A couple of days ago we saw how Bitcoin lost the battle price in the $ 10 and collapsed 10% bouncing just below $ 9.000. Where it has currently gotten support. Such a shakeup in the major cryptocurrency has rumbled across the Altcoin markets. In this edition we will be reviewing the prices of some.
Without direct entry from FIAT to Altcoins, BTC remains the point of entry, so it is not surprising the close relationship in their movements. However, some projects come from another and can take on a life of their own, different from the rest of cryptocurrencies. Let's take a look below at 3 of the crypto world's favorites: Stellar Lumen (XLM), Ripple (XRP), VeChain (VET)
[amazon box="B01J66NF46"]Price analysis
The latest dump in the entire crypto space has caused a significant loss in Stellar's price in the last few hours. Earlier this month, it traded as high as $ 0,086 after seeing a three-month recovery from $ 0,027 in March.
But currently, the price is trading around $ 0,0714 after a soft recovery after a loss of almost 20% in two weeks. The weekly close below the 3-month rising trend line, as can be seen in the chart above, indicates a strong sell signal for this pair.
Meanwhile, the 8,5% daily correction is now pushing the price into a critical demand area (marked gray on the price chart). If the bears continue to pick up the pressure, stronger declines could be expected in the coming days.
On the other hand, reviewing Ripple's price, XRP has been trading within a descending triangle for the past six weeks, with a base of $ 0,192. The 8% price drop seen this week allowed XRP to drop below this support as it fell to $ 0,187 for the entire week.
It declined by an additional 3% today, and this caused the cryptocurrency to drop below the $ 0,187 support as it reaches $ 0,183. This break below the previous consolidation pattern could be signaling a torrential couple of weeks for XRP.
VeChain remains bullish on the medium-term outlook despite dropping slightly from $ 0,0107 on June 11. But the doji candle near that day suggests a short-term reversal, which is gradually taking place on the daily chart. The price now faces support at $ 0,0087 (February high). The current daily candle volume shows that the bears are slowly entering the market. Today's drops are also an indication that the bears are here.
VET is trading around $ 0,0089 right now. A daily close below this support should introduce strong corrections for this pair. However, the yellow trend line could serve as support if the sell lasts long.
