In a new strategy session, pseudonymous analyst DonAlt says Ethereum is trading in a tight range between $1,120 and $1,200.
According to the crypto strategist, the narrow trading range is the last level of support before Ethereum makes significant new lows.
“You would actually want to see buying step in quite aggressively… I would like to see a V-bottom out of this one. So far, we haven’t gotten it. That has me a little bit nervous…
Right now, [ETH] is on the edge. It’s in between support and resistance… If it starts breaking down, you’re going to see massive losses.”
At time of writing, ETH is changing hands for $1,216, a slight dip on the day.
Next up is XRP, which DonAlt says can potentially rally if it manages to take out a key resistance level.
“So basically at $0.38 to $0.40, that’s all weekly resistance. If we close below that, I’d probably just sell my XRP… If we close above it, that would also be a range breakout, not as a nice one as Litecoin, but the cool thing here is that it has already broken this range once. So if you break it again, especially given the first break was so significant, you’d expect it to just outperform massively.”
At time of writing, XRP is trading at $0.40.
DonAlt also has his radar locked on peer-to-peer payments network Litecoin (LTC), which is up nearly 27% in the last seven days. DonAlt says he is bullish on Litecoin after LTC broke through a multi-month range.
“The $80 area is an interesting one. It is resistance. I think it’s basically resistance for the people that think that this is a false breakout. I mean this is a multi-month breakout. It’s a massive range. It’s one of the biggest, cleanest ranges we’ve had in a long, long time, and we actually just broke it to the upside. You wouldn’t want to necessarily fade this.”
At time of writing, LTC is valued at $77.50, a 1.79% increase on the day.
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