XRP, Litecoin, Cardano Worth Evaluation: June eighth – AMBCrypto Information
In the absence of buying pressure, XRP faced a difficult task to recover from recent lows. Litecoin broke south from a descending triangle and saw further losses towards $ 134-116. Eventually, the Cardano bulls had to defend $ 1.47 from a sharper retracement.
The purchase volume in the XRP market has been weak – something that was driven by. was highlighted OBVs recent trajectory. While the index has been flat for the past two weeks, it has not been able to recover to the level of early May. in addition, MACDs The downtrend highlighted weakness, although XRP has been moving into range for the past few days. These were worrying signs of the XRP path ahead.
A breakdown of $ 0.805 would pull the cryptocurrency towards its demand zone between $ 0.64 $ 0.72, where a reset could take place.
There was a descending triangle division on Litecoin’s 4-hour chart. In fact, LTC broke below its first major support level at $ 167 but found a line of defense at $ 152. However, bearish momentum is building up Ingenious oscillator, LTC could suffer further losses.
The focus should be on the region between $ 134-116 as having a demand zone would open long opportunities for traders. RSI appeared to be bouncing out of oversold territory at the time of writing but could move back down the aisle given the selling pressure in the market.
Similar to its counterparts, the XRP and LTC, Cardano saw prices move lower due to a broader market correction. The candlesticks slid below the $ 1.60 support and tested another defensive area around $ 1.47. This area was in focus in March and April, triggering several retracements after outbreaks were denied. The bulls, now serving as a support zone, will need to keep their losses above this critical area to avoid a prolonged sell-off.
According to Squeeze momentum indicator, the volatility increased and the losses could increase in the coming sessions. Another bear market was pointed out by MACDs Movement as the fast moving line was below the signal line.
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