Downtrend

Fluctuation has continued unabated as the resistance at $0.20 becomes unyielding. In the last 48 hours, the bulls were repelled at $0.19500 as the coin dropped to the low of $0.18500. It is a fact that the coin fluctuates between $0.18 and $0.20 but the bulls no longer penetrate above $0.19500 resistance. The bears no longer give the bulls’ space to move upward to the overhead resistance.

Disappointingly, Litecoin has dropped to a low of $39 at the time of writing. In the previous analysis, it was stated categorically that if the support at $42 failed to hold, Litecoin will face another session of a downward move. The fact is that the pair made a remarkable move in the previous week to the high of $44 but was later repealed.

Undeniably, the downward move has become unavoidable as the coin continues to fall. The bulls have made two unsuccessful attempts at the $135 supply zone. After the first attempt, the ETH found support at $127.50 price level but the coin moved up for a second retest. The second retest was repelled as the coin fell to a low of $125.

Today, Ripple is trading at $0.18 after establishing a price range of between $0.17 and $0.20. In the last one week, XRP has neither traded above $0.20 nor fallen below $0.17. Three days ago, the coin has been making gradual fall after facing resistance from the $0.20 supply zone. This has been the scenario for the past one week. As the coin moves downward, two things are likely to happen. One, the bears may want to break the $0.17 low and resume the downtrend

About 48 hours ago, the downtrend corrected as the coin headed to the $42 supply zone. Previously, LTC dropped to $39 on November 20 but has moved up to $41. The price movement has been insignificant because of the low volatility. Litecoin is in the bearish trend zone and if defended aggressively by the bears the downtrend will continue.

Regrettably, ETH sunk to a $120 low after the bulls failed to check the rampaging bears at $140. Initially, the coin had a breakdown at $160 support and XRP fell beneath $140. The retest at $160, confirms the resumption of a downtrend as XRP fell to $120 low.

In the last two weeks, the bears bravely overwhelmed the bulls as the price dropped from $0.23 to $0.17. Sellers have been consistent in the downward move. Firstly, the bulls were repelled at $0.23.and the coin retraced to $0.21500. A retest at $0.22 pushes the coin down to the low of $0.20. After fluctuation between $0.20 and $0.23, the downtrend resumed and the $0.20 low was breached.

The bears' overwhelming control above the bulls took the coin to a low of $170. Subsequently, the price corrected and retested the resistance at $190. The coin pulls back and makes a sideways move. The bulls have retested the resistance twice as it continues its sideways move.

Ethereum collapsed, as bears made a final downward push to the $120 support. The bears have been consistent in the downward move as ETH finds support at current level. The buyers had earlier curtailed sellers above $140 before the recent breakdown. Incidentally, as ETH reaches the currently low, it gets deeper into the $120 support level.