Sideway trading was the order of the day with majority of the coins in the market staying neutral. The market remains tentative as they wait for corrections following minor gains yesterday. The volatility has put the investor on guard as coins move up and down within range.
The Bitcoin and Ethereum Sideway Trading within Range Trading
In Early trading, the Bitcoin fell below the $8000 mark to a day low of $7780. It has since recovered back above the $8000 mark. It ended up flat for the day, showing that investors are not yet ready to break out of the holding pattern.
To be able to break past the bearish sentiment, it has to gain enough strength to break the holding pattern. Analysts expect the Bitcoin needs to reach $8200 before it could bolt out of its bearish line.
The Ethereum moved sparsely today and ended up where it started at $248. Analysts expect the Ethereum coin to follow Bitcoin closely until fundamentals suggest otherwise.
Litecoin Buck Sideway Trading Trend and Surge Instead
The Litecoin continued its rise with a 10% surge in today’s trading. This reiterated the strength of the Litecoin. The Litecoin continues to be one of the strongest coins in the market since December where it has grown more than 400% in that period. With a substantial market capitalization, the Litcoin is the fifth largest coin and could be climbing soon at the rate it is moving.
The Litecoin has continually grown since hitting a low in December. In fact, it is the only coin to have reached a new high in June of 2019. The coin has been beating the market for the year.
Other Coins Doing Sideway Trading
The market has shown a mixed bag with gainers and losers but majority remaining unchanged. The Cardano went up 5% while NEO, Tron and IOTA strengthened by 2%.