XRP, Litecoin, Cardano Price Analysis: 08 June
XRP faced an uphill task to recover from recent lows considering the dearth of buying pressure. Litecoin broke south from a descending triangle and eyed further losses towards $134-116. Finally, Cardano bulls needed to defend $1.47 from a sharper retracement.
Buying volume has been weak in the XRP market- something highlighted by OBV’s recent trajectory. While the index moved flat-like over the last two weeks, it has failed to recover to levels seen prior in early May. Moreover, MACD’s downtrend highlighted weakness even though XRP moved rangebound over the past few days. These were worrying signs for XRP’s road ahead.
A breakdown from $0.805 would drag the cryptocurrency towards its demand zone between $0.64-$0.72 where a reset could take place.
A descending triangle breakdown was seen on Litecoin’s 4-hour chart. In fact, LTC broke below its first major support level around $167 but found a defensive line at $152. However, with bearish momentum building up on Awesome Oscillator, LTC could be in for additional losses.
Focus should be on the region between $134-116 as the presence of a demand zone would open up long opportunities for traders. RSI seemed to bounce back from oversold region at the time of writing but could revisit the bottom region considering selling pressure in the market.
Similar to its counterparts XRP and LTC, Cardano saw a bearish price action on the back of a broader market correction. The candlesticks slipped below $1.60-support and tested another defensive area around $1.47. This area was in focus throughout March and April and triggered several retracements after breakouts were denied. Now serving as a support zone, bulls must maintain losses above this critical area to avoid an extended sell-off.
According to Squeeze Momentum Indicator, volatility was on the up and losses could be heightened over the coming sessions. Further bearishness was pointed out by MACD’s movement as the Fast-moving line was below the Signal line.
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