Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/01/18
Bitcoin Cash Steadies
Following days of negative news, the cryptomarkets look to have steadied the ship for now, with the cryptocurrencies in the red at the time of writing, but certainly not as deep in the red as the markets have become accustomed to over the last few weeks.
Bitcoin Cash managed to hit an intraday high $1,693.9 on Tuesday before easing back to $1,568 by the close, though few will be overly concerned with a 2.31% decline for the day.
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At the time of writing, Bitcoin Cash is down 1.31% to $1,590. While sideways moves have historically been a nemesis for the cryptocurrencies, this time around there will be some comfort taken from the lower vols seen over the last 24-hours, which could see investors returning to the cryptomarkets, all be it cautiously.
For the day ahead, a move through to $1,650 levels would support a break through to $1,700 levels, with Bitcoin Cash wedged between its intraday lows and highs.
The good news is that there’s been strong support at $1,500, which should provide investors with further confidence, as Bitcoin Cash holds above last week’s sub-$1,400 lows.
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Litecoin Struggles Along
Litecoin has continued to struggle, with Tuesday’s intraday high $186.03 seeing Litecoin pull back to sub-$180 levels to end the day down 2.74% at $174.51.
The lack of appetite through the early part of the day is telling, with Litecoin sitting close to this morning’s intraday low $174.3, down 2.23% at the time of writing.
For the cryptomarkets and Litecoin investors in particular, the question will be whether the Litecoin team can start making progress in the real world to drive demand for Litecoin.
While focus will gradually shift to the blockchain tech on offer, speculative investors will always be ready to jump in, as is the case across the more mature asset classes, so while Litecoin is struggling for now, any hints of a shift in sentiment towards the cryptos and Litecoin will likely benefit.
For the day ahead, Litecoin will need to break out beyond today’s intraday high $180 to avoid testing $170 support levels and a possible move back towards the low $160s hit midway through Tuesday’s session.
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Ripple Following the Pack for Now
Investors would have been forgiven for forgetting about all of the negative sentiment surrounding the cryptocurrencies on Tuesday, with Ripple having rallied 8.4% to an intraday high $1.44883.
The negative sentiment would have certainly contributed to the post high sell-off that saw Ripple ease back to a $1.29552 close, with Ripple’s 3.07% loss for the day on the higher side.
For Ripple investors, the good news will be the fact that Ripple was able to break through to $1.44 levels, which has likely contribute to today’s performance, with Ripple down just 0.42% to $1.3252 at the time of writing.
It’s looking a bullish for Ripple, but it’s going to need to buck the trend, with only Stella Lumen’s XLM in positive territory among the majors, up 5.81 to $0.5119 at the time of writing.