Ethereum, Litecoin, Ripple price analysis roundup

Ethereum, Litecoin, Ripple price analysis roundup

October has been a very positive month for the cryptocurrency market, all major cryptocurrencies have advanced and the price of Ethereum, Litecoin and Ripple is also supported by this situation. It is also important to mention that Bitcoin price has briefly broken $14,000 resistance this Saturday but the price was not able to stay above this level.

Ethereum (ETH) price is very close to the $400 resistance level

Ethereum (ETH) has found strong support around $350 but the price is still not able to stabilize above $400 resistance. The price of Ethereum is still far away from the ETH price predictions but if the price jumps again above $400 that could be a very good opportunity for the short term traders.

Data source: tradingview.com

On this chart, I marked important resistance and support levels. The important support levels are $350 and $300, $400 and $450 represent the resistance levels.

As long the price is above this trend line this cryptocurrency is in the “buy” zone and there is no indication of the trend reversal. If the price falls on the trend line and if we get a “bullish” confirmation candle it would be a very good entry point for short-term traders who are trading with “stop-loss” and “take profit” orders.

If the price jumps above $400 it would be a signal to buy Ethereum and we have the open way to $430. There are also some obvious risks when it comes to buying Ethereum (ETH) and investors should have in mind that the price could also fall in the upcoming period.

The trend line represents a very strong support level, if the price breaks this trend line it would be a very strong “sell” signal and we have an open way to $300.

Litecoin (LTC) price has stabilized above $50 support

The price of Litecoin (LTC) has advanced from $43 above $60 in the last several weeks and the current price stands around $55. If you are looking for virtual currencies with a good return, Litecoin can be a profitable investment option according to estimates.

Litecoin is a very popular cryptocurrency to monitor since it appears to hold a number of advantages over Bitcoin. Litecoin provides faster transaction confirmations (2.5 minutes on average) and Litecoin’s transaction fees are, on average, considerably lower than that of Bitcoin.

Litecoin has found strong support above $50 and the technical picture implies that the price may advance again above $60 in the upcoming days.

Data source: tradingview.com

On this chart, I marked important resistance and support levels. The important support levels are $50, $45 and $40, $60 and $70 represent the resistance levels. If the price jumps again above $60 it would be a signal to buy Litecoin (LTC) and we have the open way to $65.

Rising above $70 supports the continuation of the bullish trend and the next price target could be located around $80. On the other side, if the price falls below $50 it would be a “sell” signal and we have the open way to $45.

Ripple (XRP) is still not able to surpass the $0.30 resistance

Ripple is holding above the key $0.20 support level against the US Dollar but the price is still not able to surpass the $0.30 resistance. In my opinion, Ripple has a very good risk/reward ratio on the cryptocurrency market currently and investors in this cryptocurrency stand to gain a lot more for taking a comparatively smaller risk.

Data source: tradingview.com

According to the rules of technical analysis, the current trend of this cryptocurrency is neutral-bullish. The current resistance levels are $0.26, $0.28 and $0.30, $0.22 and $0.20 represent the strong support levels.

If the price jumps above $0.26 it would be a signal to buy Ripple (XRP) and we have the open way to $0.30. Rising above $0.30 supports the continuation of the bullish trend and the next price target could be located around $0.35.

If the price falls in the upcoming period, every price in a range from  $0.15 – $0.20 could be a very good opportunity to invest in Ripple.

Summary

October has been a very positive month for the cryptocurrency market, all major cryptocurrencies advanced and the price of Ethereum, Litecoin and Ripple is also supported by this situation. Given that Bitcoin dominates the overall cryptocurrency market, it’s no surprise that major altcoins are following BTC’s lead. Bitcoin price has briefly broken $14,000 resistance this Saturday and some analysts believe that BTC may start trading even higher in the upcoming days. This is certainly positive news for the future price of Ethereum, Litecoin and Ripple.

The post Ethereum, Litecoin, Ripple price analysis roundup appeared first on Invezz.

Publication date: 
10/31/2020 - 18:38
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.