BTC, XRP, LTC Price Analysis — Bitcoin Surpasses $12,000, Setting the Dominance Index Record

Libra Coin News
Tue, 08/06/2019 - 09:18
Denys Serhiichuk
Bitcoin keeps giving profit its holders. When other top cryptocurrencies can get out from the stagnation period?
Cover image via www.123rf.com
Contents

August 6 has started with the continued growth of the leading crypto. The price of Bitcoin has surpassed the psychological mark of $12,000, showing the eight-day growth in a row. The impulse growth rise has been accompanied by a surge in trading volume, however, not all coins have rocketed as BTC.

Bitcoin dominance index by TradingView

The growth rate of Bitcoin is much higher than that of highly liquid altcoins. This is also reflected in the consistently high Bitcoin dominance index, which has updated its maximum at 69.85%. The total market capitalization has exceeded $300 Bln.

BTC/USD

Bitcoin keeps showing incredible growth, rising by 28% over the last 7 days, while the growth within the previous day constitutes almost 5%.

BTC/USD chart by TradingView

On the 1H chart, BTC has gone up by $300 just in one hour along with the rising trading volume. However, the price of the top cryptocurrency is likely to face a slight correction in a short-term scenario. The RSI indicator is located in the overbought area, suggesting the possible price drop. In this regard, Bitcoin might fall to the support at $11,600, followed by a further rise to $12,500. 

The price of BTC is trading at $12,195 at the time of writing.

XRP/USD

Yesterday buyers tried to test the target mark of $0.330, and a maximum was set at $0.332. After that, XRP started to decline and returned to the level of average prices indicated by the four-hour EMA 55.

XRP/USD chart by TradingView

Ripple does not want to get out of its side range with a level of $0.311. However, if the moving average EMA 55 provides support to the price, then growth may continue to the maximum of July 20, which was set at $0.342. However, it should be accompanied by the rising trading volume.

The price of XRP is trading at $0.3215 at the time of writing.

LTC/USD

Although yesterday Litecoin rocketed by more than 10%, it did not influence a possible price change.

LTC/USD chart by TradingView

On the 4H chart, Litecoin is forming a triangle pattern with the endpoint at $100. A possible price rise is also confirmed by the growing trading volume and bullish MACD indicator. However, if LTC cannot fix above $100, the coin will fluctuate between $90-$95. 

The price of LTC is trading at $97.60 at the time of writing.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.