The development of the situation in the markets of alternative cryptocurrencies during the trading of the current week will depend on the changes in the Bitcoin exchange rate.
XRP / USD
During the current session, the bears on the strong down momentum of Ripple prices broke through the key support level of $ 0.3020. The beginning of the current decline in the XRP / USD pair was laid on January 26, when sellers ousted cryptocurrency quotes below the two-week support level of $ 0.3160.
At the time of the market review, Ripple is trading at $ 0.2920. Session minimum cryptocurrency prices fixed at $ 0.2862, not reaching several points to the value of the December minimum at $ 0.2854.
Short-term correction of the downward movement is not expected to exceed $ 0.2945 at the local resistance level. Before the end of the day, sellers will test the historical support level of $ 0.2854, with a high probability of its breakthrough.
The relative strength index data calculated for the daily XRP / USD chart indicate the total advantage of bears in the short-term cryptocurrency market: the index value is in sales, the RSI14 line is directed downward to the intersection with the oversold area.
BCH / USD
At the time of the market review, Bitcoin Cash is trading at $ 108.50. Cryptocurrency losses are 9.8% versus the opening price of the day $ 120.80. According to the dynamics of the decline in steam, BCH / USD is leading among the largest altcoins.
Analysis of the daily cryptocurrency chart shows that the BCH / USD pair can receive temporary support in the range of $ 108.80-98.00. Breakthrough prices below the designated range will allow the bears to achieve goals at the first key support level of $ 90.00.
At the moment, there are no signals on the Bitcoin Cash market that would allow us to count on a reversal of the downward movement from the current price level. The main factor influencing the cryptocurrency rate will be the development of the situation on the Bitcoin market.
LTC / USD
From the point of view of technical analysis, against the background of a general market decline, lightcoin retains its strongest positions. The price of a cryptocurrency is held above the reversal level of the medium-term uptrend of $ 30.40, on which the session minimum price is fixed today.
At the time of the market review, the LTC / USD pair is trading at $ 30.90, with quotes rising from the session low. Pressure on the price of cryptocurrency is provided by the moving average EMA14 with the current value on the price scale of the daily chart of $ 32.50.
It is expected that the nearest resistance to the growth of the pair will meet at the local level $ 31.50. The relative strength index data points to the situational advantage of sellers: the indicator values are in the sales area, the RSI14 line is downward.
Given the sharp increase in short-term bearish trends in the global crypto market, the likelihood of a breakdown of support for the LTC / USD pair at a key level cannot be ruled out. The development of the bearish scenario in the Litecoin market will give sellers room to reduce prices in the range of $ 29.00-27.00.
DASH / USD
According to the historical data of the DASH / USD quotes on the Kraken cryptocurrency exchange, the maximum daily losses of the pair were 6.3% against the session open price of $ 70.03.
At the time of the market review, Dash to the US dollar is trading at $ 65.70. Under the pressure of sales, the cryptocurrency price has broken through the local support level of $ 67.50 and, without having customer support, continues to decline along the key level S1- $ 60.80.
The relative strength index data indicates that at the moment sellers control the price of cryptocurrency: the index value is in the area of active sales, the indicator line is directed downwards.
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