A widely followed crypto strategist believes that Litecoin (LTC) could be close to igniting a strong uptrend leading up to its third halving. Analyst Michaël van de Poppe tells his 657,300 Twitter followers that the next few days could be crucial for the price action of Litecoin. According to the crypto trader, Litecoin must take […]
The post Popular Analyst Says Litecoin (LTC) Halving Rally Now in the Cards – Here’s His Outlook appeared first on The Daily Hodl.
A popular crypto trader is weighing in on the prospects of Litecoin (LTC), Bitcoin (BTC) and Ethereum (ETH) moving forward. Starting with Litecoin, the pseudonymous analyst Bluntz tells his 223,000 Twitter followers that the 14th-largest crypto asset by market cap is consolidating in readiness for what could be a breakout. According to Bluntz, the upcoming […]
The post Top Crypto Analyst Says One Catalyst Will Keep Litecoin ‘Propped Up’, Updates Outlook on Bitcoin and Ethereum appeared first on The Daily Hodl.
The recovery in the U.S. stock market seems to have acted as a catalyst for the relief rally in Bitcoin and select altcoins.
Bitcoin remains pinned below $27,000, and the recent weakness of the past few days has increased calls from analysts for a fall to the low $20,000 levels. While anything is possible, the bulls are unlikely to give up the $25,000 support without putting up a fight.
Glassnode’s lead on-chain analyst Checkmate said in his comments on May 24 that the sell-side risk ratio metric suggests that “sellers are exhausted on both sides,” and that indicates big moves “are coming.” The last time the sell-side risk ratio was this low was in late 2015, which started the bull run that reached $20,000 in December 2017.
Another short-term positive is that market observers expect a debt ceiling deal to be reached, and that boosted the price of the United States equities markets on May 26. If the risk-on sentiment sustains, it could increase demand for Bitcoin (BTC) and select altcoins.
What are the crucial resistance levels in Bitcoin and the major altcoins that need to be crossed for a sustained recovery to begin? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin bounced off $25,871 on May 25, close to the strong support zone of $25,811 to $25,250. The bulls will try to push the price to the 20-day exponential moving average (EMA) of $27,173.
This level may again attract strong selling by the bears. If the price turns down from the 20-day EMA, it will signal a negative sentiment where the bears are selling on rallies.
The crucial level to watch on the downside is $25,250. The bulls are expected to defend this support with all their might because if this level crumbles, the BTC/USDT pair may fall to $24,000 and eventually to $20,000.
On the contrary, if bulls pierce the overhead resistance at the 20-day EMA, the pair could rise to the resistance line. Buyers will have to overcome this barrier to indicate that the correction may be over.
Ether (ETH) has been trading inside a falling wedge pattern for the past several days. The bears tried to sink the price to the support line of the wedge on May 25, but the bulls aggressively purchased the dip, as seen from the long tail on the candlestick.
The bulls are trying to nudge and sustain the price above the 20-day EMA ($1,829). If they succeed, the ETH/USDT pair could rise to the resistance line. This is an important level to keep an eye on because a break above it will increase the possibility of a rally to $2,000.
If the price turns down from the current level or the resistance line, it will suggest that bears remain active at higher levels. That could keep the pair stuck inside the wedge for a few more days.
BNB (BNB) descended near the horizontal support of $300 on May 26, but the long tail on the candlestick shows buying by the bulls.
The 20-day EMA ($311) remains the key resistance level to watch out for on the upside. If the price once again turns down from this level, it will increase the likelihood of a break below $300. If this level gives way, the BNB/USDT pair could slide to the support line of the descending channel pattern.
Contrarily, if the price turns up and breaks above the 20-day EMA, it will suggest solid demand at lower levels. The pair could then attempt a rally to the resistance line. Buyers will have to clear this hurdle to signal the start of a rally to $350.
The bears pulled XRP (XRP) below the 20-day EMA ($0.45) on May 24 and 25, but they could not sustain the lower levels. This shows that the sentiment has turned positive and traders are buying the dips to the 20-day EMA.
The price remains stuck between the moving averages, indicating indecision among the bulls and the bears. A break and close above the 50-day simple moving average (SMA) at $0.47 will tilt the advantage in favor of the bulls. The XRP/USDT pair could then start its northward march to $0.54 and subsequently to $0.58.
Alternatively, if the price breaks and sustains below the 20-day EMA, it will indicate that bears are back in the game. The pair could then drop to the crucial support at $0.40.
Cardano (ADA) is witnessing a tough tussle between the bulls and the bears near the uptrend line. The bears are trying to sink the price below the uptrend line, but the bulls are fiercely defending the level.
The downsloping 20-day EMA ($0.37) and the relative strength index near 42 indicate that bears have the upper hand. Sellers will have to tug the price below $0.35 to start the next leg of the downward move to $0.30.
If bulls want to seize control, they will have to shove and sustain the ADA/USDT pair above the moving averages. That will open the doors for a possible rally to the overhead resistance at $0.44, where the bears may again mount a strong defense.
The bears pulled Dogecoin (DOGE) below the $0.07 support on May 25, but the long tail on the candlestick shows that the bulls are trying to protect the level.
The bulls will have to maintain their buying pressure and kick the price above the 20-day EMA ($0.07) if they want to prevent another assault by the bears. There is another hurdle at $0.08, but if that is crossed, the DOGE/USDT pair may start its journey to $0.10.
Instead, if the price turns down from the current level or the 20-day EMA, it will suggest that bears are selling on every minor rally. That will increase the likelihood of a break below $0.07, and the pair may slump to $0.06.
Polygon (MATIC) turned down from the 20-day EMA ($0.89) on May 25, but the bears could not sustain the lower levels. Strong buying by the bulls sent the price above the 20-day EMA on May 26.
Buyers tried to extend the relief rally above the 50-day SMA ($0.98), but the long wick on the day’s candlestick shows that bears are active at higher levels. If buyers can flip the 20-day EMA into support, the MATIC/USDT pair may again try to reach the downtrend line.
On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest that supply exceeds demand. The pair could then drop to the vital support at $0.82. If this level gives way, a drop to $0.69 cannot be ruled out.
Related: Bitcoin reaches ‘decision point’ — 4 BTC price metrics to watch
The bulls managed to protect the $18.70 support on May 24 and 25, but they could not start a strong relief rally in Solana (SOL). That indicates a lack of demand at higher levels.
Time is running out for the bulls. If they do not start a recovery quickly, the bears will try to strengthen their position further by yanking the price below the $18.70 support. If they do that, the SOL/USDT pair could start its southward journey toward $16.
The first sign of strength will be a break and close above the downtrend line. The pair could then rise to the 50-day SMA ($21.65). If this level is surmounted, it will suggest the start of an up move toward $27.12.
Polkadot’s (DOT) shallow bounce off the strong support at $5.15 on May 25 and 26 shows a lack of aggressive buying by the bulls. The bears will try to use this opportunity and build upon their advantage.
If the price slips below $5.15, the DOT/USDT pair could pick up momentum and tumble toward the next major support at $4.22.
If bulls want to prevent a decline, they will have to quickly drive the price above the 20-day EMA ($5.40). If they manage to do that, it will suggest that the buyers are trying to form a higher low at $5.15.
The pair could first rise to the 50-day SMA ($5.82) and subsequently dash toward the downtrend line. A break above this level will suggest that the corrective phase may be over.
Litecoin (LTC) has been range-bound between $96 and $75 for the past few days. The price action inside the range can be random and volatile.
The bulls started a recovery on May 25, which has reached the moving averages. If the price turns down from the current level, the next stop could be the uptrend line. If the price turns up from the uptrend line, it will suggest that the LTC/USDT pair is attempting to form a symmetrical triangle pattern.
If the price breaks above the moving averages, it will suggest that the short-term sentiment is turning positive. The pair could then attempt a rally to $96, where the bears may again mount a strong resistance.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
A widely followed crypto analyst thinks king crypto Bitcoin (BTC) is still fine as he updates his outlook on Litecoin (LTC). Crypto trader Michaël van de Poppe tells his 557,200 Twitter followers that BTC’s most recent correction is healthy in an overall upward trend. “If you look at the higher timeframes for Bitcoin, things are still fine. […]
The post Top Crypto Trader Says Things Are Still Fine for Bitcoin (BTC) While Keeping a Watchful Eye on Litecoin (LTC) appeared first on The Daily Hodl.
A leading crypto analytics firm says that Litecoin (LTC) whale activity is likely to drive LTC’s price upwards before the LTC halving. In a new report, Santiment says the upcoming LTC20 halving, which cuts the amount of newly issued coins to miners in half, is expected to have a positive impact on the price of […]
The post Expect Whales To Push Up the Price of Litecoin (LTC) in Coming Months: Crypto Analytics Firm Santiment appeared first on The Daily Hodl.
Digital assets manager CoinShares says institutional investors continue to be cautious on the market as crypto suffers outflows for the fifth week in a row. In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors sold off $32 million in crypto holdings last week for a fifth consecutive week of outflows. “Digital asset […]
The post Institutions Sell Crypto Holdings for Fifth Consecutive Week – But XRP, Litecoin and One More Altcoin See Inflows appeared first on The Daily Hodl.
The crypto trader who masterfully rode the 2023 rally in the digital asset markets says he has his eye on two interesting large-cap altcoins. In a new strategy session, pseudonymous trader DonAlt tells his 50,700 YouTube subscribers that one of the altcoins that caught his attention is LDO, the native token of liquid staking service […]
The post Trader Who Caught 2023 Crypto Rally Names Two ‘Interesting’ Altcoins, Updates Forecast on Ethereum (ETH) appeared first on The Daily Hodl.
Bitcoin price could be gearing up for a decisive move, which could set the stage for XRP, LTC, RNDR and CFX.
Inexperienced traders usually chase prices higher during the end of the bull phase as they fear missing out on the rally. However, institutional investors tend to wait for the froth to settle before entering. Bitcoin’s (BTC) bear market in 2022 ended the hype that was seen in 2021.
Fred Pye, CEO of 3iQ, Canada’s first Bitcoin fund issuer, said in an interview with Cointelegraph that as “the FOMO in Bitcoin is gone” institutional investors and portfolio managers have started to take a look at it as “a serious venue.”
While analysts are bullish for the long term, the short-term picture looks uncertain as the price is stuck inside a range for the past several days. Analysts expect a trending move to start either next week or the week after.
If Bitcoin breaks out to the upside, what are the altcoins that may follow it higher? Let’s analyze the charts of the top five cryptocurrencies that may rally in the short term.
Bitcoin has been trading near the support line of the symmetrical triangle but the bulls have failed to push the price above it. This indicates that the bears are active at higher levels.
The downsloping 20-day exponential moving average ($27,481) and the relative strength index below 42, indicate that bears are at an advantage.
If the sellers sink the price below the immediate support at $26,361, the BTC/USDT pair may tumble to the crucial support zone between $25,800 and $25,250. Buyers are expected to protect this zone with all their might because if they fail, the pair could nosedive to $20,000.
Conversely, if bulls kick the price above the 20-day EMA, it may attract further buying. The pair could then rise toward the resistance line of the triangle. If this barrier is overcome, the pair may start its journey to $32,400.
The 4-hour chart shows the formation of a symmetrical triangle pattern, indicating uncertainty among the bulls and the bears. The flattening moving averages also point to a balance between supply and demand.
If the price collapses below the triangle, the short-term trend will turn negative and the pair could drop to $25,800. The pattern target of the triangle is $24,773.
This bearish view will be negated if the price surges above the triangle. The pair could then climb to $28,400 and thereafter to the pattern target of $29,165.
XRP (XRP) is trying to start a recovery. Buyers have been sustaining the price above the 20-day EMA ($0.45) since May 16 but they haven’t been able to overcome the obstacle at the 50-day SMA ($0.47).
The 20-day EMA has started to turn up and the RSI is just above the midpoint, indicating that bulls have a slight advantage. That increases the likelihood of a rally above the 50-day SMA. The XRP/USDT pair could then start a rally to $0.54 and eventually to $0.58. This zone is likely to witness aggressive selling by the bears.
The first support to watch on the downside is the 20-day EMA. Sellers will have to yank the price below this level to gain the upper hand. The pair may then descend to $0.43 and later to the crucial support at $0.40.
The 4-hour chart shows that the recovery reversed direction from the downtrend line. This shows that the bears are fiercely guarding the downtrend line. Sellers are trying to maintain the price below the 20-EMA and stretch the pullback to the 50-SMA.
Instead, if the price turns up from the current level and climbs above the downtrend line, it will suggest the start of a short-term up-move. There is a minor resistance at $0.48 but it is likely to be crossed. The pair may then rally to $0.54.
Litecoin (LTC) has been trading in a tight range between the 50-day SMA ($89) and the overhead resistance of $96 for the past few days. This shows indecision between the bulls and the bears.
The 20-day EMA ($88) has turned up and the RSI is in the positive territory, indicating that the bulls have the edge. This enhances the prospects of a rally above the resistance at $96. If that happens, the LTC/USDT pair could rally to $106. This level may again attract strong selling by the bears.
This positive view will invalidate in the near term if the price turns down and plummets below the moving averages. Such a move will suggest that the pair may remain stuck between $79 and $96 for some more time.
The 4-hour chart shows that the bulls are trying to defend the 20-EMA. This indicates a change in sentiment from selling on rallies to buying on dips. If the price bounces off the current level, the bulls will again try to clear the overhead hurdle at $96.
However, the bears are not going to give up without a fight. They are trying to sink the price below the 20-EMA. If they are successful, the pair may crumble to the 50-SMA. A collapse of this support may open the doors for a fall to $86 and then $82.
Related: Bitcoin, Ethereum bears are back in control — Two derivative metrics suggest
Render Token (RNDR) is in an uptrend. Buyers kicked the price above the overhead resistance of $2.60 on May 21 but the long wick on the candlestick shows selling at higher levels.
The upsloping moving averages and the RSI just below the overbought area indicate that bulls are in command. Buyers will make another attempt to propel the price above the psychological barrier at $3. If they manage to do that, the RNDR/USDT pair may rally to $3.35.
The first support to watch on the downside is the 20-day EMA ($2.10). If this level gives way, it will suggest that the break above $2.60 may have been a bull trap. The pair could then plunge to the 50-day SMA ($1.87).
The bulls are struggling to sustain the price above the overhead resistance at $2.60, pointing toward the possibility of a bull trap. Sellers will try to strengthen their position by pulling the price below the immediate support at the 20-EMA. If they do that, the pair may decline to the 50-SMA.
However, the rising moving averages and the RSI in the overbought zone suggest that lower levels are likely to be purchased. If buyers push and maintain the price above $2.60, the pair could soar to $3.
Conflux (CFX) is trading inside a descending channel pattern. The bulls purchased the dip to the support line on May 12, indicating solid demand at lower levels.
The 20-day EMA ($0.29) has flattened out and the RSI is near the midpoint, suggesting that the selling pressure has reduced.
Buyers tried to clear the overhead hurdle at the 50-day SMA ($0.32) on May 16 but the bears held their ground. A minor positive in favor of the bulls is that they have not allowed the price to dip back below the 20-day EMA. This signals buying on dips.
The bulls are likely to make one more attempt to propel the price above the 50-day SMA. If they succeed, the CFX/USDT pair may reach the downtrend line, which is again likely to act as a formidable resistance.
The 4-hour chart shows that the price is correcting the sharp rally from $0.22 to $0.33. Buyers are trying to defend the 38.2% Fibonacci retracement level of $0.29 which is a positive sign.
If buyers sustain the price above the resistance line, it will suggest that bulls are back in the driver’s seat. The pair may first rise to $0.33 and thereafter to $0.37. Alternatively, a break and close below $0.29 could start a deeper correction toward $0.28 and then 0.27.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
The recovery in Bitcoin and most major altcoins halted near respective overhead resistance levels, indicating that the bears are active at higher levels.
The United States stock market recovered sharply on May 17 and May 18 on hopes that the debt ceiling agreement could be reached, but the market gave back some of its gains on May 19 on reports of a temporary halt in the talks.
The U.S. Dollar Index (DXY), which had been rising for the past three days, turned down on May 19 after Federal Reserve Chair Jerome Powell hinted at an end to the rate hikes. While speaking at a conference in Washington D.C., Powell said that stresses in the banking system may restrict the need to raise rates as high as they “would have otherwise to achieve our goals.”
Although Bitcoin’s (BTC) short-term picture is uncertain, analysts remain bullish about the long term. Blockstream CEO and co-founder Adam Back recently said that “hyper-Bitcoinization” could soon come. That would boost the demand for Bitcoin, sending its price soaring. Back made a case that the number of “wholesalers” has been steadily rising, and if the trend continues, it could happen that 10 million people try to buy 1 Bitcoin over a few years, and that “would push the price out of reach.”
Do the charts signal a possible recovery in Bitcoin and the altcoins in the near term? Let’s study the charts of the top 10 cryptocurrencies to find out.
The bulls again tried to drive the price into the symmetrical triangle pattern on May 17, but the bears fiercely guarded the level and pulled Bitcoin lower on May 18.
The BTC/USDT pair will continue to witness a tough tussle between the bulls and the bears in the area between the support line and $25,250.
The downsloping 20-day exponential moving average (EMA) at $27,590 and the relative strength index (RSI) in the negative territory indicate that bears have a slight edge. However, the failure of the bears to sustain the price below $26,500 shows that the selling pressure reduces at lower levels.
If buyers pierce the overhead resistance, the pair could start a rally to the 50-day simple moving average (SMA) at $28,412 and thereafter to the resistance line. A break above the triangle will turn the tables in favor of the bulls.
The bulls have been trying to drive Ether (ETH) above the 20-day EMA ($1,840) for the past few days, but the bears have not allowed that to happen.
The long tail on the May 16 to May 18 candlestick shows that the bulls continue to buy the intraday dips. This enhances the prospects of a break above the 20-day EMA. If this obstacle is cleared, the ETH/USDT pair could rise to the resistance line of the falling wedge pattern.
This is the key level to keep an eye on because a break and close above it will indicate the start of a new up move. On the downside, the bears will have to tug the price below the support line to start a downward move to $1,600.
BNB (BNB) continues to trade inside a descending channel pattern. The price turned down from the 20-day EMA ($315) on May 18, indicating that the sentiment remains bearish.
The first sign of strength will be a break and close above the 20-day EMA. That could clear the path for a likely rally to the resistance line. The bears are again expected to protect this level with vigor. If the price turns down sharply from the resistance line, it will suggest that the BNB/USDT pair may remain inside the channel for a while longer.
The bears are likely to have other plans. They will try to sink the price below the support line of the channel and challenge the crucial support at $280.
After struggling near the 20-day EMA ($0.45) on May 17, buyers cleared the barrier on May 18. This suggests that XRP (XRP) is witnessing a comeback by the bulls.
The flattening 20-day EMA and the RSI in the positive territory indicate that the selling pressure is reducing. There is a stiff resistance zone between the downtrend line and the 50-day SMA ($0.48), but it is likely to be crossed. If that happens, the XRP/USDT pair could start its northward march toward $0.54.
On the contrary, if the price turns down from the current level, it will suggest that the bears continue to sell on relief rallies. That could keep the pair stuck between the 50-day SMA and $0.40 for some time.
The bulls tried to sustain Cardano (ADA) above the 20-day EMA ($0.37) on May 17 and 18, but the bears did not relent.
The bulls have not given up much ground from the 20-day EMA, which is an encouraging sign. This shows that every minor dip is being purchased. The bulls will again try to launch the price above the 20-day EMA. If they can pull it off, the ADA/USDT pair may first climb to the 50-day SMA ($0.39) and thereafter attempt a move to $0.44.
Time is running out for the bears. If they want to seize control, they will have to quickly yank the price below the uptrend line. That will open the doors for a potential fall to $0.30.
The bulls tried to propel Dogecoin (DOGE) above the 20-day EMA ($0.07) on May 17, but the bears held their ground.
The bulls may again try to clear the overhead hurdle, and if they manage to do that, the DOGE/USDT pair could rally to the 50-day SMA ($0.08). This level is likely to act as a barrier, but if crossed, it will suggest that the pair continues to swing inside the large range between $0.07 and $0.11.
Contrary to this assumption, if the price turns down from the current level and plummets below $0.07, it will indicate that the bears have overpowered the bulls. The pair could then slump to $0.06.
Buyers drove Polygon (MATIC) above the resistance of the narrow range of $0.82 to $0.88 on May 17. Although the bears pulled the price back into the range on May 18, a minor positive is that the bulls purchased the intraday dips, as seen from the long tail on the day’s candlestick.
The zone between the 20-day EMA ($0.91) and $0.94 is likely to witness strong selling by the bears. If bulls overcome this obstacle, the MATIC/USDT pair is likely to pick up momentum and reach the downtrend line.
Alternatively, if the price fails to rise above the 20-day EMA, it will indicate that the sentiment remains negative and the bears are selling on every minor relief rally. Sellers will then again attempt to sink the pair below $0.82.
Related: Bitcoin price risk? US debt deal to trigger $1T liquidity crunch, analyst warns
Solana (SOL) turned down sharply from the downtrend line on May 18, indicating that the bears are fiercely defending the level.
The bears will try to increase their advantage further by sinking the price below the strong support at $19.85. If they succeed, the SOL/USDT pair may first tumble to $18.70 and thereafter to $16.
Contrarily, if the price rebounds off the current level and climbs above the 50-day SMA ($21.81), it will indicate that the bulls are active at lower levels. The pair may then attempt a rally to $24 and subsequently to $27.12.
Polkadot (DOT) has been struggling to start a recovery, indicating that demand dries up at higher levels.
Many times, a tight consolidation near a strong support level tends to break to the downside. In this case, a break and close below $5.15 will complete a descending triangle pattern and open the doors for a possible decline to $4.22.
If bears want to prevent this fall, they will have to quickly drive the price above the 20-day EMA ($5.51). If they do that, the DOT/USDT pair could rise to the 50-day SMA ($5.97) and thereafter rally to the downtrend line. Buyers will have to overcome this resistance to indicate that the correction may be over.
Litecoin (LTC) turned down from the overhead resistance of $96 on May 18, but a positive sign is that the bulls did not allow the price to slip below the 50-day SMA ($89). This shows that the bulls are trying to flip this level into support.
The 20-day EMA ($87) has started to turn up, and the RSI is near 59, indicating that the bulls have the upper hand. Buyers will next make another attempt to clear the overhead hurdle at $96 and propel the LTC/USDT pair to $106.
This positive view will invalidate in the near term if the price turns down and breaks below the moving averages. Such a move will indicate that the pair may oscillate between $75 and $96 for some more time.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Peer-to-peer payments network Litecoin (LTC) is outperforming most of the digital asset markets as LTC bulls anticipate the next halving. According to on-chain data from BitInfoCharts, the number of daily transactions for Litecoin has increased almost fivefold since May started. While transactions on the Litecoin network surged, the price of LTC has followed suit and […]
The post Litecoin (LTC) Defies Crypto Market Downtrend Amid Record-Setting On-Chain Activity appeared first on The Daily Hodl.
