Recent Market Wide Correction Spikes Hope For ETH, LTC And XRP

The recent market wide correction spiked fear among the investors but there is still hope for another bullish breakout in the short-term as we are reading in the following altcoin news today.

Ethereum is holding strong above the major support barrier but breaking through the level could be catastrophic. In the meantime XRP sits in a no-trade zone that will determine where it is headed next. Litecoin is trying to regain the losses that were incurred recently. Ethereum, Litecoin, and XRP are all holding above the key support levels suggesting a bullish advance that is not yet off the table. All three were primed for a bullish breakout.

The commotion from a 50BTC transaction that was linked to Satoshi Nakamoto, started a major sell-off that wiped out more than $30 billion from the entire crypto market.  The recent market wide correction suggested that all altcoins are holding steady above the crucial support levels. Ethereum for example continues trading in an ascending parallel channel that developed on the daily chart during March’s Black Thursday but it also took a 12% nosedive to the lower boundary of the channel contained the selling pressure.

The 23% fib retracement level and the 100-day moving average are adding an extra layer of support to the barrier. The only candlestick close to the massive support zone will add credibility to the probability of another major correction that some of the most popular analysts discussed. Until this happened, it is reasonable to see that the price over the last three months will prove accurate and ETH will rise to an upper boundary.

XRP is also being held by the 38% fib retracement level and there is significant resistance ahead. The area between $0.188 and $0.206 is the reasonable no-trade zone and a daily candlestick close below or above it will determine where the altcoin is headed next. Litecoin’s selling pressure was able to push below the 50-day moving average but LTC was trying to regain this level as support over the past few years.

While some crypto enthusiasts are still celebrating Bitcoin’s Pizza Day, others are worried about the future of crypto. The Crypto Fear and Greed Index moved from a neutral position into the fear position due to the recent price action. In the long-term, the best benefit from the industry is to have strong hands according to Adam Meister.