Litecoin, Ripple and Tezos have been in the red for the past 24 hours and could head into the weekend in bearish mood.
The cryptocurrency market performed better this week than last week. However, the bear mood has not yet completely warped: Bitcoin is still struggling to overcome the $ 40,000 mark. Ethereum still doesn’t make it above $ 3,000, and the other leading cryptocurrencies are still trading in the red zone.
Litecoin, Ripple and Tezos also perform poorly on their way into the weekend. If market sentiment does not turn around in time, the three cryptocurrencies could see further losses over the weekend.
However, market analysts such as Michael van de Poppe believe that the market will rise again and believes that investors should not make the mistake of selling their assets.
The market has a habit of becoming ultra-bearish at support and ultra-bullish at resistance.
Selling your #altcoins at the low, while FOMO’ing back in them, while the market chops.
It’s tricky sometimes.
— Michaël van de Poppe (@CryptoMichNL) May 27, 2021
LTC Price Forecast
The Litecoin price has fallen by 2% after struggling to break the $ 210 mark in the last few hours. The cryptocurrency is now trading at $ 188 per coin and could see further losses in the coming hours.
4-Hour Chart LTC / USD. Source: Coinalyze
On the 4-hour chart of LTC/USD, Litecoin is currently showing bearish. If Litecoin does not overcome the resistance point at $ 210, the cryptocurrency could slide even further, and support at $ 171 would come into play. The bulls would then be forced to defend this level of support. Indeed, any further wave of selling could cause LTC to trade back at around $ 130, the low it hit last week.
But if LTC manages to overcome the resistance area at $ 210, it could launch a huge rally to rise to $ 240 over the weekend. However, any upward movement will depend on how the general market develops.
XRP Price Forecast
The worst is about XRP: in the last 24 hours, the cryptocurrency recorded a drop in value of almost 2 %. Currently, XRP is trading well below the 100-day SMA and EMA at 1.20 and 1.30, respectively. $ 1.14.
If the current market trend continues, XRP could slide below $ 0.80, with bulls then having to defend the large support at $ 0.70. So far, the cryptocurrency has successfully defended the support area around $ 0,70, and chances are that the bulls will defend it this time as well.
4-Hour Chart XRP / USD. Source: Coinalyze
However, if the market regains momentum and price rises, XRP could overcome its next resistance point at $ 1.05. The XRP / USD pair has struggled to break the $ 1.05 mark in recent days. In the case of a longer rally, XRP could try to rise to $ 1,1 over the weekend.
XTZ Price Forecast
The 4-hour chart of XTZ/USD is also bearish, so it is similar to the other two. Should the market fail to recover, XTZ could slide below $ 3.50 and lose the next support at $ 3.20. The technical indicators of the cryptocurrency are currently bearish, which suggests that a price collapse may soon occur.
4-Hour Chart XTZ / USD. Source: Coinalyze
However, if the market regains momentum, Tezos could hit its 100-day EMA ($4,43) over the weekend. In a longer rally, XTZ could rise to $ 5.70 for the first time since the wave of sales began.