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Altcoins showing a bearish trend Following the downtrend of flagship Bitcoin (BTC)

The flagship coin, Bitcoin (BTC) was performing well in the crypto market. But in recent hours has shown a massive decrease in its value and is still showing a bearish trend. This is prompted the other altcoins also to rake downside correction in the crypto market. In this article, we will discuss the three altcoins that followed the footprints of the flagship coin, and currently having bloodbath with extensive price losses. 

  1. Ethereum (ETH)

As of writing this article, Ethereum (ETH) was trading at $233.78 against the United States Dollar (USD). The market cap of the coin was $24,749,277,468 United States Dollar (USD) and the 24 hours trading volume was $16,302,081,823 United States Dollar (USD).

When Bitcoin (BTC) was showing a parabolic run, it marked a large ascending triangle on the daily charts and then the value of Bitcoin (BTC) suddenly skyrocketed but after days of massive surge bitcoin is about to hit the low of $6300 or so. Ethereum (ETH) was also showing a similar kind of ascending triangle on its daily charts. So, it can be possible that the price of Etherum (ETH) can also crater soon.

 

  1. LITECOIN (LTC)

As of writing this article, Litecoin (LTC) was trading at $87.73 against the United States Dollar (USD). The market cap of the coin was $5,423,040,408 United States Dollar (USD) and the 24 hours trading volume was $5,617,171,094 United States Dollar (USD). Litecoin (LTC) is also following Bitcoin (BTC) to establish an ascending triangle and it has been showing on its daily charts for a long time now. The below chart shows the inverse head and shoulders pattern clearly. This is a really good sign and a surge in Litecoin (LTC) can be expected soon.

  1. EOS

The third coin showing signs like Bitcoin (BTC) is EOS. As of writing, this article EOS was trading at $5.91 against the United States Dollar (USD). The market cap of the coin was $5,385,435,272 United States Dollar (USD) and the 24 hours trading volume was $3,826,825,310 United States Dollar (USD). The coin is also showing the inverse head and shoulder pattern like the Litecoin (LTC) through the time since which it is showing this pattern is small as compared to Litecoin (LTC). Still, the coin is on the path of flagship coin Bitcoin (BTC) with a similar surge and decline.

About Ritika Sharma

Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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