Litecoin, Cardano, Stellar Value Evaluation Abstract – Invezz

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The cryptocurrency market remains under pressure, the price of Bitcoin has fallen below the USD 30,000 support, and the risk of further declines is still not eliminated. This situation is also negatively affecting the price of Litecoin LTC / USD, Cardano ADA / USD and Stellar XLM / USD, and this is probably not the best time to invest in the cryptocurrency market.

Investors remain concerned that it could take a long time for prices to recover significantly, while analysts from some of the largest US banks, such as JPMorgan Chase and Citigroup, expect the cryptocurrency market to move further down.

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“The institutional interest in Bitcoin and other cryptocurrencies has dried up and even turned negative. Most importantly, institutional interest slowed in April 2021 before the correction in May, ”said Nikolaos Panigirtzoglou, an analyst with JPMorgan.

It’s also important to mention that this month the European Union proposed a ban on anonymous cryptocurrency transactions. All crypto providers must apply EU regulations, which means that all cryptocurrency transactions must record customer names and information.

Litecoin (LTC) continues to trade below the USD 150 resistance

Litecoin has dropped from $ 155 to $ 104 in less than thirty days, and the current price is around $ 109.

Data source: tradingview.com

If the price falls below the $ 100 support it would be a strong “sell” signal and the next target could be around $ 90. The risk of a further decline is unlikely to be eliminated, but if the price climbs above $ 150 we will have the way to $ 175.

Cardano (ADA) is currently trading very close to the strong support level at 1

Cardano is currently trading very close to the strong support level at USD 1, which could indicate that the price could weaken even further. If the price breaks this support level it would be a very strong “sell” signal and the next target could be around $ 0.80.

Data source: tradingview.com

Cardano (ADA) is still in a bear market and traders should use “stop loss” and “take profit” orders when opening their positions as the risk is currently high. On the other hand, if the price jumps above $ 1.40 this could be a very good opportunity for the short term traders and the next target could be at $ 1.60.

Stellar (XLM) remains under pressure

Stellar has weakened from $ 0.80 to below $ 0.20 since May 16, and the current price is around $ 0.21.

Data source: tradingview.com

If the price falls back below the USD 0.20 support it would be a firm “sell signal” and the next target could be at USD 0.15 or even below.

Summary

The entire cryptocurrency market is put under pressure from the fall of Bitcoin, and if you decide to trade Litecoin, Cardano or Stellar, you should use a “stop-loss” order as the risk remains high. The European Union has proposed a ban on anonymous cryptocurrency transactions, while analysts from some of the largest US banks expect further disadvantages for the cryptocurrency market.

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