The cryptocurrency market continues to be under the influence of headwinds. Therefore, it has not yet determined a clear direction. A crypto analyst with a large following is updating his view of Ripple (XRP) and Litecoin (LTC) in this environment. It also warns holders of the leading altcoin Ethereum that ETH will likely witness another major sell-off.
“For the leading altcoin, big losses are possible”
The analyst, nicknamed DonAlt, who is known for his successful forecasts in the cryptocurrency market, says in a new strategy session, that Ethereum is trading in a narrow range between $1,120 and $1,200. For DonAlt’s accurate predictions cryptocoin.comCheck out this article. According to the analyst, the narrow trading range is the last support level before Ethereum sees significant new lows. In this context, DonAlt makes the following statement:
You actually want to see a pretty aggressive buying pitch. I would love to see a V-dip out of it. However, so far we have not received it. Naturally, this makes me a little nervous. Currently, the leading altcoin is borderline. It stands between support and resistance. If it starts to deteriorate, you will see big losses.
At press time, Ethereum is trading at $1,216, up 0.68% on a daily basis. However, ETH gained 3.41% on a weekly basis.
DonAlt is pretty hopeful of XRP
After Ethereum, the analyst moves to Ripple (XRP), which is in trouble with the SEC. DonAlt says recovery is potential if XRP manages to break past a significant resistance level. The analyst explains these views as follows:
All of this weekly resistance is basically between $0.38 and $0.40. If it closed below that, I would probably sell my XRP. If we close above that, that too would be a range breakout. Not as nice as Litecoin. However, the great thing here is that it has already broken that range. That’s why the first break is so important. Considering this situation, I would expect its performance to be substantially better if it breaks again.
At press time, XRP is trading at $0.4025, up 1.38% on a daily basis. At the same time, the altcoin managed to rise 6.71% on a weekly basis.
DonAlt is bullish on Litecoin
The last altcoin project on the analyst’s radar is Litecoin (LTC). LTC has gained about 22% in the last seven days. DonAlt notes that Litecoin has been bullish after LTC crossed a multi-month range. From here, he shares the following predictions:
The $80 area for LTC is quite interesting. This level is a resistance. I think it’s basically a resistance for people who think it’s a false escape. I mean, this is a multi-month breakout. This is a huge range. One of the biggest, cleanest ranges we’ve had in a long, long time. We actually reversed it. You definitely don’t want to miss this one.
At press time, LTC is trading at $75.26, down 1.59% on a daily basis. However, the altcoin is up 21.69% on a weekly basis.
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