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XRP in for short-term downward breakout; LTC and LINK follow suit

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XRP, LTC and LINK: All three coins in for a short-term downward breakout

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Altcoins XRP, Litecoin, and LINK that trended downward post the March 12 market crash recorded an increase in price with the start of April. However, all three coins are expecting a short-term downward breakout in the near future.

Litecoin

Source: LTC/USD, TradingView

The top 7th coin which had maintained constant support at $39.33 post the market crash on March 12, saw a sudden spike in the price by 14.56% with the price reaching $46.49 in the first week of April. This, however, was soon followed by a bearish run. The price fell by 8% on April 10 and dropped further by 8% reaching $40.08 in just a week. On April 16, there was a slight increase in the coin’s price and maintained support at $42.49 as of press time. As seen in the above chart, there is a formation of a potential rising wedge, which hints at a further downward breakout. RSI indicator also hints at a possible oversold situation. CMF indicator, on the other hand, rests above the zero line says a different story.

Resistance:$44.28, $46.82
Support: $42.49, $41.30, $39.33, $37.15

At press time:

Price: $43.13
Market Cap: $2,817,026,494
24-hour Trading Volume: $4,510,610,431

Source: XRP/USD, TradingView

XRP

After recording a 37% drop on March 12, XRP has been trending upward with minor short-term breakouts as seen in the above chart. Having maintained constant support at $0.16 since March 26, the coin rose up by 14% on April 6 and has maintained support at $0.17. Although the coin is trending upwards at the moment, there might be a short-term downward breakout soon and this is further confirmed by Awesome Oscillator indicator.

Resistance: $0.20, $0.21, $0.24
Support: $0.17, $0.16, $0.14

At press time

Price: $0.19
Market Cap: $8,569,385,508
24-hour Trading Volume: $1,979,526,570

LINK

Source: LINK/USD, TradingView

Link has been trending downwards since the ‘Black Thursday’; the coin was trending as low as $2, However, at the beginning of April the coin’s price saw an increase of 23% reaching $2.8. The coin recorded another increase of 18% over the following week. Having maintained constant support at $2.99 for over 8 days the coin recorded again recorded a rise by 21.5%. However, as seen in the above chart, the formation of a rising wedge pattern signals a further downward breakout and widening Bollinger Bands also indicates high volatility in the coming days.

Resistance: $3.83
Support:$3.43, $3.10, $2.99, $2.72

At press time:

Price: $3.67
Market Cap: $1,301,182,970
24-hour Trading Volume: $550,550,205

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A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.
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