Crypto market analyst Justin Bennett is giving an update on his outlook for Cardano (ADA), Litecoin (LTC), and Polkadot (DOT).
Bitcoin has been selling off gradually since topping out just under $53,000 in early September. Bennett expects lower altcoin prices in the short term as BTC looks for stability.
Starting with Cardano, the strategist tells his 70,800 Twitter followers that ADA is facing resistance at $2.30 after failing to reclaim that level last week.
“Remember how I’ve discussed the significance of $2.30 for $ADA?
Two weeks ago, we got a weekly close below $2.30.
Buyers tried to reclaim the level last week but ultimately failed.
That means $2.30 is still resistance on a weekly closing basis.
It’s that simple.”
After breaking down below $2.20, the smart contract platform has fallen more than 5% to $2.07 at time of writing, according to CoinGecko. Bennett says the $2.00 price tag could be the last line of support before seeing a further breakdown.
“$ADA, potential breakdown of the 4-hour channel I mentioned over the weekend. No retest yet.
$2 is still the must hold level for bulls. Below that, and things probably get ugly.
As for Litecoin (LTC), Bennett expects another leg down to the $105 to $108 range if bulls can’t hold the line at $145.
“$LTC is about to test $145 support again.
A daily close below that opens up the $105 area.
MO of the head and shoulders is $108.”
Finally, Bennett gives his analysis on Polkadot (DOT). Last week, he speculated that DOT could head back down towards $12.50 if the head and shoulder pattern on short-term time frames plays out.
At time of writing, DOT is trading at $26.82, according to CoinGecko, just above the $26 neckline Bennett pointed out.
Notice where $DOT bounced over the weekend. No surprise there.
Looks to be coming in for another retest.
No change to last week's comments. https://t.co/IdP5PF3drM pic.twitter.com/QJx6v54xmT— Justin Bennett (@JustinBennettFX) September 27, 2021
Litecoin price analysis: LTC steps down to $205 as bears pierce through bullish momentum
- Price dropped down to $205.6 level.
- Litecoin price analysis supports the bears.
- Support is still stable at $198.5.
The Litecoin price analysis shows the price is headed down as a downshift in price trend has been recorded today. The bearish strike has impacted the cryptocurrency value as a decrease in price has been observed. The bearish impulse has taken the LTC/USD value down to the $205.6 limit, as bears managed to make an entry amid the recent bullish momentum. So, overall the cryptocurrency has been following a decreasing trend for today.
LTC/USD 1-day price chart: Price takes a turn downwards
The one-day Litecoin price analysis is showing unexpected results for the coin today, as a downward movement has been recorded. The bearish strike has been quite of an impact as the price has moved down to the $205.6 level in the last 24 hours. The price function had been quite stable during the past week as a continuous upwards trend was observed. The moving average indicator (MA) is present at a value of $205.98, just above the price level.
The red candlestick in the 1-day price chart is signaling a decrease in the price of LTC/USD today. The Relative Strength Index (RSI) curve has come down to index 46 because of the bearish intervention. The Bollinger bands’ values have changed during the day as well, and now the upper band is showing a $264 value, and the lower band is showing a $176 value.
Litecoin price analysis: Recent developments and further technical indications
The four hours Litecoin price analysis is predicting a restoration of the upward trend again as the price has started to climb again in the past few hours. Although the LTC/USD has been facing a strict decline earlier today, the price has turned towards the upside in the last eight hours. However, the LTC price is still below the moving average value, which stands at $209.
The volatility has been mild on the 4-hour chart, which is why the Bollinger bands average has not changed much and is present at $207, representing resistance for LTC. Meanwhile, the upper Bollinger band is present at the $217 mark, and the lower Bollinger band is at the $196 mark representing support for LTC. The RSI is trading at index 48 on an upwards slope, hinting at the restoration of buyers’ momentum.
The overall indications for the cryptocurrency are on the bearish side because of the larger trend to be downwards. There are 10 indicators that are standing on the neutral position, 11 indicators are on the selling position, and five indicators on buying position, out of a total of 26 technical indicators available for analysis.
Litecoin price analysis conclusion
The Litecoin price analysis suggests after getting hit by the bears, LTC is regaining the momentum as the price has been traveling upwards during the last few hours. We expect the recovery to follow for a few hours more before facing resistance at the $207 level again.
Litecoin Forecast and Analysis December 1, 2021
LTC/USD are traded at 213.10 and continue to move as part of the correction and the downward channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $15,021,648,366. Moving averages indicate a short-term bearish trend for Litecoin. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a rise in the value of a digital asset and a test of the resistance level near the area of 215.55. Where can we expect a rebound down again and the continuation of the fall in the Litecoin rate with a potential target below the level of 175.05.
Litecoin Forecast and Analysis December 1, 2021
An additional signal in favor of a fall in LTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the downtrend. Cancellation of the coin falling option will be a strong growth in the value of the asset and a breakdown of the 245.05 area. This will indicate a breakdown of the resistance area and a continued rise in the cryptocurrency rate with a potential target above the level of 285.05. With the breakdown of the support area and closing of quotations below the level of 190.55, we should expect confirmation of the development of a bearish trend for Litecoin.
Litecoin Forecast and Analysis December 1, 2021 suggests an attempt to correct and test the resistance area near the level of 215.55. Where can we expect a rebound and continued growth in the LTC/USD price to the area below the level of 175.05. An additional signal in favor of the fall in Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the decline option will be a sharp rise and a breakdown of the 245.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 285.05.
Litecoin price analysis: Bulls rescue price above $212 after a swift upturn
- Price has improved up to $212 mark.
- Litecoin price analysis shows uptrend.
- Support is quite stable at $177.72.
The latest Litecoin price analysis predicts an upward trend for the day as a significant amount of recovery in LTC/USD value was detected. The bullish momentum is on the rise again as the buying pressure is increasing. Today, a successful climb to $212.11 was achieved because of consecutive bullish wins in the past week. Although the market was being led by the bears earlier, today’s trend has been relatively encouraging.
LTC/USD 1-day price chart: Price towers above $212.11 after upward strike
The one-day Litecoin price analysis shows a bullish trend as the market is going in support of the buyers today. The short-term trending line is also moving ascendingly now as the past week has been highly favorable for the bulls. Today, a significant rise in coin value was detected once again as the price reached $212 height. The moving average (MA) value, on the other side, is still at a relatively lower position, i.e., $207.70.
The Bollinger band average has declined up to $225.68 because of the previous downtrend. At the same time, the upper Bollinger band value has shifted to $273.64, while the lower Bollinger band has changed to $177.72. The Relative Strength Index (RSI) graph shows an upward curve with an average score of 48.74.
Litecoin price analysis: LTC value successfully tops $211 resistance after uplift
The bulls have been reigning the market for the past few hours as a consistent uptrend has been observed. The bullish curve marks a definite increasing trend as the price has been uplifted above the $211.25 resistance point. The LTC/USD value is now standing at $212.03 high after a remarkable recovery. If we talk about the moving average value in the one-day price chart, it is settled at the $203.79 position.
The volatility is tremendously rising, which on the opposite, is a negative indication regarding the future trends. The upper Bollinger band is now at $211.25 end, and the lower Bollinger band is present at $185.60 end present. The RSI curve is showing an upgrade in LTC value as well as the score has reached 61.48.
The technical indicators chart for LTC/USD gives a neutral hint regarding the market trends, as a constant variation in price movements has been observed. A total of 10 indicators are on the buying side; nine hands are on the neutral side, while seven are on the selling side.
The Moving Averages Indicator supports the bulls by giving out a buying signal. We can see that five indicators are standing on the selling mark, nine hands are on the buying, and only one indicator is on the neutral mark. The oscillators show a neutral trend once again as eight oscillators are on a neutral position, two oscillators are selling, and one oscillator is on the buying position.
Litecoin price analysis conclusion
The daily and hourly price charts display green candlesticks today as a considerable improvement in LTC/USD value has been detected. The price is now at $212.11, and further recovery can be expected if the buying rate increases. The hourly price prediction is also giving the lead to bulls because of the rapid rise in coin value in the last few hours.