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Can altcoins keep resisting the bearish influence of Bitcoin (BTC)?

Denys Serhiichuk U.Today

Tuesday started with the bounceback of the cryptocurrency market; however, by the end of the day, bears have seized the initiative.

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) keeps falling despite short-term growth impulses. The decline over the last day is by 22%.

BTC/USD chart by TradingView

After a false breakout of the $42,000 zone, bulls are not showing any efforts to return the price to the bullish channel. In addition, the buying trading volume is low, confirming the power of bears.

As the MA 200 has not been tested on all exchanges, there is a chance to see one more decline to the zone around $39,700 shortly.

Bitcoin is trading at $43,564 at press time.

ETH/USD

Ethereum (ETH) is showing better price dynamics than Bitcoin (BTC) as the rate of the chief altcoin could even rise by 2% over yesterday.

ETH/USD chart by TradingView

Ethereum (ETH) is neither bullish nor bearish as the coin keeps trading in a sideways range. The second most popular crypto is trading above the MA 200 on the 4H chart, which means that bears have not seized the initiative yet. Thus, the selling volume has significantly declined. That is why the more likely price action for Ethereum (ETH) is consolidation in the area of $3,200-$3,400.

Ethereum is trading at $3,356 at press time.

XRP/USD

XRP is the second-fastest-growing coin today from our list, as its rate has gone up by 5.75% over the last 24 hours.

XRP/USD chart by TradingView

XRP is looking much more bullish than Bitcoin (BTC) or Ethereum (ETH), as the coin keeps slowly growing while the main crypto continues the decline. However, the trading volume is low, which means that buyers are not ready yet for a breakout. Respectively, the consolidation accompanied by a low volatility of about $1.6 might be the more likely scenario for the upcoming days.

XRP is trading at $1.5486 at press time.

LTC/USD

Litecoin (LTC) is the top gainer today with a rise of 9%.

LTC/USD chart by TradingView

Despite the correction by the end of the day, the scenario remains bullish while the "digital silver" remains trading above $262. In this regard, traders may expect a test of the mirror level at $336 shortly.

Litecoin is trading at $298.20 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

U.Today

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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