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

Stefan by Stefan
22/05/2020
in Altcoin News
Reading Time: 2 mins read
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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.

ETH/USD on TradingView

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.

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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.

xrp chart
XRP/USD on TradingView

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.

litecoin chart
LTC/USD on TradingView
ADVERTISEMENT

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.

ETH/USD on TradingView

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.

ADVERTISEMENT

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.

xrp chart
XRP/USD on TradingView

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.

litecoin chart
LTC/USD on TradingView

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: crypto market correctionEthEthereum Pricelitecoin priceLTCmarket correctionrecent market wide correctionripple priceXRP
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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