August 4 the cryptocurrency market is facing a correction after a bullish of Bitcoin and some other altcoins. All top 10 coins are going down in correlation to the US Dollar, however, the situation is more positive against Bitcoin.
Ripple is the only altcoin out of the top 10, whose rate has increased by 0.2% over the last day. Today’s decline also affected the general market capitalization, which has dropped by around $5 Bln. Against this situation, the dominance index of BTC has gained a few points and now is 66.6%.
Against the background of the upcoming halving, Litecoin does not show positive tendencies, as its rate has gone down by almost 3% over the last 24 hours.
On the 4H chart, Litecoin has been traded sideways since July 17 until the beginning of August. However, the last month of summer has started with bearish candles, and the coin has lost more than 10%. In terms of the nearest price forecast, LTC continues its decline to the support at 0.0083 BTC. Such a prediction is confirmed by the decreasing MACD indicator.
The price of LTC is trading at 0.008584 BTC at the time of writing.
Even though Bitcoin Cash is in the red zone, its price drop is not so huge compared to other altcoins.
Although the trading volume keeps reducing, the rate of Bitcoin Cash has been going up since mid-July. The rising RSI indicator is moving upward, suggesting growth in a short-term scenario. In this regard, BCH is likely to achieve 0.032 BTC in the first days of August. However, Bitcoin Cash needs higher trading volume to show a price rise in the long-term.
The price of BCH is trading at 0.0311 BTC at the time of writing.
ATOM is one of the biggest losers out of the top 20 coins. Its rate has reduced by 2.33% over the last day.
On the 1H chart, ATOM has been dominated by bears since the first days of August. However, there was one bullish candle, which pushed the rate back to 0.00036 BTC for a while. This temporary price rise is considered a pump, rather than the start of a new bull run. The lines of the MACD indicator are going down, meaning a further drop to the closest level at 0.00033 shortly.
The price of ATOM is trading at 0.0003366 BTC at the time of writing.
Although Tezos has increased by more than 20% over the 7 days, its rate has reduced by 2.55% over the last day.
XTZ has been increasing since July 19, however, a further rise is about to cancel. According to the chart, Tezos is forming the Head and Shoulder pattern with the upcoming decline to the support at 0.00012 BTC. The falling MACD indicator also confirms such a movement.
The price of XTZ is trading at 0.0001320 BTC at the time of writing.