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LiteCoin (LTC) XRP Price Analysis – Require Close Monitoring

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Litecoin
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The entire cryptocurrency sphere is once again finding itself under selling pressure with the landscape littered a sea of red in today’s session as well as resuming its primary trend lower. While the space had found some relief in the past week or so and managed to stem the bleed, at least temporarily, it appears as though sellers have once again reasserted themselves and are now in the process of taking control of the action once again.

Although we managed to spot a nice entry and subsequent 80% + run this past week with DGB, and hope that many of our readers participated, such set-ups remain far-and-few between with risk management remaining paramount in a very difficult tape within the larger confines of and ongoing bear market that has persisted now since late December- early January.

While we’ve spent considerable time and effort with regards to the short-term movements of numerous names over the course of the past several months, particularly with an emphasis on the action surrounding the 20 – day moving average seeking evidence/clues with regards to direction, we want to expand our horizons and time-frame in this piece as we feel it is imperative to garner as much information as possible in attempting to get a ‘Big Picture’ view of what is and may be transpiring.

With that said, let’s take a look at the Weekly charts of both LiteCoin (LTC) as well as XRP to see what the intermediate-term action may be foretelling.

LITECOIN

As we can observe from the weekly chart above, LTC finds itself trading below both its four week (yellow line) as well as its ten week (blue line) SMA’s. In addition,we can also observe that the 4WK moving average is nearing a potential cross of its 10WK and should such downside cross materialize in the days/weeks ahead, both investors/traders may want to take notice as such would likely suggest additional selling pressure may ensue.

Furthermore, LTC appears to be building-out a potential bear flag pattern (on the Daily Time-frame) and should such pattern resolve to the downside, we could be looking at a significant move lower in the not too distant future.

Thus, moving forward, both investors/traders may want to utilize the following levels as a guide as well as providing further clues/evidence with respect to direction.

If at any time in the days/weeks ahead, LTC violates the 70 level and is unable to recapture/recover that figure within a 48-hour period, such would likely suggest that lower levels are in play where we could envision a potential move into the 5 handle (50’S) zone down the road.

However, if LTC is capable of holding the line at the 70 level and more importantly, capable of moving topside of the 82 as well as the 87 and then 90 levels, such development/s, should they occur, would more than likely suggest that the worst is behind and in the rear-view mirror.

Nevertheless, although LTC has not broken down completely thus far, it certainly finds itself in a vulnerable posture requiring close attention moving forward.

XRP

Much like LTC, Ripple finds itself in a similar technical position on the weekly time-frame with XRP trading below both its 4WK and 10WK moving averages. Also, we can see that the 4WK is moving lower towards its 10WK and appears that we may witness a cross to the downside in the days/weeks ahead. Much the same as we noted with LTC above.

Furthermore, XRP is also building-out a potential bear flag (on the Daily Time-Frame) and should it resolve to the downside, such would likely suggest lower prices ahead.

Thus, both investors/traders may want to monitor the following levels for further evidence/clues with respect to direction moving forward.

If, at any time in the days/weeks ahead, XRP should violate the .42 level and is unable to recapture the figure within a 48Hr time period, such development, should it occur, would likely suggest that a move into the .20-.30 zone would be ‘In Play’.

However, if XRP can turn the tide and go topside of the .50 as well as the .55 levels, such action would be a positive and perhaps stave-off the potential for much lower levels, for now.

Nonetheless, while neither LTC nor XRP has violated critical potential intermediate-term support thus far, both remain in a vulnerable technical posture, both Daily and Weekly, whereby investors/traders would be wise in continuing to monitor the action with a close eye moving forward.

Happy Trading~

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Blogs

How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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cryptocurrencies
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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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gambling dApps
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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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