Bitcoin Cash, Litecoin and Ripple Daily Analysis – 30/11/17

Bitcoin Cash Pulled Down by Big Brother

Bitcoin investors must be wondering what needs to happen for Bitcoin Cash to get out from the shadows of Bitcoin.

Bitcoin’s rapid rise to and demise from $11,000 left the cryptocurrency market in a moment of panic. Bitcoin slumped from a Wednesday high $11,395 to $9,250 in less than a few hours before recovering to $10,000 levels and the slide certainly didn’t help the cause for Bitcoin Cash.

Bitcoin Cash fell to a day low $1,230 on Wednesday, before recovering to $1,300 levels. It’s been a weak start to the day however, with Bitcoin’s fall to low $9,000 levels garnering plenty of interest at the expense of its offshoot.

While the direction of Bitcoin continues to leave Bitcoin Cash in choppy waters, news of Bitcoin Cash developers looking to increase its block size also weighed. Two hard forks have been slated for May and November of next year. While the development team expect the forks to go smoothly, upgrades so soon after launch will raise some questions in the near-term.

At the time of writing, Bitcoin Cash was down 0.03% at $1340, with the trend having been negative this week. While we will expect some support at current levels, Bitcoin Cash may face strong resistance against a move towards $1,500 levels for now.

Get Into Bitcoin Cash Trading Today

Litecoin Looks to Bounce Back

Litecoin’s record high $103.54 on Wednesday led to rapid fall to an intraday low $76.01 in just a few hours, following in Bitcoin’s footsteps as the markets looked to lock in gains from quite an impressive $1,000 gain to $11,000 levels.

The rapid decline in Litecoin following its latest record high is representative of investor fear of a more material collapse or, worse yet, a bubble burst. For now, it’s looking steady and Litecoin will look to make a fresh run at $100 levels, though we’re unlikely to see that today as investors take a breather.
At the time of writing, Litecoin was up 2.68% at $89.02.

Buy & Sell Cryptocurrency Instantly

Ripple on the Ropes

Another level down for Ripple, which continues to face pressure following its failed to attempt to break $30 this week, while record runs were enjoyed by Bitcoin and Litecoin.

We’ve seen strong support at sub-$0.23 levels, but we will expect Ripple to lag behind its peers through the day, with investors likely to become cognisant of stronger gains being more likely elsewhere in the crypto universe.

How long Ripple lags behind the crypto heavyweights remains to be seen on a performance basis, with Ripple’s technology getting a lot of attention. Price predictions for next year vary from $2 to $5, which could bring in new investors. Even the lower end of the price forecast is still an attractive proposition when considering current levels.

At the time of writing, Ripple was up 1.89%% at $0.239 as it looks to regain the $0.24 handle. Breaking back to $0.25 levels may be an altogether different story however.

Buy & Sell Cryptocurrency Instantly