The market has entered another round of sideways movement shortly after Bitcoin peaked at about $7,200 yesterday. Now, as the apex cryptocurrency trades at $6,806, the losses are echoed among almost all the top 100 altcoins. Litecoin, however, is actually up slightly after experiencing a decline from almost $46 yesterday to where it is currently trading at $42.12, an increase of just less than half a percent (0.44 percent).
Litecoin is facing resistance, but the potential for profit remains
As Alex Clay explains, the Litecoin LTC price has been falling in a descending channel. If the LTC price can reach the resistance level, and assuming we see a confirmed retracement from there, he recommends opening a short position. On the other hand, another potential short position would be if the Litecoin LTC price makes a confirmed retracement from where it’s trading at the time of writing.
Alternatively, Moon333 has provided a different analysis. As explained, Litecoin is forming a new bullish harmonic shark pattern but will soon enter a potential reversal zone. Therefore, the recommended buying zone has been set between $41.14 and $40.69, with the latter being used as a stop loss. If we see the price make a reversal, the trader recommends selling between $41.66 and $42.70.
Bad news for Ripple’s XRP
Another major altcoin, XRP has taken a blow as a recent report from Messari reveals Ripple’s cryptocurrency to be the worst-performing cryptocurrency in the first quarter of 2020, excluding Bitcoin. XRP began the year at $0.1939 and ended the quarter at $0.1740, a decline of 10.26%.
$XRP was the worst performer in Q1 of the top 25 assets in our currencies sector excluding bitcoin
— Messari (@MessariCrypto) April 10, 2020
Its unfortunate price-performance stems from several partnerships Ripple has made in an attempt to leverage its liquidity platform, On-Demand Liquidity. At the time of writing, the XRP price is up 0.32 percent to $0.1868.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.