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Litecoin and One Under-the-Radar Altcoin Could Be Carving Out Bottoms, Says Crypto Analyst Michaël van de Poppe

Popular crypto strategist and trader Michaël van de Poppe is looking at two altcoins that he says are potentially flashing reversal signals. In a new strategy session, Van de Poppe tells his 149,000 YouTube subscribers that Litecoin could be forming a bullish higher-low setup against Bitcoin (LTC/BTC) at 0.0033 BTC or $190.38. “Even Litecoin might […]

The post Litecoin and One Under-the-Radar Altcoin Could Be Carving Out Bottoms, Says Crypto Analyst Michaël van de Poppe appeared first on The Daily Hodl.

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Will Litecoin Repeat Its 2017 Bull Cycle? Crypto Exchange Kraken Says LTC Seeing Unprecedented Demand and Network Activity

Digital asset exchange Kraken is looking at the on-chain metrics of Litecoin to determine whether the peer-to-peer payments network can duplicate its 2017 bull market performance. In a new report, Kraken highlights that in December 2017, Litecoin (LTC) surged 638% in just 30 days from $50 to $369. According to Kraken, LTC is flashing on-chain […]

The post Will Litecoin Repeat Its 2017 Bull Cycle? Crypto Exchange Kraken Says LTC Seeing Unprecedented Demand and Network Activity appeared first on The Daily Hodl.

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Study Finds Most Popular Cryptocurrencies With Russian Social Media Users

Study Finds Most Popular Cryptocurrencies With Russian Social Media UsersIn a year with rising crypto prices, online chatter devoted to cryptocurrencies has increased significantly. Research carried out on Russian social media has identified the most talked about coins and it’s not just bitcoin on people’s minds. Experts List Most Mentioned Cryptos on Russian Social Media Brand Analytics, a company specializing in media monitoring in […]

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Report Shows Ethereum, Litecoin, Solana ETPs Outperformed Bitcoin Investment Products in November

Report Shows Ethereum, Litecoin, Solana ETPs Outperformed Bitcoin Investment Products in NovemberCryptocompare, the firm that provides institutional and retail investors with real-time and historical cryptocurrency data, has published the firm’s November 2021 Digital Asset Management Review. The report covers crypto exchange-traded products (ETPs), and recent findings show alternative crypto asset investment products are outperforming Bitcoin ETPs. Ethereum-Based Investment Product Trade Volumes Increase Every month Cryptocompare publishes […]

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Litecoin and an Ethereum Rival Outperformed Bitcoin-Based Investment Products in November, According to Crypto Data Firm

Bitcoin (BTC)-based investment products are facing strong competition from altcoin-based products, according to cryptocurrency data company CryptoCompare. The crypto data firm says in a new report that the investment products based on Litecoin (LTC) and smart contract blockchain Solana (SOL) had better returns than those based on BTC over the 30-day period leading to November […]

The post Litecoin and an Ethereum Rival Outperformed Bitcoin-Based Investment Products in November, According to Crypto Data Firm appeared first on The Daily Hodl.

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Crypto Trader Michaël van de Poppe Updates Outlook on Ethereum, Cardano and Four Additional Altcoins, Predicts Short-Term Bounce for Bitcoin

Popular crypto strategist and trader Michaël van de Poppe is weighing in after most of the cryptocurrency markets took a tumble this week. The crypto analyst tells his 493,000 Twitter followers that he is looking at price ranges of interest for Bitcoin (BTC), Ethereum (ETH), and several popular altcoins. Van de Poppe thinks “we’re in […]

The post Crypto Trader Michaël van de Poppe Updates Outlook on Ethereum, Cardano and Four Additional Altcoins, Predicts Short-Term Bounce for Bitcoin appeared first on The Daily Hodl.

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Litecoin grapples with ‘double top’ risks after LTC price rallies 37% in November

The classic bearish setup projects Litecoin price potentially falling to $200 in the coming sessions.

A 37% November price rally in Litecoin (LTC) risks exhaustion as the "silver cryptocurrency" hints at forming a Double Top chart pattern.

The classic bearish reversal setup appears when the price forms two consecutive peaks of almost the same height, with each upside move meeting with a strong correction towards a common support level, called the "neckline."

Typically, the price breaks below the support and falls by as much as the maximum height between the Double Top's peak and neckline.

So it appears, Litecoin is halfway through forming a Double Top pattern, as shown in the chart below.

LTC/USD four-hour price chart featuring 'Double Top' pattern. Source: TradingView

In detail, the LTC price peaked out on Nov. 10 near $295.50 — the first top — before correcting lower towards the neckline support of around $249. That followed up with a rebound to $280 — the second top, eventually attracting profit-takers to cause a minor correction, which is still underway.

Litecoin would need to extend its selloff to retest the neckline. Meanwhile, breaking below the support level would activate the Double Top breakout setup, with the profit target sitting near $200.

The Bitcoin correlation

Litecoin's bearish reversal pattern emerges when inflation in the U.S. has surged to a three-decade high, prompting investors to seek hedge across various financial instruments.

For instance, the most actively traded gold futures lately posted to its best week in six months, jumping 2.9% to $1,868.50 per troy ounce, after the U.S. Labor Department reported an increase in the consumer price index (CPI) by 6.2% year-over-year. That marked the fifth-straight month of inflation above 5%.

Many investors/traders turned to Bitcoin after perceiving it as a safety net against rising inflation, noted Wilfred Daye, head of Securitize Capital, the asset-management arm of Securitize Inc., admitting that people have picked the cryptocurrency as a hedge despite its concerning price volatility.

“We don’t have long enough history to assert Bitcoin is indeed an inflation hedge,” Daye said, adding:

“I would argue that gold is a better inflation hedge still. But Bitcoin as an inflation hedge is a new sexy concept -- people love new ideas."

Bitcoin's growth has also helped altcoins rise in tandem thanks to its broader influence across the crypto market. Litecoin has been one of the beneficiaries of the rally, with its one-year correlation efficiency with Bitcoin standing at 0.71 above zero, per data collected from Crypto Watch.

LTC/USD versus BTC/USD four-hour price chart. Source: TradingView

As a result, concerns over persistently higher inflation have acted as a tailwind for Litecoin gains through Bitcoin. That could somewhat play spoilers for the bearish Double Top setup presented above — and validate a bullish pattern that has been active since last weekend.

Litecoin "Bull Pennant" puts LTC target at $350

Dubbed Bull Pennant, the bullish continuation pattern appears when the price consolidates sideways inside a Triangle-structure after a strong rally upward. Traders confirm a bullish breakout when the price breaks above the Triangle's upper trendline with strong volumes.

Related: Litecoin hits 6-month high as LTC price soars 20% in 24 hours

In doing so, they eye the level at length equal to the height of the previous uptrend (aka Flagpole) as their profit target. As a result, Litecoin's price eyes an extended upside move towards $350, as shown via the setup in the chart below.

LTC/USD four-hour price chart featuring Bull Pennant setup. Source: TradingView

Meanwhile, failing to have a decisively bullish follow-through risk activating the Double Top setup. That brings the "multi-month ascending trendline support" in the picture as the next downside target should there be a bearish breakdown move; coincidentally, the target is also near $200.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Top 5 cryptocurrencies to watch this week: BTC, LTC, LINK, VET, AXS

From a bird’s-eye-view, BTC is still in an uptrend and a bounce off the $62,000 support could provide the signal for LTC, LINK, VET and AXS to move higher.

Bitcoin’s (BTC) bullish sentiment received a minor setback on Nov. 12 afte the Securities and Exchange Commission (SEC) rejected VanEck’s Bitcoin exchange-traded product that planned to track Bitcoin’s spot price.

However, this negative development was followed by the successful activation of the Taproot soft fork on November 13. Bitcoin developer Hampus Sjöberg, who runs a Taproot dedicated website, told Cointelegraph that the “greatest win” was that Taproot showed that Bitcoin could do network upgrades and that was important for the longevity of the network.

Crypto market data daily view. Source: Coin360

Analysts from Decentrader also pointed out that Bitcoin’s last major upgrade was the implementation of Segwit in August 2017 and this was followed by a sharp rally from $4,000 to $20,000 in four months.

Could Bitcoin repeat its previous bullish performance following the Taproot upgrade and pull altcoins higher? Let’s study the charts of the top-5 cryptocurrencies that may resume the uptrend in the next few days.

BTC/USDT

Bitcoin has pulled back to the 20-day exponential moving average ($62,954), which is an important support to keep an eye on. Traders generally buy the dip to the 20-day EMA in a strong uptrend.

BTC/USDT daily chart. Source: TradingView

The upsloping moving averages indicate that buyers have the upper hand but the negative divergence on the relative strength index (RSI) warns that the bullish momentum may be weakening.

If the price rebounds off the 20-day EMA, the bulls will try to push the price above the all-time high at $69,000 and resume the uptrend. The BTC/USDT pair could then rally to $75,000.

Alternatively, a break and close below the 20-day EMA will indicate that traders may be rushing to the exit. The pair could then drop to the 50-day simple moving average ($57,938). A break below this support could signal the start of a deeper correction to $52,920.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair is consolidating between $60,000 and $67,000. Although the bulls pushed the price above the resistance of the range, they could not sustain the higher levels. The pair has again dipped back into the range.

The 20-EMA is sloping down marginally and the RSI is just below the midpoint, suggesting that the price may gradually drift down to $60,000. A strong bounce off this level could extend the range-bound action for some more time but a break below it could signal a trend change.

Alternatively, if the price turns up from the current level, the bulls may challenge the overhead resistance zone at $67,000 to $69,000.

LTC/USDT

Litecoin (LTC) completed a rounding bottom formation when it broke and closed above the overhead resistance at $225.30. The price quickly picked up momentum and rose to the psychological barrier at $300 where the bears mounted a stiff resistance.

LTC/USDT daily chart. Source: TradingView

The altcoin has been correcting for the past few days but the 20-day EMA ($224) has started to turn up and the RSI is just below the overbought zone, indicating that bulls have the upper hand. If the price turns up from the current level or rebounds off $225.30, the buyers will attempt to resume the uptrend.

A break and close above $300 could open the doors for a further rally to $340. The bears are likely to have other plans as they will try to pull and sustain the price below the breakout level at $225.30. If they can pull it off, the LTC/USDT pair may drop to the 50-day SMA ($192).

LTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair is trading inside a falling wedge pattern. The 20-EMA has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand.

This equilibrium could tilt in favor of the bulls if they push and sustain the price above the wedge. The pair could then rise to $280 and later to $295.70. This level may act as a stiff resistance but if bulls overcome this hurdle, the pair could rally to the target objective at $302.10.

Alternatively, if the price breaks below the 50-SMA, the selling could intensify and the pair may drop to the strong support at $225.30.

LINK/USDT

The bulls drove Chainlink (LINK) above the overhead resistance at $35.23 on Nov. 9, 10 and 11 but could not sustain the price above it. This suggests that bears are defending this level with vigor.

LINK/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is above 55, suggesting that bulls have a slight edge. If the price rebounds off the 20-day EMA ($32.27), the buyers will make another attempt to clear the overhead hurdle.

If they manage to do that, the LINK/USDT pair could signal the start of a new uptrend. The first target on the upside is $42.50 and then $47.50. This bullish view will be negated if the price breaks below the 20-day EMA. Such a move could pull the price down to the 50-day SMA ($28.83).

LINK/USDT 4-hour chart. Source: TradingView

The pair has been rising inside an ascending channel for the past few days. The bulls attempted to push the price above the channel on Nov. 10 but failed. This may have prompted profit-booking by the bulls and shorting by the aggressive bears.

The price could now drop to the support line of the channel where buying may emerge. A strong rebound off this support will suggest that bulls continue to buy at lower levels. The pair may then continue to move up inside the channel. A break and close below the channel will signal a possible change in trend.

Related: Bitcoin sets up nail-biting weekly close after Taproot goes live

VET/USDT

VeChain (VET) broke above the stiff overhead resistance at $0.15 on Nov. 4, indicating that bulls had overpowered the bears. The price has dipped back to the breakout level and the bears are attempting to pull the price below it and trap the aggressive bulls.

VET/USDT daily chart. Source: TradingView

The 20-day EMA ($0.15) is sloping up and the RSI is in the positive territory, indicating a minor advantage to the bulls. If the price rebounds off the current level, the bulls will try to push the VET/USDT pair above $0.19 and resume the up-move. The pair could then rally to $0.24.

Contrary to this assumption, if the price breaks and sustains below $0.15, it will suggest that markets have rejected the higher levels. The pair could then drop to the 50-day SMA ($0.12) and later to $0.10.

VET/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that bulls pushed the price above the resistance line of the ascending channel pattern but they could not build upon this advantage. This indicates that demand dries up at higher levels.

The price has again dipped back into the channel and the moving averages have completed a bearish crossover. This suggests that the pair could gradually slide to the support line of the channel.

A strong rebound off the support line could keep the uptrend intact and the price may continue to trade inside the channel. The bears will have to pull and sustain the price below the channel to gain the upper hand.

AXS/USDT

Axie Infinity (AXS) is correcting in an uptrend and has been trading inside an ascending channel pattern for the past few days. The price has dipped to the 20-day EMA ($141) where the bulls are trying to arrest the decline.

AXS/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI has dropped near the midpoint, suggesting that buyers may be losing their grip. A break below the 20-day EMA could pull the price to the support line of this channel.

The buyers are expected to defend this level aggressively. If the price rebounds off the support line, it will suggest that the up-move remains intact. The AXS/USDT pair will then try to rise to the all-time high at $166.09.

A break and close above the all-time high could clear the path for a possible rally to the resistance line of the channel at $183. This positive view will invalidate on a break and close below the ascending channel.

AXS/USDT 4-hour chart. Source: TradingView

The pair has been consolidating between $166.09 and $131.18. The price has been trading below the 20-EMA on the 4-hour chart, indicating that bears are defending this resistance aggressively. This increases the possibility of a drop to the support of the range at $131.18.

If the price rebounds off this support, it will suggest that bulls continue to accumulate at lower levels. The pair may then extend its range-bound action for a few more days.

Conversely, a break and close below $131.18 could signal a possible change in the short-term trend. The pair may then drop to the $115 to $120 support zone. If this zone also cracks, the decline could extend to the psychological support at $100.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Analytics Firm Santiment Warns Litecoin Is in a Danger Zone After Price Spike

Crypto analytics firm Santiment thinks that Litecoin’s quick run-up to new local highs is putting the asset in treacherous trading territory. In a new Litecoin (LTC) market update, Santiment is pointing to a few useful metrics for tracking Litecoin’s price action and gauging the network’s overall health. The analytics firm notes that Litecoin is in […]

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NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

AMC Officially Begins Accepting Bitcoin, Ethereum, and These Popular Altcoins for Payment

Movie theater giant AMC is finally accepting Bitcoin (BTC), Ethereum (ETH) and other cryptos as forms of payment after months of anticipation. AMC CEO Adam Aron took to Twitter this morning to announce the news. Big newsflash! As promised, many new ways NOW to pay online at AMC.  We proudly now accept: drumroll, please… Bitcoin, […]

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NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X