Weekly price analysis: Litecoin (LTC) and EOS defy the bear market while BCH and BSV meltdown continues
The total market capitalization has fallen to 104 billion US dollars. With the exception of Litecoin, all crypto currencies in the top 10 have lost ground. Bitcoin Cash and Bitcoin SV even had to cope with more than 20 percent price losses.
The crypto market continues to dance on the abyss. Currently, the Bitcoin price is only slightly above the moving average of the last 200 weeks. Especially Bitcoin Cash and Bitcoin SV had to record high price losses of 22 percent. Litecoin is completely out of line: With a price increase of nine percent Litecoin defies the bear market. In the meantime, Tether was in fourth place in terms of market capitalisation. The head-to-head race between Stellar and Tether continues.
Market capitalisation is also at a low for the year. It has fallen further and now stands at 104 billion US dollars.
For the most part, the price situation is still not rosy. Apart from Bitcoin SV, Litecoin and Tron, the outlook is rather negative everywhere. So if the support is breached, short positions are a good choice.
What you'll learn 👉
Best price performance: Litecoin (LTC)
Litecoin was able to record price gains of nine percent. With this increase, the Litecoin price bounced off a support at 23.14 US dollars. With this increase Litecoin was able to rise above Bitcoin Cash and Bitcoin SV.
A negative, but slightly rising MACD and a rising RSI give an overall bullish impression. The Aroon indicator does not suggest a bear market and at least does not contradict this assessment. Thus, a long position is the obvious choice, where the targets are given by the two resistances at 29.12 US dollars and 36.84 US dollars. Support at 23.14 US dollars is a good stop loss. If the price falls below these, one could open a short position where the resistance at 29.12 US dollars can be used as a stop loss and the second support at 15.45 US dollars as a target.
Worst Performance: Bitcoin SV (BSV)
Like won, like melted: The rise in the Bitcoin-SV share price had to be relinquished. The price fell below the moving averages MA140 and MA50 and tested a support that was still a resistance at the end of November. In the meantime, the share price has recovered slightly and is again well above this support.
The MACD is negative, but rising strongly. The RSI is currently at around 50 and the Aroon indicator confirms a bullish sentiment. If the Bitcoin SV price rises above the resistance at 81.18 US dollars, one can think about a long position with a tight stop loss at around 75 US dollars. A meaningful target would be on the height of the plateau around the 90.11 US Dollar. Should the price fall below the second support level of 57.62 US dollars again, a short position would be a good choice, where the stop loss is 65.43 US dollars and the target is 42.00 US dollars.
Stability of the Top 10
The most dramatic fight is between Stellar and Tether: Less than one percent separate the market capitalizations of the two crypto currencies. But the gap to EOS and Litecoin is also quite narrow, at four and thirteen per cent respectively. Similarly, the dispute over the supremacy of Litecoin, Bitcoin Cash and Bitcoin SV has not yet been resolved. The market capitalizations of Litecoin and Bitcoin Cash differ by only twelve percent and between Bitcoin SV and Bitcoin Cash lie only nine percent. After all, Tron’s market capitalisation is only 14 percent higher than Cardano‘s, so a lot can still happen in the back.
Winners and losers of the week
On average, all crypto currencies fell by three percent and thus performed significantly better than Bitcoin. For the Top 100, the result is less clear: they fell by an average of six percent. The winners of the week were TenX and Waves, which recorded price gains of over 50 percent. The loser of the week is WAX. The crypto currency had to cope with losses of over 30 percent.
48 percent of the top 100 crypto currencies performed worse than BTC. The market dominance of BTC remained at 55 percent.
