In a relatively bullish week in the Cryptocurrency markets, a vast majority of Cryptos have seen green across the board signaling a bull market may be in full effect, or is it?
The kingpin, Bitcoin has led the way, surging over 40% in price over the last week and the previous resistance level of $6400 was completely obliterated to take BTC to $8,000.
But how have some of the other Alt-coins performed?
Let’s take a look!
Litecoin Price Analysis – Can LTC break $100?
Litecoin began this week trading around $85 against the US Dollar and a clear attempt by the bulls to push LTC above $99 is proving to be a challenge.
An interesting note to point would be on April 3rd where Litecoin managed to reach $100, however an attempt to close above $90 on the daily timeframe proved short-lived. We have yet to break above and close higher than $95 since then.
Failure to break above resistance could see LTC revisit $82 and then potentially $78.
BAT Price Analysis – BAT Finds Support At $0.35
BAT seems to have found support around the $0.35 region after a run-up in price in the last few weeks following the Brave Team’s announcement to integrate the “Working ads model – This is the featured ability to give BAT tokens to users who opt-in to view ads monthly”
BAT now currently seems to be trading within the channel between $0.28-0.40 however the Cup & Handle pattern which has been forming since November could indicate a bullish pattern forming.
If this pattern proves to be correct then a breakout of this channel could propel BAT back up to the $0.50-0.60 region.
But what is a Cup & Handle pattern formation?
Cup & Handle Pattern – What is it?
A Cup & Handle price pattern is a technical indicator consisting of a drop in price and rise back to its previous peak prior to a breakout.
The pattern can often resemble a cup and handle in the shape of a “U” as highlighted in which the handle usually forms a descending channel in trading action before an increase/breakout in price.