Technical Analysis Major cryptocurrencies (Lisk, Ripple) (May 31st)

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The bear is still casting a shadow over the crypto market

1/ XRPUSD

The Ripple price had experienced a wild fall-down and then immediately ticked up in order to work on the Right Shoulder formation, as was mentioned in our previous analysis. We still anticipate that the second right shoulder will soon be shaped, which means another tick-down for the cryptocurrency price. The Ripple price is expected to slide down to the level of $0.58 before a bounce-back happens. Yet, traders should pay close attention to the key level of $0.58, because some traders will be trapped within the FUD period (fear of uncertainty and doubt), and thus they could contribute to the slide-down of the cryptocurrency price. The Ripple price then will tumble further from $0.58 instead of bouncing back so as to shape the Right Shoulder pattern.

2/ LSKUSD


LSKUSD, D1, 31052018

In chart D1, Flag pattern was formed, when the Lisk price had experienced short-lived rally after steep and strong bearish trend. The cryptocurrency price has fallen below the lower trend line of the pattern and currently slides down 37% lower than the breakout point, confirming the downward breakout. We anticipate that there are few positive signals for the cryptocurrency price and the level of $2 will be the temporary destination for Lisk price.

Written by nami.today

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