September started with a sense of optimism but met with a bearish pullback on the second day as the $12,000 price level has eluded Bitcoin as it lost significant ground against the USD. This, in turn, triggered a significant sell-off of major altcoins.
Ripple [XRP]:
XRP’s attempt to resume uptrend after reaching a crucial resistance point $0.294 was cut short as the bulls encountered extensive selling pressure. The coin slid back to the fourth position after a decline of 9.04% over the last 24-hours pulling its value to $0.272 as it held a market cap of $12.24 billion and a 24-hour trading volume of $1.793 billion.
The shift in the momentum was noted by Awesome Oscillator which depicted the bars turning red after the correction. Chaikin Money Flow was also in the bearish territory which indicated an outflow of capital from the coin market.
Should this level break, XRP’s $0.260 remains critical support.
Bitcoin Cash [BCH]
Bitcoin Cash [BCH] sustained 9.41% losses over the past day causing a price drop to $262.45 while recording a 24-hour trading volume of a $1.9 billion and a market cap of $4.857 billion.
With the bears aggressively defending the resistance level of $292, an upside break does not seem likely in the near future. This was also depicted by the Klinger Oscillator and MACD which underwent a bearish crossover and signs of trend reversal appeared bleak.
If the BCH/USD pair fails to rebound the current trading levels, it could sink close to its immediate support at $222-price level.
Litecoin [LTC]
Despite declining by 8.52% over the past 24-hours, Litecoin [LTC] have managed to retain its price above the $53 support level. At the time of writing, the coin was valued at $57.38 with a market cap of $3.75 billion and a 24-hour trading volume of $2.706 billion.
An upsurge to its overhead resistance level of $62 was severely resisted by the dotted markers of Parabolic SAR which continued to remain aligned above the LTC candlesticks. An increasing sentiment of sell-off was evidenced by the RSI which dropped below the 50-median neutral line.
