Crypto Update: Coins Remain Under Pressure As Litecoin Weighs
LTC and ETH hit their lowest levels since the initial post-crash bounce today in early trading, while XRP has been trading in a very narrow range only slightly above its prior swing low, still showing technical weakness. The coin is still on sell signals on both time-frames in our trend model, with support zones found near $7,000, $6,750, and $6500, and with resistance ahead near $7,400, $7,600, $7,800, and $8,200.
The $130 support is still in no danger, but as ETH is clearly below its October low, the key technical breakdown remains validated, and the coin is very likely to hit new lows in the coming weeks. The coin could still be in for a more sustained counter-trend move, given the steep losses it suffered in recent weeks, but its short-term technical weakness is a major red flag for traders.