VeChain (VEN), Litecoin (LTC) and NEO Price Analysis: The Cryptocurrency Market Is Bleeding

Market Overview

The market is not only bleeding on Tuesday, it is swimming in rough bloody water as well. The week’s trading began with declines on Monday, and it seems the trend will continue pushing the prices down to end of the week. EOS is the biggest loser among the top 10 cryptos, it is trading at $7.6 while it has tanked 11.78% in the last 24 hours. Bitcoin (BTC) has failed to maintain above $6,700 and is correcting lower 1.2%. Ethereum (ETH) is struggling for a support above $490; $500 is far from reach in the short-term. Ripple (XRP), closes the top 3 digital assets by market capitalization with a 3.43% drop while trading at $0.462.

VeChain (VEN) Price Analysis

VeChain price is trading a classic falling wedge pattern, however, a breakout is not in sight in the short-term. Similarly, the negative pressure across the market has not spared the asset. VeChain has dropped over 5% in the last 24 hours. The descending trendline has continued to limit upside movements. Besides, an attempt to attack the critical resistance at $3.00 turned bearish where it broke the support at $2.60.

Both the 50 SMA and the 100 SMA are now offering resistance at $2.60 while upside retracement has been capped at this level. There was another fresh decline initiated on Monday 9, the support at $2.40 gave in, similarly, there is a bearish momentum dominating at the time of writing. VEN/USD must work to keep the support at $2.00 (June 24 low). If it fails to hold, the price could breakdown down further and explore the $1 range.

VEN/USD 2-hour chart

Litecoin (LTC) Price Analysis

Litecoin price has also engaged reverse gears and has lost over 3% of its value on the day. The asset is currently range-bound with the upper limit standing at $88.73 while the lower limit of the range at $72.37. LTC/USD is currently trading at $77 at the time of writing after the short-term support highlighted at $80.00 failed to hold. On the upside, the moving averages on the 2-hour chart will offer resistance above $80.00, The critical level is at the 23.6% Fib retracement level with the previous swing high of $127.7 and a swing low of $72.65.

At the moment, $100 is out of reach, but trading above $90.00 will mean a lot to the battered Bulls. On the flipside, they must also put their best forward to prevent a break below the immediate support at $76.00. Moreover, the stochastic and the RSI are pointing downwards, besides being in the oversold levels.

LTC/USD 2-hour chart

NEO Price Analysis

NEO has embarked on a journey of breaking barriers at the moment. However, the barriers being broken are support zones. Recently NEO price explored the waters downstream below $30.00 before it began reaching out for gasps due to increased selling pressure. Both the 23.6% and the 61.8% Fib retracement levels were major hurdles during the trading last week, although NEO/USD managed to overcome the resistance and even exchanged hands above $42.00.

A reversal ensued bring NEO below $40.00 and the support at $36.00. The buyers are fighting for another short-term support at $34.00. The price is making subtle upside corrections, but selling activity is looming. It is dancing with the 50% Fib retracement level with the last high leg at $42.47 and a low of $27.46 at the time of writing. NEO/USD will encounter more resistance at $36.00, $38.00 and $42.00 (all broken support zones). If the weak support at $34.00 is broke, then the price could sink further and retest the lows below $30.00.

NEO/USD 2-hour chart