A high-profile cryptocurrency strategist has updated his stance on XRP and Litecoin (LTC), warning Ethereum holders that ETH could witness another major sell-off event.
In a new strategy session, pseudonymous analyst DonAlt says Ethereum is trading in a tight range between $1,120 and $1,200.
The narrow trading range is the last support level before Ethereum makes new significant lows, according to crypto strategists.
“Actually, I would love to see a very aggressive buying step…I would love to see a V bottom from now on. So far we haven’t gotten it. It makes me a little nervous…
just now, [ETH] on the edge. It’s halfway between support and resistance…if it starts to crumble, we’re going to see massive losses.”
At the time of writing, ETH is trading at $1,216, a slight drop for the day.
Next up is XRP, which DonAlt says has the potential to move higher if it manages to pull out a key resistance level.
“So basically $0.38 to $0.40 is all weekly resistance. If it closes below that they’ll probably sell XRP… if it closes above that it’s also a range breakout and it’s not as great as litecoin but the cool thing here is already this It’s about breaking the range once. So you can expect to outperform significantly when you break again, especially considering the first break was so big. “
At the time of writing, XRP is trading at $0.40.
DonAlt also has its radar on peer-to-peer payment network Litecoin (LTC), which has risen nearly 27% over the past seven days. DonAlt says he is bullish on Litecoin after LTC breaks out of the multi-month range.
“The $80 area is interesting. Resistance. I think it’s a fundamental resistance to people thinking this is a fake breakout. The range.It’s one of the biggest and cleanest ranges we’ve had in a long time, and we’ve really cracked it upwards.You don’t necessarily want this to fade.”
At the time of writing, LTC is valued at $77.50, up 1.79% on the day.
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Featured image: Shutterstock/Liu zishan/Andy Chipus
