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Market crash: XRP, Litecoin [LTC] slump by 9% and 12%; support-level breach possible

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Today, the cryptocurrency market looks more than depressed as all the top-10 coins continue to slump at a ferocious rate. From Bitcoin [BTC] to Tron [TRX], all the coins have plunged by at least 9%. Here, XRP, the second-largest cryptocurrency, is showing a downfall of 9.5%, while the ninth-largest coin, Litecoin [LTC] has gone down by 12%.

The credit for the crash could be given to the hard fork of Bitcoin Cash [BCH] that has led the market into such doom. In the third week of November, Bitmain, the largest mining player in the space, shifted its focus from the BTC ecosystem to handle the BCH war with its opponent, Craig Wright, and nChain.

When Bitcoin began to crash, the coins in its correlation crashed along with it. Since then, the cryptocurrency market has not seen much of the bull as the bearish run does not want to take a leave.

At the time of writing, XRP was trading at a depreciated price of $0.3, with a market cap of $12.3 billion. The 24-hour volume is set at $619.2 million.

XRPUSD 30-minute candlesticks | Source: tradingview

XRPUSD 30-minute candlesticks | Source: tradingview

When the 24-hour cycle began, XRP was trading at a fair price of $0.34, where its market cap was $13.7 billion. However, the coin saw an elimination of almost $2 billion in the market cap in just a day wherein the lowest cap was recorded at $11.9 billion with the trading price of $0.29.

As of Litecoin, the coin is currently trading at $26, with a market cap equivalent to $1.5 billion. Here, its total trading volume in the past 24 hours was observed to be $453.7 million.

LTCUSD 30-minute candlesticks | Source: tradingview

LTCUSD 30-minute candlesticks | Source: tradingview

During the 24-hour cycle, the cryptocurrency touched a high of $30, with a market cap of $1.8 billion but soon crashed down to trade at $25 where its market cap was recorded at $1.5 billion. Therefore, LTC saw a total wipeout of at least $300 million in its market cap over the period of a day.

Source.ambcrypto

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Litecoin

Litecoin (LTC): Will 100-day SMA hold ground?

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  • Litecoin rises 3.22% on the day to become the market leader on Friday.
  • Litecoin is still holding onto the 4th position on CoinMarketCap.

Litecoin has recovered slightly from the intraday low at $41.3448. Besides, the entire market is generally in the green. Litecoin has added 3.22% to its value to exchange hands at $42.61.

The trading volumes have been decreasing since the ballistic rise on February 8 where Litecoin rose 30% from the low around $32.00. From monthly highs around $1.7 billion the trading volume is back below the 1 billion mark. While the same decline has been witnessed in its market capitalization, Litecoin is still holding onto the 4th position on CoinMarketCap with a market share of $2.5 billion.

Litecoin is immediately supported by the 2-hour 100-day Simple Moving Average (SMA) which also coincides with the 61.8% Fib retracement level (confluence). On the upside, the 50-day SMA is capping gains at $42.73. There will be more resistance at $44 as well as the supply zone seen at $47.00.

Indicators on the chart are still positive but Litecoin is likely to continue sideways in the short-term. The Relative Strength Index (RSI) is horizontal at 58.36 after recovering from levels close to the oversold levels. The Moving Average Convergence Divergence (MACD) is almost crossing back above the mean line into the positive zone to show that the bulls are gaining traction against the bears.

LTC/USD 2-hour chart 

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LTC/USD: Price sits on $41.50 support line as market breakout is on the horizon

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  • LTC/USD currently sits on the $41.50 support line as bears dominate the market in the last two days.
  • Technical analysis shows that a price breakout is on the horizon.

LTC/USD market is currently sitting on top of the $41.50 support line. The bulls need to buckle up because technical analysis shows that a breakout is on the horizon.

LTC/USD daily chart

  • The LTC/USD bears have broken past the $41.50 support line.
  • The moving average convergence/divergence (MACD) histogram shows that the market’s overall bullish sentiment is reversing its trend. 

LTC/USD 4-hour chart

  • LTC/USD 4-hour market forms multiple bearish flags ripe for a breakout.

LTC/USD hourly chart

  • LTC/USD hourly chart shows that the bulls are trying to fight back.
  • The market is trending along the 20-day simple moving average (SMA 20) curve.

Key Levels

  • Resistance 3: $44.5394
  • Resistance 2: $43.4894
  • Resistance 1: $42.4348
  • Pivot Point: $41.3848
  • Support 1: $40.3302
  • Support 2: $39.2802
  • Support 3: $38.2257
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Litecoin (LTC/USD) forecast and analysis on February 15, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 41.28. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.

Litecoin (LTC/USD) forecast and analysis on February 15, 2019

As part of the Litecoin course forecast, a test level of 39.80 is expected. Where can we expect an attempt to continue the growth of LTC/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 47.20. The conservative Litecoin buying area is located near the lower border of the Bollinger Bands indicator bars at 39.60.

Litecoin (LTC/USD) forecast and analysis on February 15, 2019

Cancellation of the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower limit of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotes pair below the area of ​​37.20. This will indicate a change in the current trend in favor of the bearish for LTC/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on February 15, 2019 implies a test level of 39.80. Further, growth is expected to continue to the area above the level of 47.20. The conservative area for buying Litecoin is located area of 39.60. The cancellation of the growth option of cryptocurrency will be the breakdown of the level of 37.20. In this case, we should expect the continuation of the fall.

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