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March 2018 has not been a memorable month in terms of gains in the cryptocurrency world. The number of reasons for this downward spiral is countless, but the main problem has been Social Media giants like Facebook and Twitter banning cryptocurrency-related advertisements. This has come down crashing pretty hard onto the crypto world with cryptocurrencies plummeting.
Toshi Times analyses the three major coins – Bitcoin, Ethereum and Litecoin. We have kept it as simple as possible and have broken the technical definitions down to a simpler form. We take a look at how the currencies performed in the month of March and what the trend looks like for the upcoming month of April.
The BTC/USD was reported to be priced at $7043.3, at standard UTC time of 10:42 AM. Bitcoin showed signs of major improvement from the 1st of March till the 5th, but this came to a standstill and fell from $11600 to an upsetting $7043. You will notice a very obvious decline from the 5th of March right towards the end.
With liquidity in the low end this weekend, due to Easter Holidays, it does not look as good for Bitcoin starting in the month of April.
The technical indicators forecast the bearish momentum could continue throughout the first few weeks of April.
The ETH/USD was reported to be priced at $388.75, at standard UTC time of 11:16 AM. Similar to BTC/USD, ETH has seen a fall from $875 to $387, with the end of the month approaching. The resistance levels are at $410 and it seems like there will be a short-term correction at $365.
The heavy selling pressure has led to a downfall well below the resistance level of $410. Ranked at number two in the Cryptocurrency market, ETH needs to establish itself as a competitive digital currency again.
The downward fall has been continuing ever since the currency hit an all-time high of $1377 in January 2018.
The LTC/USD was reported to be priced at $116.84, at standard UTC time of 11:39 AM. Litecoin seems to continue with the fall that started in February. It had a price range of $220 in the beginning of March, falling to a low of $116 on the 30th of March. It sported very good news from all angles from December right till the end of January, with a $366 high point in December 2017
The bearish momentum is to continue, however, as per past data, a dip means significant gains in Litecoin. Litecoin dipped to $102 in December and climbed to $331 within just 15 days. Patience is the name of the game and a major bull run is all you need!
What must be noted, is the abrupt stop of the potential merchant payment processing system, called Litepay. It was to go live by February 26th but it failed to read many warning signs before jumping into action. Hence, by March 5th it sent a mail suspending card registrations.
Litecoin’s founder Charlie Lee apologized for the misstep in a tweet.
“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence in the future.”
This led to potential investors and ongoing clients losing confidence in Litecoin. Litecoin is bound to come up with some interesting news, as they have always done, to recover from their falls. As they say “It ain’t over till it’s over!”
Is it the best time to buy since the prices are at more affordable rates and could have reached their peak point of low? If you buy, be patient and HODL (Hold) on for the long term. According to the analysis, this would be the best bet. Stay tuned to Toshi Times, as we keep you up to date with the volatile cryptocurrency market.
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