Bitcoin Cash has not been spared by the ongoing cryptocurrency butchering. This indeed one of the worst selloff since the recovery of the crypto market commenced in April 2019. Bitcoin Cash on en route to new 2019 highs after breaking the hurdle at $500 for the first time this year.
The bulls, riding on the push from Bitcoin (BTC) surge above $10,000 and recently above $13,000 propelled BCH/USD to new yearly highs around $517. The formation of a double-top pattern coupled with high volatility on the market sent Bitcoin Cash into a dire tailspin; one that was unable to find balance at the confluence created by the 50 Simple Moving Average (SMA) 1-h, 100 SMA 1-h and the 21 Exponential Moving Average around $480.
Ripple’s XRP dived below $0.4100 and touched $0.4078 on Thursday trading amid global downside correction on the cryptocurrency market. While the coin has recovered towards $0.4200 by the time of writing, it is still nearly 10% lower from this time on Wednesday.
The XRP’s sell-off has been exacerbated by the news that hackers stole 9.3 million XRP coins from Singaporean cryptocurrency exchange Bitrue.
Litecoin whirled in a wild bearish dance. The 5th largest cryptocurrency has lost over 14% of its value in a matter of hours and touched an intraday low of $111.26 amid the massive sell-off on the cryptocurrency market.
At the time of writing, LTC/USD is changing hands at $114.25. The coin is strongly oversold on the intraday charts, which means that we may be in for some recovery. However, LTC bulls will need to push the coin back above $120.00 to mitigate the immediate downside pressure. The next resistance is created by SMA200 (Simple Moving Average) 4-hour chart at $123.00. It is followed by psychological $130.00.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.