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Litecoin, the price rises after the sinking

The week is starting to close with a prevalence of positive signs for over 70% of the first 100 cryptocurrencies. The first 10 are all in green, and in particular, the rise in the price of Litecoin emerges.

After hitting the lowest lows in the last 10 months this week, reaching the levels of last February and cancelling the euphoria that had accompanied it to the second halving of its history, Litecoin in these last hours exceeds 15%. On a daily basis, LTC has gone as far as over 6%, placing Litecoin as the best in the top 30. 

Litecoin is on its way to close a double-faced 2019, seeing that the first half of the year saw a strong increase that led it to the halving, with a gain of over 360%, tripling its value. Then began the downward parabola that from the tops at the end of June to date has seen LTC lose 65% of its value. Nevertheless, Litecoin’s performance since the beginning of the year is positive and sees a gain of about 30%. 

Staying in the daily area, among the day’s rises stands out Matic Network (MATIC) with a rise of 23%. Still on the rise Mindol (MIN), which with today’s rise achieves a further +10%, that if added to the increases of the last two months marks a gain for Mindol of over 2800% in less than two months, going from just over 17 cents in November, to $4.80 during these hours. 

Mindol has a bit of a story of its own, which seems to recall the tokens launched in 2017, in full speculative hype of the sector. Mindol records 90% of trade on two Asian exchanges, CoinAll and Cointicker, both of which entered the eye of the storm several times for having produced fake volumes. This should be a warning sign of what happens in certain situations. Mindol is listed on Coinmarketcap but not on other important cryptocurrency indices. Coinmarketcap ranks Mindol in 11th position with over $900 million of capitalisation, pushing Stellar down to 12th position. It recalls what happened for Maximine Coin (MXM), which by virtue of speculation and falsification of volumes had entered the top 40 by capitalisation. 

For the rest of the sector, in addition to Litecoin, there are the increases of 0x (ZRX), Basic Attention Token (BAT) and Ethereum Classic (ETC), all rising by more than 4%. 

On a day where the positive signs prevail, Waves (WAVES) is showing strong declines that after the strong rises of the past few days today lose 4%. Same goes for Kyber Network (KNC) and Syntethix (SNX) which, after yesterday’s rises, today see the prevailing profit taking with losses of 2%. Maker (MKR) also loses 1%.

Source: COIN360.com

The capitalisation tries to regain the 200 billion dollars after hitting the lows of recent months, reaching 190 billion

The dominance of Bitcoin is back to 68%, close to the highest levels of the last two years. Ethereum and Ripple remain weak. Ethereum slips to 7.3%, while Ripple continues to lose ground reaching 4.2% market share. 

Bitcoin chart by Tradingview

Bitcoin (BTC)

After the recovery of the $7,100, Bitcoin does not find the support of volumes and prices return to test the psychological threshold of $7,000. This is the level to monitor over the weekend to see if there is support for a further rise.

In case of a lack of support of the $7,000, the possibility of revising the lows of $6,600 touched last Wednesday increases, where BTC has updated the lows of the last 7 months with the break of the $6,600 level.

Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum remains decidedly weak, with a drop that doesn’t seem to give reasons to react to the sinking of last December 18th, when ETH prices went to update the lows of the last 10 months at 116 dollars. It remains important for ETH to push as soon as possible over $135, tested twice in the last 48 hours and allow protection from downward pressure from sellers who yesterday brought prices back to $125. At this level, prices seem to be frozen with movements in the range of a handful of dollars, showing very low volatility on a daily basis. 

A sinking below $120 would continue to give decidedly negative signals for the first of the altcoins.

Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".