It’s Tuesday and Cryptocurrency markets are finally waking up! Ethereum, XRP, Litecoin and Cardano are leading the bull rally right now with close to 5% gain in the past 24 hours! Let’s take a look at some of our favorite cryptocurrencies and see what today has in store for us.
LITECOIN PRICE ANALYSIS (LTC/USD)
In today’s hourly chart, the LTC/USD pair has recorded bullish performance; the formation of ascending channels reflected the uptrend. This shows that the bulls have picked up their strength and are dominating the momentum. Besides, bullish moves were also encountered at several instances, starting with the resistance level being escalated upwards from $71.0000 to $73.0133. The pair’s price also fluctuated upside from the opening price of $70.7249 to the current rate of $72.8800 that signals an increase in buying pressure. That foreshadows an increase in investor’s sentiment in the near term.
In terms of technical indicators, the short-term SMA is now gravitating above the long-term SMA that suggests an upside move. The RSI is currently trading near the positive zone that indicates a bullish outlook. Higher price levels should be anticipated.
LITECOIN PRICE PREDICTION (LTC/USD)
If the pair’s price moves above the upper channel that is at $73.661, a further upside correction near $80.000 and $81.000 may be seen. However, a break below the lower channel might be a turnaround for the upside rally that could be followed by a decline near $69.0000.
LEOCOIN PRICE ANALYSIS (LEO/USD)
The LEO/USD pair on an hourly chart saw a long-term period of consolidation between critical support level $1.0807 and resistance level $1.0866. There seemed to be no much activity going on from 08:00 to 05:00. That was also accompanied by the repeated appearance of a Doji candle that confirmed indecision in the market.
At around 06:00 a bullish engulfing candle was seen, that breached $1.0866 and moved the price up to a high of $1.0991. That may lead to further upside correction in the near term. Looking at the technical indicators, moving averages are giving a bullish outlook, with the short-term SMA above the long-term SMA. The RSI is currently above the overbought zone that signals further upbeat performance; thus an increase in buyouts.
LEOCOIN PRICE PREDICTION (LEO/USD)
Since almost all the indicators are foreshadowing a bullish outlook, investors should go long and take profit near $1.1500 and 1.1600.
CHAINLINK PRICE ANALYSIS (LINK/USD)
LINK/USD on the other side, has recorded a bearish outlook over the last 24hrs. The pair’s price failed to break past the healthy resistance level $1.6052. However, it faced an intense selling pressure that fluctuated the price down to a low of $1.5445. Afterward, at around 13:00 to 20:00 a short-term period of consolidation was seen above the significant support level near $1.5513 that was followed by a slight gain that moved the support level to $1.5616.
Additionally, the LINK/USD pair is down by 1.9% over the intraday, having escalated from $1.6052 to now trading at $1.5755. Besides, this also showed a decrease in investor’s sentiments. Conversely, there is hope for a better future since at the press time; most indicators are giving a favorable scenario. The RSI is seen climbing towards the positive area, and the moving averages have turned from indicating a bearish sign to bullish sign.
CHAINLINK PRICE PREDICTION (LINK/USD)
If the bulls polish up there strategy and succeed in moving the price above the resistance level $1.6150 then further upside correction near $1.7000 and 1.7500 should be expected.