Ripple, IOTA and NEM could continue their losing streak this weekend.
The broader cryptocurrency market suffered huge losses this week, with the Bitcoin price falling to $ 30,000. The total crypto market capitalization has fallen below $ 2 trillion for the first time since it reached this level a few weeks ago.
XRP, IOTA and XEM are in the red and could go into the weekend with further losses. However, some analysts believe that the bull cycle is not over and that prices will rise again soon.
This cycle ain’t over.
— Michaël van de Poppe (@CryptoMichNL) May 20, 2021
XRP has lost 7% of its value in the last 24 hours. The XRP / USD pair fell from 1.47 to just above $ 1.10 yesterday. The bulls are struggling to gain the upper hand, and if the current trend continues, the cryptocurrency could lose support at $ 1.08. In this case, XRP would fall below the $ 1 mark for the first time in months.
4-Hour chart XRP / USD. Source Coinalyze
However, should the general market pick up again, XRP could target its 100-day SMA ($1,445) this weekend. If the move over this support succeeds, XRP could make another run at its monthly high of $ 1.70.
In addition to XRP, IOTA is also bearish at the moment. The IOTA / USD pair has fallen 3.9% in the past 24 hours and 33% in the past week, but has maintained its price above strong support of $ 1.11. If the cryptocurrency succeeds in building on this support, it could rise this weekend, exceeding support at $ 1.42. For a short-term recovery, however, IOTA would need help from the general crypto market.
4-Hour chart IOTA / USD. Source: Coinalyze
If, on the other hand, the sellers overwhelm the buyers, IOTA could lose its support at $ 1.11 and slip below $ 1, in which case further losses would be possible in the coming days.
Of the three cryptocurrencies in this post, XEM is the only one that has developed positively in the last few hours. The XEM / USDT pair has risen 3% in 24 hours, despite recording a 10% loss in the past seven days. If buyers continue to enter the XEM market, it could overcome key resistance at $ 0.2549 this weekend. A continued bullish performance could see the XEM rise above the $ 0.30 mark by next week.
4-Hour Chart XEM / USDT. Source: Coinalyze
However, the broader market is still on a downward trend, which means that the sell-off could start again. If this happens, XEM could lose its immediate key support at $ 0.19. The bears could then drag the price down in the next few days.