Litecoin (LTC), IOTA (MIOTA) & Ripple (XRP) technical analysis 3rd June – 8th June: Clear buy signals emerging, for …
For the last few days, the crypto market has bounced back, after hitting multi-month lows. Litecoin (LTC) too has rebound just like the rest of the market. In the weekly chart, Litecoin has formed a double bottom, after failing to break below the previous low of $114. The double bottom is supported by the fact that it is also on a major moving average line, the 100-day moving average.
That’s a positive indicator that it will hold, unless something extraneous happens in the market. For an investor looking to buy into Litecoin (LTC), current price levels are a perfect entry point. For a medium-term entry, the target should be at around $187. This was the last high in the previous market rally. If it breaks above this level, Litecoin could push higher to over $200.
For a short-term entry with a 24-hour target, the first target to the upside should be $138, on the 55-day moving average. If Litecoin breaks above this price level, then the next target should be $168 at the 200-day moving average. This is price-level likely to offer some resistance due to short-term profit-taking. Either way, Litecoin is bullish at the moment, and offers a good risk-reward ratio.
In the weekly charts, IOTA (MIOTA) is in the early stages of a new long-term uptrend. The bullish wave started 9 weeks ago, when IOTA (MIOTA) hit a low of $0.92. Since that time it has been in an uptrend that saw it hit a high of $2.65. This was followed by a correction that dipped to $1.46 last week. That dip created a higher-low, which is usually indicative of a bull-run. It means that every low is being bought up. Besides, last week’s rally has seen IOTA (MIOTA) close the week higher than the previous week’s open.
Like the rest of the market, the last few days have been good for ripple (XRP). This reflects in the weekly charts, where Ripple (XRP) has shown a strong pull back, closing the week way above the previous week’s close of $0.58. Another interesting facet to Ripple (XRP) is that volumes too are increasing.
That’s an indicator that investors are getting into Ripple in huge numbers, after a series of good news relating to its adoption. For a long-entry with a weekly target, Ripple (XRP) can easily get to $0.95, a level at which, Ripple has lagged in the recent past. A break above it could see Ripple (XRP) hit $1.16, another price level that has offered some resistance in the past.
For an entry with a 24-hour target, $0.71 should be your first target on the 100-day moving average. A break above this could see Ripple (XRP) get to $0.88, which is the 200-day moving average level.
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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.