This week there was a strong market crash that affected the price of most cryptocurrencies on the market. Let’s check how this has impacted our portfolio:
As you can see from the table, the volume of our portfolio has decreased by $4,000 or by 6.6% in 7 days and is now $57,387. The general market decrease affected absolutely all assets and they showed a downward trend. We’ve warned that such a development is very likely and our words turned out to be prophetic.
Litecoin‘s price lost the least of all after the falling and its chart remained practically unchanged, declining by only 0.57%. However, before that, its price was able to grow by 25% and reached the $240 mark. As a result of the general fall on the market, the chart dropped below the uptrend again and stopped near the support level of $180. The chart bounced off its support with a high likelihood of a new growth to the $200 — $210 range.
Bitcoin lost 6.54% over the week and fell back to $46,000. However, its fall was much stronger on Tuesday—the price fell by almost 20%, but buyers were able to return the price to the current values. The current situation on the chart looks uncertain. There is a high likelihood of a new decline in the $42,000 — $43,000 range. But after that, great opportunities will open up for new big growth.
Next came Ethereum, the price of which fell by almost 7% over the week. The chart spent most of the time above $4,000 trying to gain a foothold above that level. However, the collapse prevented this. The asset is moving near the border of the ascending trend now and it introduces uncertainty. This is also indicated by numerous indicators that have declined to the midline. Based on this, it is still difficult to make predictions. It is necessary to wait a few days.
CRPT settled in 4th place this time with an unrealized loss of 8.17%. This fall led to the fact that the indicators significantly decreased, and some of them went into the oversold zone. This is a good sign for the CRPT. Since the beginning of August, the coin has begun to form an uptrend, which is in its infancy. That is why now is a great time to buy a CRPT in the medium term. Most likely, in the next 7 days, we will not see strong movements and the chart will form a reversal pattern, during which the first target will be the $0.20 level.
The leader of the fall this time was XRP, which fell 11.29%. Now the chart is near the local support level at $1.10. The situation for the coin looks negative. This is compounded by problems with the SEC, which have turned against the company. The asset’s chart is in an expanding triangle, which may lead to a new decline in the $0.90 – $0.93 area.
Despite the fact that all the coins from our portfolio fell this time, we will not be rebalancing. Each asset occupies an admissible share in the portfolio and therefore it makes no sense to change its structure this time.
After the crash, the cryptocurrency market experienced uncertainty and negative sentiment. Now any news can move the charts both up and down. At the same time, the likelihood of a further fall remains, which may become the final one before a new wave of growth.