The cryptocurrency market posted a minor recovery in the last several hours, and this situation also supports the price of Ethereum, Litecoin, and Cardano. Bitcoin is trading again above the $33,000 level, but traders should consider that the risk of another decline is not over.
Investors remain concerned that it may take a long time for prices to see any more significant recovery, and probably it is not the best moment for investing in Ethereum ETH/USD, Litecoin LTC/USD, and Cardano ADA/USD. If the price of Bitcoin falls below the $30000 support level, it would be a firm “sell” signal, and this would add further pressure to the whole cryptocurrency market.
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“When investing in cryptocurrency, it’s important to remember that volatility is the name of the game. Volatility is magnified, on the upside and downside, by the fact that the price is driven heavily by trader sentiment, and traders can quickly swing from rabid optimism to gloom and doom,” said analyst James Royal from Bankrate.com.
JPMorgan Chase, the largest U.S. bank, also expects more downside for the crypto market and lowered its target on Bitcoin to $23000. The cryptocurrency market is tracing the path of the 2018 bear market, and Guggenheim’s Scott Minerd said last week that $10,000 could be Bitcoin’s “worst-case” scenario.
Ethereum (ETH) continues to trade below $2000
Ethereum has weakened from $2890 to $1700 in less than three weeks, and the current price stands around $1840.
If the price falls below $1500 support, it would be a firm “sell” signal, and the next target could be around $1300. The risk of further declines is probably not over, but if the price jumps above $2300, we have the open way to $2500.
Litecoin remains under pressure
Litecoin has weakened from $413 below $110 since the 10th of May, and the current price stands around $127.
There are some obvious risks when it comes to buying Litecoin this July, and if the price falls below $100 support, it will probably reach the $75 level soon.
Cardano (ADA) has found strong support above $1
Cardano (ADA) has collapsed from the recent highs, and according to technical analysis, the price of this cryptocurrency could fall even more in the upcoming days.
If the price falls again below $1 support, it would be a firm “sell” signal, and the next target could be around $0.8 or even below.
Summary
The cryptocurrency market posted a minor recovery in the last several hours, but investors remain concerned that it may take a long time for prices to see any more significant recovery. JPMorgan Chase, the largest U.S. bank, expects more downside for the crypto market, and probably it is not the best moment for investing in Ethereum, Litecoin, and Cardano.
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