The OG coins are in a position where a breakdown of critical levels could result in a steep correction. However, if the same barriers absorb the incoming selling pressure, the situation may turn bullish and spark a rally.
So far, May has been a bearish month for the cryptocurrency market, with Bitcoin selling below $30,000 and the prospect of a further drop looming. Other OG coins, including Ripple and Litecoin, are also affected by this problem. Following a violent sell-off from its all-time high in May 2021, the coins are now stabilizing at a weekly support level. Short-term traders will benefit from a rapid rally triggered by the mentioned barrier.
Many people were surprised by the Central African Republic’s decision to make Bitcoin legal tender, but the government claims that it will ensure the country’s financial independence. Cryptos’ weekend holding pattern diverged slightly from equity indices, which fell 2.4 percent on Friday, with the tech-focused Nasdaq falling 1.6 percent. In recent months, digital assets and stocks have become increasingly correlated. Let us look at the BTC price
BTC Price Prediction
On a higher time frame chart, such as a weekly or monthly chart, the Bitcoin price is stuck in a range. Multiple retests to the $28,700 support zone, on the other hand, indicate that buyers are defending this level with vigour. A bullish breakout from the overhead resistance of $32,253 should also signal the start of a recovery rally. If this occurs, BTC will most likely reach $34,258 in the coming days or weeks.
The excitement surrounding the ‘historic’ upgrade was preparing Litecoin for a rally. However, the investors’ reaction to the upgrade appears to have been muted. It reminds us of when the Cardano smart contracts with the Alonzo hard fork were supposed to be introduced. Despite the development excitement, investor interest has waned.
The events took place exactly one day after Litecoin activated the MimbleWimble upgrade. The introduction of the confidentiality feature, which allows users to conceal their transaction data, was a historic upgrade for the Litecoin chain. It also addressed transaction fees and scalability concerns. However, it failed to generate the necessary hype to turn the altcoin’s fortunes around. Let us look at the LTC price
LTC Price Prediction
Support and resistance levels are critical indicators of whether a stock will continue to rise or fall. The current support level for LTC is $54.59, while the current resistance level is $74.24. Fear in the market has amplified the trend’s weakness, and there are currently no significant bullish signs. For LTC to have a short-term bullish bias, the daily candle must close above $74.24.
On December 22, 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, alleging that the San Francisco fintech company raised more than $1.3 billion through illegal means. According to the SEC, Ripple engaged in illegal security offerings of XRP, Ripple’s native token.
The lawsuit alarmed XRP investors, leading them to believe they were holding a security. Many XRP maximalists attempted to calm the market by claiming that the majority of trading occurred outside of the United States. The SEC’s jurisdiction had no bearing on them and would have no effect on the price. In the days following the SEC’s lawsuit announcement, XRP lost nearly 70% of its value. XRP fell from $0.58 to $0.17. Let us look at the XRP price
XRP Price Prediction
For more than two months, buyers have been denied the opportunity to ignite a string of green candles and initiate a revival phase. XRP has taken out the lows set in June 2021 and is currently trading above a key support level of $0.33. If XRP can hold this support level of $0.33 and cross above the resistance level of $0.43, the upside potential is likely to reach $0.54.
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