Top Crypto Analyst Updates Outlook On XRP And Litecoin, Warns Ethereum Adrift Cryptocurrency
Closely Followed Crypto Strategist Updates His Stance On XRP and Litecoin (SLD) while warning Ethereum holders that ETH could see another major sales event.
In a new strategy session, pseudonymous analyst DonAlt says that Ethereum is trading in a tight range between $1,120 and $1,200.
According to the crypto strategist, the tight trading range is the last level of support before Ethereum hits new significant lows.
“You would actually like to see the buying come in quite aggressively…I would like to see a V-bottom of this one. So far we haven’t gotten it. This annoys me a bit…
At present, [ETH] is on the edge. It’s between support and resistance… If it starts to break down, you’re going to see massive losses.
At the time of writing, ETH is changing hands for $1,216, a slight drop on the day.
The next step is XRPwhich, according to DonAlt, can potentially rally if it manages to eliminate a key resistance level.
“So basically between $0.38 and $0.40 is the whole weekly resistance. If we close below I would probably sell my XRP… If we close above it would also be a range breakout, not as nice as Litecoin, but the cool thing here is that it has already broken that range once. So if you break it again, especially since the first break was so important, you expect it to massively outperform.
At the time of writing, XRP is trading at $0.40.
DonAlt also has its radar locked on the Litecoin peer-to-peer payment network (SLD), which is up nearly 27% in the past seven days. DonAlt says he is bullish on Litecoin after LTC broke through a multi-month range.
“The $80 area is interesting. It is resistance. I think it’s basically resistance for people who think it’s a fake breakout. I mean it’s a months-long escape. It’s a massive range. It’s one of the biggest, cleanest ranges we’ve had in a very, very long time, and we’ve actually just broken it up. You wouldn’t necessarily want it to fade.
At the time of writing, LTC is valued at $77.50, an increase of 1.79% on the day.
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