USD 4-hour chart. Source: Coinalyze
In the event the broader market rallies higher, Litecoin could look to test the second major resistance level at $151 and likely surpass it. However, failure to avoid the $142 pivot could see LTC struggle to defend the first major support level at $138. The bulls should comfortably steer clear of the $135 sub-level unless there is an extended bearish run in the market.
IOTA is the best performer this week amongst the three. In the past 24 hours, its price has gone up by 4.8%. If IOTA is to extend the current rally, it needs to avoid the $0.82 pivot, allowing it to make a run at the first resistance level at $0.94. An extended rally could see IOTA cross the $1 mark for the first time in weeks.
IOTA/USD 4-hour chart. Source: Coinalyze
However, if the bearish sentiment in the market returns, IOTA could lose the $0.82 support and drop towards the $0.78 critical level. Unless there is a massive sell-off, the next major support level at $0.72 should limit any further downward movement.
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.


Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

BSN partners TUCEM to launch new blockchain portals by December

Next Post

Ethereum price analysis: ETH to defend major support at $3,272

Related Posts