The crypto markets have continued to gradually drift lower following last Friday’s market surge. Most cryptocurrencies have dropped today, with Ethereum trading down marginally, and XRP dropping nearly 2% due to concerns regarding the newly announced JP Morgan crypto (JPM Coin) possibly being a competitor.
Many analysts now expect major cryptocurrencies, including Litecoin and Ethereum, to see increased selling pressure in the near-term as these cryptocurrencies fail to break above their respective resistance levels.
Ethereum and Litecoin May Soon See Further Losses
At the time of writing, Ethereum is trading down marginally at its current price of $122. Although ETH is apparently stable at this price level, analysts are quick to point out that the cryptocurrency is currently sitting at the bottom of its flag formation, which may signal that a drop is imminent.
Chonis Trading, a popular cryptocurrency analyst, pointed this out in a recent tweet, noting that ETH is currently on the “edge of breaking down.”
$ETH – flag on the edge of breaking down … pic.twitter.com/SUSw6GTkMb
— Big Chonis Trading? (@BigChonis) February 15, 2019
Litecoin is also facing growing resistance that it is struggling to break through, but it has been able to climb slightly today to its current price of $42.40.
Chonis Trading also discussed LTC in a recent tweet, noting that its price is currently struggling to break above the top of a descending triangle pattern that it is currently trading in.
“$LTC – That feeling when you play the #litecoin resistance line breakout, and the line ends up holding on the 1hr chart…”
$LTC – That feeling when you play the #litecoin resistance line breakout, and the line ends up holding on the 1hr chart… pic.twitter.com/UDx3CFKbLN
— Big Chonis Trading? (@BigChonis) February 15, 2019
Hsaka, another popular cryptocurrency analyst on Twitter, also shared his thoughts on Litecoin, and said that where its price heads in the near-term is likely dependent on how Bitcoin’s price ultimately responds to its extended period of sideways trading.
“$LTC Update: Covered… Tested resistance twice and finally broke past it… $BTC seems to have coiled up pretty tightly to make a move now, don’t want to get caught on the wrong side… Booking profits,” he explained.
$LTC Update
Covered.
Tested resistance twice and finally broke past it.$BTC seems to have coiled up pretty tightly to make a move now, don't want to get caught on the wrong side. Booking profits. pic.twitter.com/LQNdZULxay
— Hsaka (@HsakaTrades) February 15, 2019
Crypto Markets Experience Mixed Trading Session
The overall cryptocurrency markets are currently trading mixed, despite Bitcoin’s apparent stability at its current price levels of $3,620.
At the time of writing, XRP is trading down nearly 2% at its current price of $0.30. XRP dropped slightly after news broke yesterday that JP Morgan would be releasing a cryptocurrency – aptly dubbed JPM Coin – that would operate in a similar fashion to Ripple’s XRP.
After dropping yesterday, TRON has climbed nearly 3% to its current price of $0.024.
Binance Coin (BNB) is one of today’s best performing cryptocurrencies, as it is currently trading up over 5% at $9.20. Yesterday, BNB dropped to lows of $8.50, which proved to be a level of strong support that helped spark today’s price surge.
Featured image from Shutterstock.
