The cryptocurrency market’s rollercoaster movement resumed again, with coin prices becoming more and more volatile. Cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] enjoyed a decent bullish run last week. However, XRP, the third largest cryptocurrency on CoinMarketCap, suffered an opposite fate. XRP’s competitor, Stellar Lumens [XLM], which is gunning for XRP’s remittance solution throne, also settled into sideways price movement.
XRP 1 day
The one day chart for XRP showed a downtrend that resulted in the price dropping from $0.522 to $0.36. The long term support was at $0.285.
The Bollinger bands were apart from each other due to the slight price outbreak. Due to the lack of any further updates, the bands had begun to converge slightly.
The Chaikin Money Flow indicator was below the zero line, a sign of the capital leaving the market being more than the capital coming into the market.
The Awesome Oscillator increased in amplitude slightly after market momentum picked up from being almost negligible on the charts.
XLM 1 day
XLM’s one day chart painted a similar picture to that of XRP, as the downtrend lowered the price from $0.0278 to $0.0135. The long term support for XLM was at $0.073.
The Relative Strength Index fell to the middle of the graph, an indication of the selling pressure and the buying pressure leveling out.
The MACD indicator moved as a conjoined pair after having undergone a bearish crossover. The MACD histogram was a mix of bearish and bullish signals.
The Parabolic SAR’s dotted markers were largely under the price candles. However, the last cycle before press time suggested some bearish activity.
The aforementioned indicators showed clear-cut signs of sideways movement having crept back into the cryptocurrency market. The only positive takeaway at the time of writing was the fact that market momentum had picked up in the industry after a lacklustre few months.
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Litecoin [LTC] smashes $100 valuation for the second time this year
Litecoin [LTC] posted massive gains and came out as the biggest winner among altcoins as the week came to an end. The digital coin led the altcoin pack towards another bull run.
The latest pump, however, drove the crypto-asset’s price over $100-mark for the second time this year. Subsequently, the silver coin took over EOS to secure its position as the fifth largest crypto-asset by market cap.
As the crypto market started embracing green, many analysts in the space are of the opinion that the “altseason is upon us”. With the latest upswing, LTC became the fourth coin in the top ten with a three-digit valuation after Bitcoin [BTC], Ethereum [ETH], and Bitcoin Cash [BCH].
At press time, the coin was priced at $103.4 after surging by 7.93% over the last 24 hours. LTC registered a market cap of $6.40 billion and a 24-hour trading volume of $6.14 billion. Additionally, the digital coin rallied by 17.52% over the past week.
Litecoin was trading highest on Coineal via the trading pair LTC/BTC, accounting for a volume of 11.98%. The crypto-asset exchange was followed by EXX, which held 8.48% of the trading volume via LTC/USDT.
The upcoming Litecoin second halving event, scheduled for August 2019, and institutional adoption of the crypto were attributed to the series of bull domination this year.
Litecoin crashed soon after June 2018 and hit the lowest point at $30 earlier this year. The coin’s market recovery was resisted by bears as it was juggling within the range of $85-$90 before breaking the much-anticipated $100-mark.
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