There were flickers of a recovery in the week after it was revealed that the SEC may not classify Ethereum as a security. However, prices are back in the red over both intraday and 7-day periods.
Ethereum is facing stiff resistance at price levels above $500, slipping below the level thrice this week. Even though it has rebounded to break above, it has failed to hold. And the picture is the same today.
Ethereum had a reprieve over the week when an SEC comment meant it may not be taken as a security. ETH is one of the most hit coins, dropping by over 33 percent in the last 30 days. The crypto slipped to figures below $500 to trade at $477 on June 13.
The coin, however, managed to recover some ground and rose, experiencing a series of higher highs to reach $523. It also experienced a lower low pattern, to touch $467 on June 14. Today hasn’t been that forgiving though, as it has slid to trade at $497.
The attempted pullback has hit a major resistance at $525 and bears have managed to drag it back towards June 13 lows.
If the decline continues and the coin drops below $490, the next major support will be at $459, a price level reached last earlier this week. Any movement in this direction will extend the bearish trend well into next week.
ETH/USD is good value for money on the long position, and any buying opportunity will arise if it breaks below $450.
Ethereum has a market cap of $49.8 billion and has seen a 24-hour trading volume of $1.4 billion.
Litecoin is having a miserable week and looks really weak at the moment. The coin dropped below $100 and has struggled to break above it. LTC/USD has severally traded above that price level, but it has on each occasion failed to reach the initial price of $107 that preceded the current declined.
When we look at the price movements, LTC is on a downward trend, its moving averages in a descending channel.
The relative strength index (RSI) is indicating that the coin is trending in oversold territory. June 13 lows continue to be the next support base. If it breaks below this level, the next support lines will be at $84 and $75.
Even though the coin is deeply oversold on the RSI, it may recover some shape should the bulls sustain its push and breaks above $102.
The prospects are there, but do LTC bulls have enough to push above? It’s unlikely and the coin may remain under extreme selling pressure over the weekend.
If Litecoin rallies and breaks above its June 12 opening price, the bulls will have a huge boost and it could begin to push for $112. At the moment, it’s advisable to hold a long position.
LTC/USD is currently trading at $95.34, with a market cap of $5.5 billion. Its 24-hour trading volume stands at just over $260 million.
Stellar has remained uncertain this week as volatility kept prices within the red for the whole week. Its price over the last 7 days has seen huge declines, failing to break up the resistance level at $0.25.
The coin saw its value tumble from $0.28 earlier in the week to trade just above $0.21 before it rebounded to the current $0.23.
Throughout the week, XLM has attracted selling pressure, a signal that short-term outlook remains bearish. However, Lumen bulls have rejected price breaks below the 20 cents level.
The market remains in bear hands and it will likely be so unless sentiment helps the bulls push it above the 25 cent price mark.
If the prices break below 20 cents to the dollar, it would bring into the picture the next immediate support line at $0.19.A continued decline beyond this point opens up $0.184; making it daunting for the bulls should an uptrend materialize.
This is however unlikely to happen as we can see a little flicker of upturn across the market.
Even as a short-term resurgence feels likely, the coin’s next price move is much dependent on market sentiment. Buying now would be a good idea, but caution should be taken, probably till after the weekend.
XLM/USD currently trades at $0.23 and is 18% lower over the last 7 days. Its market cap has dropped to $4.4 billion, with about $35 million worth of XLM traded over 24 hours.