Monat: Juni 2022

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Litecoin aims to hold $40 support and stop further decline

Before the crypto market crashed early in the week, Litecoin was perhaps one coin that had shown a lot of bullish promise. At the time, LTC had finished a 4-week consolidation phase, and bulls had managed to hold the $51 support. It was only a matter of time before the coin rallied. But this week things have taken a turn for the worse. Here are some of the facts:

  • LTC lost the $51 support as the pressure in the market took hold

  • The coin has however managed to keep the price action above the next $41 support

  • If this continues, LTC could genuinely avert a major decline in the coming weeks.

Data Source: TradingView 

Litecoin price prediction – Is a trend reversal coming

Right now, overall sentiment and trends in the crypto market point toward major losses. The market is in full bear mode, and trade volume has reduced significantly. It’s therefore hard to see any sustained bullish environment. However, there are some positives from an LTC point of view. 

First, despite the massive sell-off reported in crypto this week, LTC losses were far lower compared to other major coins. Also, the token has managed to stave off the bears at $41. This shows a lot of resilience.

And besides, LTC has rallied over the last 24 hours with a 10% gain. These conditions suggest that LTC will be able to stay above the $41 support for now. While this may not trigger a decisive bull run in the short term, it could limit further downside.

How to trade LTC for now

The downside risk below $41 is huge. If LTC were to lose this support, then we could see a 40 – 50 % drop. 

So, the key is to give the coin a few days. If bulls are still able to defend $41, then you could buy for the short term.

The post Litecoin aims to hold $40 support and stop further decline appeared first on CoinJournal.

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Ethereum drops below $1000 as bears aim for $800

Most cryptocurrencies are now fully in a bear market. Ethereum fell below $1000 for the first time in years as weakness in the market continues. While we did see some slight recovery in 24-hour intraday trading, the overall trend will continue downwards. Here are some of the highlights:

  • ETH bearish run will continue as the coin tries to find support at $800

  • $1000 was seen as a crucial support zone for ETH

  • It is unlikely the coin will reclaim $1000 in the coming days.

Data Source: TradingView 

Are steep losses coming for ETH?

Over the past week alone, Ethereum has seen a 35% drop in value. This is one of the worst weeks for the coin in 2022 and sadly, we have not seen the last of it. At the time of writing, the token was hovering above $950. However, we don’t think the price action will stay there for long.

Instead, ETH will slide as bears take full control. It may however try to find support at $800. In fact, looking at the chart, the $800 mark has often proven very tough to crack. Bulls will hope to keep ETH above this as they await sentiment to improve in the market. 

But despite this, there are still several fundamental risks that the broader crypto market has to deal with. First, tightening monetary policy means that the era of cheap credit is over. As money is sipped out of the economy, we may see lower flows of capital towards risk assets, including crypto.

When will the bear market end?

The crypto bear market started off at the start of 2022. There were periods when analysts felt that perhaps most coins had bottomed, but it seems more weakness is still coming. 

ETH could take another 3 months of high volatile trading before it establishes a sustained bull run. But for now, the key to watch is how long it stays above $800. If this support is lost, then we may see massive losses again for ETH.

The post Ethereum drops below $1000 as bears aim for $800 appeared first on CoinJournal.