-
Cryptocurrency prices plunged to their lowest level in months.
-
This crash happened after the collapse of Silvergate Capital.
-
Silicon Valley Bank’s parent company is at the brisk of collapse.
Cryptocurrency prices dived this week as concerns about technology and high-risk assets continued. Bitcoin plunged below $20,000 while Ethereum, BNB Coin, and Cardano plunged by more than 10% in just a few days. This decline happened after the collapse of Silvergate Capital and the near-death experience of Silicon Valley Bank (SVB). In this article, we will do a prediction for Litecoin, Bitcoin Cash, and Tron.
Litecoin price prediction
Litecoin price has nosedived in the past few weeks. It has fallen in the past five straight days and is now hovering at the lowest level since January 1 of this year. This decline happened after the coin formed a head and shoulders pattern, which is usually a bearish sign.
It managed to move below the neckline of this pattern at $90.12. The coin has moved below all moving averages and the key support at $73.31. Litecoin has also become extremely oversold, with the Relative Strength Index (RSI) and the Stochastic Oscillator dipped. Therefore, the coin will likely continue falling during the weekend.
This decline will depend on the nature of America’s jobs numbers and the performance of Silicon Valley Bank’s parent company, SVB. All indications are that the bank’s shares will continue dipping on Friday. Therefore, we can’t rule out a situation where Litecoin price crashes to about $60.
How to buy Litecoin
Bitcoin Cash price prediction
Bitcoin Cash price was not left behind in the ongoing crypto sell-off. It has dropped in the past five straight days and is now trading at the lowest point since January 11. In all, BCH price has dropped by more than 30% from the highest level this year.
As it dropped, it moved below the key support level at $120.12, the lowest point on February 13. Therefore, like LTC, the coin will continue falling as sellers target the psychological level at $100. The stop-loss of this trade will be at $120.
How to buy BCH
Tron price prediction
Tron price also continued shrinking as it fell to the lowest level since January 12 of this year. This decline came after the coin formed a rising broadening wedge pattern that is shown in black. As it crashed, the TRX price plunged below the key support level at $0.065, the highest level in November.
Tron moved below all moving averages while oscillators have also crashed in the past few days. Therefore, the outlook of the Tron price is still bearish, with the next key support being at $0.0050. However, we cannot rule out a situation where a dead cat bounce happens in the coming days.
