Top 3 Losers Of The Week Litecoin, Bitcoin Cash, EOS: Dips offer opportunities to enter bull markets


  • Litecoin could continue with the breakdown in the coming week; its downside eyes $130.
  • Bitcoin Cash fails to sustain recovery as losses back to $400 linger.
  • EOS is stuck in consolidation between the resistance at $2.8 and support at $2.6.

The cryptocurrency market has had a burst this week, with some assets breaking out to all-time highs while others recorded massive losses. Polkadot emerged as one of the top weekly gainers, displacing Ripple from the fourth position as reported. On the other hand, Litecoin, Bitcoin Cash, and EOS succumbed to selling pressure, losing 23%, 22%, and 28%, respectively.

Litecoin's breakdown eyes $130

Litecoin was recently rejected at $160 mainly due to the resistance at the 50 Simple Moving Average. Overhead pressure has not reduced, with declines extending under $140 as predicted. At the time of writing, LTC is trading at $136 amid building bearish pressure.

The bearish leg is likely to extend to $130, especially if the 200 SMA fails to hold. Besides that, the primary support lies at $110; thus, massive losses might come into the picture if selling pressure intensifies. The least resistance path is downwards, as confirmed by the Moving Average Convergence Divergence.

LTC/USD 4-hour chart

LTC/USD 4-hour chart

Bitcoin Cash prepares for another dive to $400

Bitcoin Cash recently established at support at $400 level, giving way to considerable gains. The uptrend became strong enough where BCH price broke many hurdles, including $450 and $500. A weekly high was reached at $540 before a reversal came into the picture.

A significant bearish trend is forming with the price breaking under the ascending parallel channel. Support is envisaged at $450, highlighted by the 100 SMA. These areas may be tested if Bitcoin Cash's declines overshoot $470. If selling activities soar, the bearish leg could extend to $400 before a reversal comes into the picture.

BCH/USD 4-hour chart

BCH/USD 4-hour chart

EOS ends the week in consolidation

EOS has struggled with recovery since the breakdown on Monday. The support at $2.4 was very instrumental. On the upside, the movement has been capped under all moving averages; the 50 SMA, 100 SMA, and the 200 SMA. The 4-hour chart shows that consolidation is likely to take precedence between $2.8 and $2.6.  

EOS/USD 4-hour chart

EOS/USD 4-hour chart

Extensive losses may come into the picture if EOS breaks under the short term support at $2.6. The primary anchor at $2.4 will likely come in handy before a reversal occurs. On the upside, resistance at $2.8 and $3 will remain in place.

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Solana price needs to crack this key level as SOL bulls eye an upswing towards $200

Solana is seeing some buying resurgence on Saturday, as it reverses Friday’s temporary drop to near the $127.50 region. Solana price is teasing a falling wedge breakout on the daily chart. SOL bulls need to find acceptance above $148 to initiate a fresh upswing.

More Solana news

MATIC price defends 200-DMA as Polygon bears keep $0.95 in sight

MATIC price is consolidating the swift recovery seen on Friday. Bearish crossover and RSI suggest that the downside remains favored for MATIC. Polygon needs a sustained move above the 100-DMA to negate the bearish bias.

More Polygon News

Ethereum bears contemplate a drop to $2450

ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.

More Ethereum News

Polkadot price at make-or-break point as DOT awaits a range breakout

Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance, 50-DMA guards the downside.

More Polkadot News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP