Get the best parts of DailyFX.com in the new DailyFX App Fundamental analysis and financial markets. – Little rebound seen in major cryptocurrencies after recent heavy losses.
– Ripple and Litecoin may struggle to make any headway on ominous charts. IG Client Sentimentshows how clients are currently positioned in Ripple and Litecoin and how sentiment has changed over the last week.
The cryptocurrency downtrend remains in place with little or no recovery seen after the latest double-digit sell-off. Tokens that would normally see either short-covering or renewed bullish interest at lower levels are refusing to move significantly higher, leaving the market at risk of further sell-offs.
Ripple and Litecoin, the third-and sixth-largest cryptocurrencies by market capitalization continue to trade with a negative bias with both under all three moving averages – 20-, 50- and 200-day – and recent support levels. Client positioning shows retail remain heavily long of both tokens despite their recent falls. Read more from dailyfx.com…
thumbnail courtesy of dailyfx.com