XRP prices consolidate – Will $260M in shorts spark a reversal?
Bitcoin’s consolidatory movement within its tight price band didn’t stop the crypto-market’s altcoins from registering some degree of volatility on the charts. In fact, while BTC, again, was valued at just over $57,000 at press time, the likes of Litecoin, Tezos, and Uniswap, were noting significant movements in both directions.
Litecoin [LTC]
Source: LTC/USD on TradingView
Litecoin, the cryptocurrency popularly dubbed the silver to Bitcoin’s gold, has had a bullish price trajectory since it recovered from the market-wide depreciation in the latter half of April. In fact, such has been the scale of LTC’s uptrend that the alt climbed by 46% in less than 10 days. In fact, at the time of writing, the alt was valued at $392, just below its ATH of $410 which it hit a few days ago.
The aforementioned uptick was accompanied by a sharp spike in trading volumes too, with the same allowing the crypto to touch greater heights.
The said bullishness was underlined by the alt’s technical indicators as Parabolic SAR’s dotted markers were well under the price candles, while Awesome Oscillator’s histogram pictured surging market momentum.
LTC’s latest performances have heightened expectations for its price in the long-term, with some analysts claiming that the alt might follow ETH’s trend to go as high as $1000 even.
Tezos [XTZ]
Source: XTZ/USD on TradingView
It was uncertain times for Tezos, at the time of writing, with the cryptocurrency recording corrections on the back of yet another market hike that exhausted itself too quickly. The latest depreciation in price was ins sharp contrast to XTZ’s fortunes earlier in the week, with the alt climbing by 37% in just 48 hours.
While market dynamics, despite corrections, remains largely bullish, the crypto’s indicators might soon see some bearishness creeping in.
While the mouth of Bollinger Bands was widening somewhat to make way for some incoming volatility, MACD was still holding above the Signal line. It’s worth noting, however, that a bearish crossover on the latter had become a distinct possibility.
According to a recent analysis, investing in Tezos might have its upsides at this time.
Uniswap [UNI]
Source: UNI/USD on TradingView
Compared to Litecoin and Tezos, Uniswap’s price action shared a closer resemblance to Bitcoin, the world’s largest cryptocurrency. Like BTC, UNI too has been rangebound for the past week or so, with the aforementioned period seeing the alt drop by over 15.5% before recovering once again.
At the time of writing, UNI wasn’t far from its ATH level. However, its price action was missing the bullish momentum the likes of Litecoin were recording.
Even so, the alt’s indicators gave positive signs. Both Relative Strength Index and Chaikin Money Flow noted sharp spikes following UNI’s latest recovery efforts, fueling expectations of a breakout on the price charts soon.
With Uniswap V3 mainnet being launched just a few days ago, it would seem that the same hasn’t been priced in yet.
