EOS, Ripple (XRP), and Litecoin (LTC) Price Analysis – August 9 Market Forecast

616
Ethereum Price Analysis: ETH Market may target $94 price level again
AdvertisementTC    

EOS/USD

EOS, XRP, and Litecoin Price Analysis - August 9 Market Forecast

 

On an hourly chart, EOS/USD has underperformed with all the indicators indicating a bearish market rally. EOS was today ranked at 8, with an intraday loss of 7.3%. The circulating supply recorded was 926,692,712 coins and a market capitalization of $3.822 billion in the course of 24hrs.

The famous cryptocurrency started the session trading at $4.1869 that was followed by a long-term period of consolidation the consolidated near support level at $4.0976.  A breakout was later seen that dipped the price to a low of $3.7737 before defining the current price at $3.8803.

 The bearish pressure was buttressed by the moving averages where the 21 day MA was seen hovering above the 7 day MA.  The relative strength index is currently below level 30 that indicated an oversold market momentum. This also showed that sellers are back on their action.

Advertisement

Forecast

A further bear market is to be expected as indicated by the RSI indicator that is currently heading north, and the 21 day MA that is currently above the 7 day MA.  All these indicators designate a more bearish outlook. New targets should be set at $2.9000.

Ripple (XRP/USD)

EOS, XRP, and Litecoin Price Analysis - August 9 Market Forecast

The struggle of XRP price continues since the bears seemed to have the upper hand. On an hourly chart, XRP market has exhibited a bearish outlook with the support level $0.30161 being broken. The downward move has dipped the price of XRP from $0.30614 to $0.29723 that translated to an intraday down surge of 2.9%.

Presence of a long-legged Doji was also seen at several times that indicated indecision about the future market direction. Notably, the resistance level was also defined at $0.30836.

The drop in the pair’s price has shown negative investors sentiments with the RSI indicator seen moving down from a high of 52 to currently trading below the oversold market territory (below level 30). This signals an increase in sellouts.

Forecast

A further downward move should be expected, with the 21 day MA above the 7 day MA and the RSI indicator trending south ways that motions a bearish outlook. New targets should be set at $0.28900.

Litecoin (LTC/USD)

EOS, XRP, and Litecoin Price Analysis - August 9 Market Forecast

LTC/USD pair also had undergone a bearish outlook. It’s down by 6.17% having opened today’s trading at $90.1772 and is currently changing hands at $84.6137. The market consolidated loses between the resistance level $90.3195 and support level at $88.0002. That was followed by a breakout that breached the key support level.

The 21 day MA is currently above the 7 day MA indicating bearish momentum. The RSI indicator X is also trading below level 30 that showed LTC is trading on an oversold market territory.  Increase in sell-offs has been encountered throughout the intraday that pushed the market capitalization of LTC to $5.4 billion.

Forecast

All the indicators are at the moment, pointing at the further downward move.  The RSI indicator is heading north, and the 21 day MA is above the 7 day MA that signals a bearish sign.  New target should be set at $83.00.


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.