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https://bitcoinworld.co.in/45961-2/

21.07.2023
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“Parabolic” Signal Suggests Litecoin & XRP Will Lead, While Bitcoin & Ethereum Lag

Bitcoin and Ethereum, the dominant forces in the cryptocurrency market, have long been considered the top contenders by market capitalization. However, a “parabolic” high timeframe signal now suggests that Litecoin (LTC) and XRP could soon take the lead, paving the way for a new era in the crypto space.

The absence of the technical tool being triggered in Bitcoin (BTC) and Ethereum (ETH) is indicative that these two giants might trail behind the lower-ranked altcoins. To understand this phenomenon better, let’s delve into the reasons behind this potential market shift.

Cryptocurrencies are famous for their remarkable, parabolic rallies that eventually lead to extreme overvaluations. It is crucial for traders and investors to recognize when these trends are about to change to stay profitable in the ever-changing crypto market.

Enter the Parabolic SAR, a powerful tool designed to identify trend reversals. Created by J. Wells Wilder, Jr., who is renowned for his contributions to technical analysis, this indicator can give traders valuable insights into when a trend is likely to stop and reverse.

Analyzing the 1M timeframe of top crypto assets, including Litecoin, XRP, Bitcoin, and Ethereum, it becomes evident that only LTCUSD and XRPUSD have tagged the Parabolic SAR. This suggests that the downtrend in Litecoin and XRP has come to a halt and might reverse, signaling a potential market leadership shift.

This intriguing development arises from the fact that Litecoin and XRP did not experience dramatic all-time highs in 2021, unlike Bitcoin and Ethereum. This could be one of the contributing factors to the early trigger of the signal in LTC and XRP compared to BTC and ETH.

Another crucial aspect to consider is that LTC and XRP sellers might be more exhausted due to their prolonged drawdown from all-time highs. In 2017, both altcoins significantly outperformed Bitcoin and Ethereum, making the current scenario, though unusual, not entirely implausible.

To trigger the same signal as Litecoin and XRP, Bitcoin’s price (BTCUSD) will need to approach approximately $42,000 per coin, while Ethereum (ETHUSD) will have to surpass the $3,300 mark. These price targets are still some distance away, making Litecoin and XRP’s early signal all the more intriguing.

At this juncture, traders can utilize the Parabolic SAR to set a trailing stop loss by placing a stop loss order at the SAR indicator. By doing so, traders can minimize potential losses and exit positions when the trend is likely to have stopped and reversed.

In conclusion, while Bitcoin and Ethereum have long dominated the cryptocurrency landscape, the “parabolic” high timeframe signal is suggesting a potential shift in market leadership. Litecoin and XRP have shown early indications of trend reversals, opening up exciting possibilities for crypto enthusiasts. As the crypto market continues to evolve, keeping a close eye on technical indicators like the Parabolic SAR can be the key to navigating this dynamic space successfully.

The post appeared first on BitcoinWorld.

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CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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