Bitcoin Cash, Litecoin and Ripple Daily Analysis – 27/01/18
Bitcoin Cash on the Move
Can the weekend deliver another cryptomarket rally?
Bitcoin Cash had a tough end to the week, falling from Friday’s opening $1,628.1 to an intraday low $1,479.1, before recovering to $1,610.4 by the close, ending the day down 1.09%.
While there was no negative news from the South Korean government, concerns over a shift in the regulatory landscape continued to weigh on appetite for the cryptocurrencies through the day.
Bitcoin performed somewhat better on the day, down just 0.42%, while sentiment towards Bitcoin Cash continues to improve, with more industry experts suggesting that Bitcoin Cash has greater functionality than Bitcoin, particularly with the more favourable transaction fees and transaction times.
At the time of writing, Bitcoin Cash was up 1.53% to $1,615.9, with the Saturday rally in full swing, the lack of a futures market and low chance of negative news hitting the wires providing much needed support.
For the day ahead, Bitcoin Cash will need to break through to $1,650 to have a run at the week’s high $1,760 hit on Monday, with any fall back down towards $1,600 likely to see Bitcoin Cash fall back through to $1,550 levels.
It’s looking bullish for now, but sentiment could shift as the weekend progresses, with investors likely to lock in profits ahead of Monday’s open.
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Litecoin Finds its Weekend Shoes
Litecoin slipped 1.78% to a Friday close $175.67, while recovering from an intraday low $166.15, with negative sentiment towards regulatory noise having weighed on the cryptomarkets through the week, which saw Litecoin fall 8.15% for the week.
The bad news for the Litecoin team is the waning interest, with Litecoin’s market cap falling to $9.928bn at the time of writing, with EOS and NEO hot on its heels, EOS’s market cap at $9.054bn.
As Litecoin falls down the rankings, bigger questions will likely be asked of Litecoin founder’s decision to sell out his Litecoins, which could see the crypto come under greater scrutiny and more sensitive to any negative market chatter.
At the time of writing, Litecoin is up 2.16% to $179.5, with Litecoin riding the Saturday wave, though we would expect Litecoin to face stern resistance at $185 levels, with $200 likely to be beyond reach for now.
A slide to today’s $173.96 low could see Litecoin test the week’s $165.01 low, though we would expect the positive momentum to remain in place through the early part of the weekend.
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Ripple Going Sideways
Ripple has been a disappointment this week, with Ripple sliding 6.62% on Friday to end the week at $1.20905,
Of great concern will be Ripple’s Friday intraday low $1.09748, which brings into question market sentiment towards Ripple, with Ripple being one of the laggards amongst the majors on Friday.
The decline has been quite telling, with Ripple down a whopping 21.33% over the last 7-days.
Sentiment towards Ripple has certainly shifted, with Ripple historically rallying upon news of new endeavours. Last week, Ripple’s announcement of its new partnership with IDT and Mercury FX provided little support to the crypto.
While the pessimists are suggesting that Ripple has seen its best days, its continued adoption would suggest that the future does look bright for Ripple.
At the time of writing, Ripple was up 1.525% to $1.22299, with the crypto-Saturday rally supporting Ripple, which has been unable to break free from the general market trends.
Direction through the remainder of the day will be hinged on general sentiment towards the cryptomarkets, which will likely to be positive, though investors are likely to lock in profits ahead of Monday’s open.
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This article was originally posted on FX Empire
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