The cryptocurrency market tumbled on 10th June following news of the Conrail hacking. While the hackers only stole about $40 million in tokens, the news seemed to have sparked panic selling that wiped off $42 billion in total crypto market capitalization. As such, this piece will cover the price analysis of digital coins and their reaction to the news.
After declining sharply, Ethereum found support around the $500 level against the US dollar. The coin’s price traded as low as $503.04 before forming a short-term support. Later, it formed an upside correction thus trading above the $515 level. Additionally, there was a break above the 23.6% Fib retracement level of the last downtrend from the $565 swing high.
On Monday 11th June, EOS’ price was down by 1.7%, somewhat stabilizing after the flood of selling that was seen during the weekend. Further, the coin’s price reduced by 30%. EOS is among the major digital coins that have been affected the most by the bear market dominance. The price fell from $14.85 to just above $10. Technically, this price trend may suggest that another dip is due given the narrowing in price action witnessed during Monday’s session.
Litecoin’s price experienced a major downside move that was initiated from well above the $118 level against the US dollar. Moreover, the pair declined sharply and broke key support levels such as $115 and $110. According to the daily chart, the coin’s price is in a bearish zone just below the $110 support and almost traded below the $100 level.
The third largest coin by market capitalization is currently changing hands at $0.5875, down about 2% since the beginning of today. However, the coin’s traders and investors seem to be unmoved by the decline since they continue to demonstrate strong support for the platform. Most commentators emphasized its technology that is very different from the majority of digital assets. Thus one of the main reasons traders see a bright future for the coin.
Based on this price analysis, do you think Conrail’s hacking is the main reasons that may have caused the recent market dip?
Let us know what you think by sharing your views in the comment section below