Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/02/18
Bitcoin Cash in Recovery
It’s been a bad start to the week for the cryptomarket, with Bitcoin Cash falling 8.88% on Tuesday and following that up with a 7.64% fall on Wednesday, which saw Bitcoin Cash hit an intraday low $1,261.9 before recovering to close out the day at $1,283.8.
The declines through late Tuesday and Wednesday were not attributed to any particular catalyst, with the falls being seen across the crypto market, as investors continued to lock in profits from the previous week.
Bitcoin Cash has certainly not found the favour that some of the market experts had forecasted at the turn of the year and payment platforms continue to be of little interest to investors who are not in it for the long-haul and are looking to earn on the vol.
At the time of writing, Bitcoin Cash was up 3.6% to $1,325.4, with Wednesday’s lows drawing investors back into the market. For the rest of the day, we will expect Bitcoin Cash to hold on to its gains, though it will need to make a move through its first major resistance level of $1,370 to avoid a reversal later in the day, which could test sub-$1,300 support levels.
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Litecoin Front Running
Litecoin had its first loss of the week on Wednesday, sliding 8.4% to an end of day $210.22 that included an intraday low $204, which had tested its major support levels.
The day’s losses were certainly driven by sentiment towards the cryptomarket and not Litecoin in particular, with the anticipated rollout of LitePay next week still price positive for Litecoin and the team.
Wednesday’s moves were likely to stem from some profit taking, following solid gains since the early February sell-off.
At the time of writing, Litecoin was up 4.41% to $219.5, amongst the leading majors, with Litecoin now considered to be one of the main contenders to becoming the primary alternative to fiat money.
There’s still a long way to go however and we will first need to see Litecoin be able to shrug off general market sell-offs for it to have a chance at challenging Bitcoin Cash for the number 4 spot by market cap and make a move on Ethereum and Bitcoin.
For the day ahead, we will expect support to continue to sit at $200, with Litecoin needing to break through $225 to test its first major resistance level of $228 and have a run at $230. A failure to break back into $220 levels hit earlier in the day could test appetite for Litecoin later this afternoon.
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Ripple Up but Shy of $1.00
It was yet another sour day for Ripple investors on Wednesday, with Ripple following Tuesday’s 8.09% fall with a 7.29% fall to an end of day $0.95095.
That’s quite a fall from $1.13 highs hit on Monday and Tuesday and $1.2 levels hit over the weekend.
We’ve seen XRP be more heavily influenced by general market sentiment, with XRP tending to see larger fluctuations alongside Stellar’s Lumen.
In spite of this and the February sell-off, Ripple continues to hold on to the number 3 spot, with a market cap of $40.5bn, though this is well below an all-time high $130.3bn hit in early January that saw Ripple knock Ethereum off the top spot.
At the time of writing, Ripple’s XPR was up 4.57% to $0.9911, with the Wednesday’s $0.9309 low drawing investors back in, as hopes of another Saturday rally begin to build.
For the rest of the day, pulling back through to $1.00 levels will be the key for XRP, with its first major resistance level sitting at $1.0164. A failure to recovery to $1.00 could see a reversal later in the day, with this morning’s $0.9299 low precariously close to it first major support level of $0.9082.
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A bullish start to the day and at current price levels across the board, there’s no real reason to expect a sell-off, barring any negative regulatory chatter hitting the crypto news wires through the day.
This article was originally posted on FX Empire
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