Analyst Michaël van de Poppe is predicting a big rally for one altcoin that has surged over 66% in less than one month amid weakness in the broader crypto markets. Van de Poppe tells his 642,800 Twitter followers that he’s looking for a solid bounce for peer-to-peer payments network Litecoin (LTC) after the altcoin recently […]
The post Top Analyst Forecasts Big Bounce for One Red-Hot Altcoin, Updates Outlook on Bitcoin and Ethereum appeared first on The Daily Hodl.
Litecoin rose to a seven-month high to start the week, as cryptocurrency markets continued to react to the latest U.S. nonfarm payrolls figures. The token was up for a second consecutive session, climbing to its highest point since May. Shiba inu was also a notable gainer on Monday. Litecoin (LTC) Litecoin (LTC) raced to a […]
MoneyGram's decision to integrate Litecoin into its crypto services and the coin's upcoming halving event has served as catalysts behind LTC's price rally.
Litecoin (LTC) could rise another 20% amid a rare trend reversal breakout that has already resulted in LTC outperforming most crypto assets in recent days.
LTC's price broke out of what earlier appeared to be a bearish symmetrical triangle.
Symmetrical triangles are trend continuation patterns, meaning breaking out of their range typically prompts the price to move in the direction of their previous trend.
Litecoin formed a symmetrical triangle pattern between May and November after dropping 70% to nearly $40 in the prior trading sessions. Ideally, the LTC/USD pair could have resolved the pattern by breaking below its lower trendline.
But instead, it broke above the upper trendline in early November, as shown below. According to Edwards and Magee, the authors of Technical Analysis of Stock Trend, the breakout move is rare, given only 25% of symmetrical triangle breakouts have historically resulted in trend reversals.
Litecoin followed up with its symmetrical triangle reversal move decisively and now eyes a run-up toward $100, or another 20% by December 2022.
This upside target is measured after calculating the distance between the triangle's upper and lower trendline and adding the output to the breakout point (around $58 in Litecoin's case).
Litecoin's symmetrical triangle breakout move started in late October. It coincided with MoneyGram's announcement that it would enable users to purchase, store, and use LTC alongside Bitcoin (BTC) and Ether (ETH) for payments.
The LTC breakout lost momentum due to the FTX collapse in the first week of November and its negative impact on the broader crypto market. But, Litecoin resumed its upward trend amid speculations about its reward halving in the summer of 2023.
Related: Litecoin hits fresh 2022 high versus Bitcoin — But will LTC price ‘halve’ before the halving?
"Litecoin tends to rally in the months leading up to the halving," noted market analyst, The Digital Trend, in his SeekingAlpha op-ed, adding:
"Then, the price tends to stabilize before entering a lengthier and more substantial bull market. Then, around halfway through the cycle, Litecoin enters a bearish/distribution phase like Bitcoin."
Litecoin's price could reach $180 by July 2023 if the halving fractal plays out as intended, as Cointelegraph covered here.
Conversely, Litecoin can see a short-term correction as its three-day relative strength index (RSI) is turning "overbought." The trigger for the downside move could be the RSI crossing above 70 from its current reading of 68, as shown below.
LTC's price downside target comes to be at around $40 in the event of a correction trend, down about 50% from current price levels.
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.
A widely followed crypto analyst is predicting that one Ethereum (ETH) rival is setting up for an epic surge even after outperforming the broader crypto markets over the last few days. Crypto strategist Michaël van de Poppe tells his 642,900 Twitter followers that Fantom (FTM) went on a strong surge this week before seeing a […]
The post One Ethereum Competitor Is Gearing Up for Massive Rally, Says Crypto Analyst Michaël van de Poppe – Here’s the Timeline appeared first on The Daily Hodl.
A widely followed crypto trader is expressing positive sentiment toward Bitcoin (BTC) alternative Litecoin (LTC). Crypto strategist Justin Bennett tells his 111,800 Twitter followers that he is bullish on Litecoin and expects the 14th-largest crypto asset by market cap to even outperform the king crypto. According to the analyst, LTC is likely to continue holding […]
The post Crypto Strategist Justin Bennett Predicts Litecoin To Outperform Bitcoin, Issues Warning on Ethereum appeared first on The Daily Hodl.
Bitcoin and altcoins are beginning to flash signals of a potential trend change, but a handful of downside risks remain.
Non-farm payrolls in the United States rose by 263,000 in November, exceeding economists’ expectations of an increase of 200,000. Analysts believe that the numbers remain hot and do not allow much scope for the Federal Reserve to slow down its aggressive rate hikes.
This is contrary to Fed Chair Jerome Powell’s remarks delivered at the Brookings Institution where he said that the central bank could reduce the pace of rate hikes “as soon as December.” That triggered a sharp rally in risk assets. After the latest jobs report, the market participants will closely watch the Fed’s comments and decision in its Dec. 13 and Dec.14 meeting.
The Fed’s decision may also affect Bitcoin (BTC), which remains in a firm bear grip. Coinglass data shows that Bitcoin’s monthly returns in November of 2018, 2019, and 2021 were negative and that was followed by a further fall in December.
Will history repeat itself and Bitcoin decline again in December or will buyers come out on top and push the price higher? Let’s study the charts of the top-10 cryptocurrencies to gain some insight.
Bitcoin soared above the descending triangle and the 20-day exponential moving average ($16,949) on Nov. 30. This is the first indication that the downtrend could be ending.
The 20-day EMA has flattened out and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand. This equilibrium would shift in favor of the bulls if they thrust the price above the overhead resistance at $17,622.
If buyers sustain the price above this level, the BTC/USDT pair could pick up momentum and rally to the 50-day simple moving average ($18,349). This level may again act as a huddle but is likely to be crossed. The pair could then start its northward march toward $21,500.
If bulls fail to propel the price above $17,622, the pair could remain range-bound for some more time.
Ether (ETH) continues to trade inside the descending channel pattern but the bulls are attempting to tilt the short-term advantage in their favor. Buyers drove the price above the 20-day EMA ($1,245) on Nov. 30, suggesting demand at higher levels.
The bears will again try to stall the recovery at the 50-day SMA ($1,335) but the likelihood of a break above it is high. If that happens, the ETH/USDT pair could rally to the resistance line of the channel. This level may prove to be a major roadblock for the bulls.
Alternatively, the failure to push the price above the 50-day SMA may create an opening for the bears to pull the pair back below the 20-day EMA. The pair could then give back its recent gains and drop to $1,151.
BNB (BNB) bounced off the moving averages on Nov. 29 but the bulls could not clear the overhead barrier at $300. This indicates that the bears are selling on relief rallies.
The price dipped back below the moving averages on Dec. 2 and the bears are trying to pull the BNB/USDT pair below $286. If they can pull it off, the pair could decline to $275 and thereafter to the strong support at $258.
On the contrary, if the price turns up from the current level and breaks above $306, it will suggest that buyers are attempting a comeback. The pair could then attempt a rally to $338.
In the near term, the flattish moving averages and the RSI near the midpoint, indicate a range formation.
XRP (XRP) again failed to break above the overhead resistance of $0.41 on Nov. 30 and Dec. 1, indicating that the bears are vigorously defending the level.
The XRP/USDT pair has slipped below the 20-day EMA ($0.40) and the bears will now try to pull the price below $0.37. If they do that, the pair may extend its stay inside the large range between $0.30 and $0.41 for a few more days.
On the other hand, if the price turns up from the current level or $0.37, it will suggest buying on dips. The bulls will then try to propel the price above the 50-day SMA ($0.43) and start an up-move to $0.51.
Cardano (ADA) is consolidating in a downtrend. The bullish divergence on the RSI suggests that the selling pressure could be reducing and a recovery may be on the cards.
If the price climbs above the 20-day EMA ($0.32), the ADA/USDT pair could pick up momentum and attempt a rally to the downtrend line. The bears are likely to mount a strong defense at this level.
Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The pair could then again drop toward $0.29.
Dogecoin’s (DOGE) recovery is facing resistance near the 50% Fibonacci retracement level of $0.12. This suggests that bears are active at higher levels.
The price has dipped to the breakout level of $0.09, which is an important level to watch out for. A strong bounce-off it will suggest that the bulls have flipped the level into support.
Buyers will then again try to drive the price above $0.11 and resume the recovery. If they succeed, the DOGE/USDT pair could rise to the 61.8% retracement level of $0.13.
Conversely, if the price breaks below $0.09, it will suggest that the recovery may be over. The pair could then decline to the moving averages and later to $0.07.
Polygon (MATIC) surged above the moving averages on Nov. 30, suggesting that bulls are making a comeback. The price turned down on Dec. 1 but the bulls are attempting to flip the 20-day EMA ($0.89) into support.
If buyers thrust the price above $0.97, the recovery could pick up pace and the MATIC/USDT pair could rally to the overhead resistance at $1.05. This level may act as a stumbling block but if bulls push the price above it, the pair could make a dash toward $1.30.
Instead, if the price turns down from $0.97, the bears will make another attempt to drag the pair below the moving averages. If that happens, the pair could retest the support at the uptrend line.
Related: ApeCoin risks 30% crash after APE staking debut in December
Polkadot (DOT) is attempting a recovery in a downtrend. After hesitating near the 20-day EMA ($5.53) for two days, buyers pushed the price above the resistance on Dec. 2.
The DOT/USDT pair could rise to the 50-day SMA ($5.96), which may act as a minor obstacle but it is likely to be crossed. The pair could thereafter extend the relief rally to the downtrend line. A break and close above this resistance could signal a potential trend change.
The bears had halted two previous recovery attempts at the downtrend line, hence they may again try to defend the level. If bears want to regain control, they will have to pull the price back below the 20-day EMA and break the support at $5. The pair could then plummet to $4.32.
Litecoin (LTC) has been trading above the breakout level of $75 but the bulls are facing stiff resistance in the zone between $80 and $84. This suggests that the bears have not yet given up.
Although the upsloping moving averages indicate advantage to buyers, the RSI is forming a bearish divergence. This indicates that the positive momentum could be weakening. The LTC/USDT pair may remain stuck between the 20-day EMA and $84 for a while.
A consolidation near the overhead resistance is usually a positive sign as it suggests that buyers are not hurrying to book profits. If bulls propel the price above $84, a new uptrend could begin and the pair may rally to $104.
Alternatively, if the price turns down and breaks below $70, the pair could start a decline to the 50-day SMA ($61).
Uniswap (UNI) broke above the 20-day EMA ($5.74) on Nov. 30. This is the first indication that the bears may be losing their grip. Buyers will try to strengthen their position by kicking the price above the 50-day SMA ($6.17).
If they manage to do that, the UNI/USDT pair could rally to the resistance line. The bears are expected to defend this level with all their might because if they fail in their endeavor, it will suggest that the symmetrical triangle may have acted as a reversal pattern. The pair could then start a new up-move to $8 and then to $10.
This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. The pair could then retest the support line of the symmetrical triangle.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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.
A crypto whale is abruptly moving a staggering amount of Dogecoin (DOGE) competitor Shiba Inu (SHIB) in one massive transaction. According to new data from blockchain search engine Etherscan, the deep-pocketed trader moved 1.29 trillion SHIB worth about $12 million at time of writing from one unknown wallet to another. Etherscan reveals the transaction took […]
The post Mysterious Whale Moves 1,296,926,801,221 Shiba Inu (SHIB) in Massive Crypto Transaction appeared first on The Daily Hodl.
In October 2017, Netherlands native Didi Taihuttu and his family sold all their valuable belongings and their house for bitcoin. The decision paid off and the Taihuttu family has traveled all around the world and recently moved to the island of Phuket. On Nov. 30, the 44-year-old Didi Taihuttu told CNBC that after storing crypto […]
A popular crypto strategist says Litecoin (LTC), Apecoin (APE) and SushiSwap (SUSHI) appear ready to rally against the bear market. Pseudonymous analyst Altcoin Sherpa tells his 184,700 Twitter followers that the three digital assets are the most likely to show upward price action. “Best current coins to long in the short term IMO [in my […]
The post Litecoin (LTC), Apecoin (APE) and One DeFi Altcoin Looking Ripe for Rallies, According to Popular Crypto Analyst appeared first on The Daily Hodl.
BTC and many altcoins are kicking up dust after the Federal Reserve chairman Jerome Powell discussed the possibility of smaller rate hikes in 2023, but is the momentum sustainable?
Bitcoin (BTC) has shrugged off the weakness in the United States equities markets and is attempting to start a recovery on Nov. 30. Buyers are attempting to achieve a monthly close above $17,000. This suggests that the selling that had picked up due to the FTX crisis may be reducing.
Usually, smaller investors panic and dump their holdings in a bear market but it has been the opposite with Bitcoin investors. According to Glassnode data released on Nov. 27, investors holding less than one Bitcoin, also called shrimps, bought 96,200 Bitcoin since the FTX crash.
Along similar lines, investors holding between 1 to 10 Bitcoin, classified as crabs, bought 191,600 Bitcoin over the past 30 days. This shows investors are continuing to accumulate at lower levels.
However, a sharp recovery in Bitcoin’s price is unlikely for some time. Trading firm QCP Capital believes that the United States Consumer Price Index data on Dec. 13 and the U.S. Fed’s policy decision on Dec. 14 could act as risk factors because many investors could be “forced to continually sell assets to raise liquidity.” QCP expects the situation to turn around only in the second or third quarter of next year after the Fed possibly pivots and releases liquidity in the system.
Could Bitcoin lead the cryptocurrency markets higher? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin turned up from $15,995 on Nov. 28 and broke above the developing descending triangle pattern on Nov. 30. This invalidated the bearish setup and may have attracted buying from the bulls who are trying to push the price above the 20-day exponential moving average ($16,910).
A close above the 20-day EMA will be the first sign that the bears may be losing their grip. The BTC/USDT pair could then rally to $17,622 and later to the 50-day simple moving average ($18,434). The sellers are expected to defend this zone with vigor.
If the price turns down from the overhead zone but bounces off the 20-day EMA, it will suggest that bulls are buying the dips. That could increase the possibility of a rally to $20,000 and then to $21,500.
Another possibility is that the price turns down from $17,622. If that happens, it will suggest that the pair may consolidate between $15,476 and $17,622 for some more time.
Ether (ETH) turned down from the 20-day EMA ($1,234) on Nov. 26 but the bulls arrested the decline at $1,151 on Nov. 28. This indicates a pick-up in demand and a sign that the sentiment could be turning positive.
Buyers have pushed the price above the 20-day EMA and will next attempt to break above the 50-day SMA ($1,335). If they succeed, the ETH/USDT pair could rally to the resistance line of the descending channel. This level may attract strong selling by the bears because a break above the channel could indicate a possible trend change.
To invalidate this bullish view, the bears will have to defend the 50-day SMA and pull the price back below $1,051. The pair could then decline to the support line of the channel.
BNB (BNB) bounced off the moving averages on Nov. 29 but the bulls are struggling to build upon this move. This suggests that bears are likely to pose a strong challenge between $300 and $318.
The 20-day EMA ($292) is flattening out and the RSI is just above the midpoint, indicating a balance between supply and demand. The advantage could tilt in favor of the buyers if they catapult the price above $318. That could clear the path for a rally to $338 where the bears may again erect a stiff barrier.
This positive view could invalidate in the near term if the price turns down and plummets below the moving averages. The pair could then decline to the support at $258.
The bulls successfully defended the retest of the breakout from the symmetrical triangle on Nov. 28. This is a positive sign as it shows that traders are buying the dips in XRP (XRP).
The bounce has reached the overhead resistance at $0.41, which is an important level to keep an eye on. If bulls catapult the price above this resistance, the XRP/USDT pair could attempt a rally to $0.45 and then to $0.51.
On the other hand, if the price turns down from the current level, it will suggest that the bears are aggressively selling near $0.41. They will then again try to pull the price inside the triangle. If they can pull it off, the pair could drop to $0.34.
Cardano (ADA) remains in a downtrend but the bullish divergence on the RSI suggests that the bearish momentum may be weakening.
The bulls will have to thrust and sustain the price above the 20-day EMA ($0.32) to signal strength. If they do that, the ADA/USDT pair may start a recovery to the downtrend line. The 50-day SMA ($0.36) may act as a resistance but is likely to be crossed.
Conversely, if the price turns down from the 20-day EMA, it will indicate that bears are selling on minor rallies. The bears will then try to resume the downtrend and sink the price to the support line.
Dogecoin (DOGE) bounced off the 20-day EMA ($0.09) on Nov. 28, indicating that the sentiment has turned positive and traders are buying the dips.
The upsloping 20-day EMA and the RSI above 60 suggest that bulls have the upper hand. Buyers are trying to extend the recovery to the 50% Fibonacci retracement level of $0.11 and next to the 61.8% retracement level of $0.12.
The sellers are likely to mount a strong defense in this zone. If the price turns down from it, the DOGE/USDT pair could again drop to the 20-day EMA.
On the contrary, if buyers thrust the price above the overhead zone, the pair could complete a 100% retracement and rally to $0.16.
Polygon (MATIC) remains stuck between the 20-day EMA ($0.88) and the uptrend line. The 20-day EMA is flattening out and the RSI is near the midpoint, indicating a balance between supply and demand.
The bulls are trying to drive the price above the moving averages and gain the upper hand. If they succeed, the MATIC/USDT pair could climb to $0.97 and then rally to $1.05. This level could again attract selling by the bears but if bulls clear this hurdle, the bullish momentum could pick up.
This positive view could invalidate in the near term if the price turns down from the moving averages and slides below the uptrend line. The pair could then drop to the important support at $0.69.
Related: FTM price rebounds 50% as Fantom reveals 30 years runway (without having to sell its token)
Polkadot (DOT) turned up from $5.06 on Nov. 28, indicating that bulls are attempting to form a low at $5. The price reached the 20-day EMA ($5.52) on Nov. 30, which is likely to act as a formidable resistance.
The RSI has formed a bullish divergence as it has not tracked the DOT/USDT pair lower. This indicates that the selling pressure could be weakening and increases the likelihood of a break above the 20-day EMA. If that happens, the pair could rise to the 50-day SMA ($6) and later attempt a rally to the downtrend line.
Alternatively, if the price turns down from the 20-day EMA, it will suggest that bears are viewing the relief rallies as a selling opportunity. A break below $5 could signal the resumption of the downtrend. The next support on the downside is $4.32.
The long tail on Litecoin’s (LTC) Nov. 28 candlestick shows strong buying at lower levels. This suggests that buyers are trying to flip the breakout level of $75 into support.
The rising 20-day EMA ($69) and the RSI in the positive territory indicate the path of least resistance is to the upside. Buyers will have to push the price above $84 to start a new up-move, which could reach $104.
Instead, if bulls fail to propel the price above $84, the bears will again try to sink the LTC/USDT pair below the 20-day EMA. If they manage to do that, several aggressive bulls may get trapped resulting in long liquidation. The pair may then fall to the 50-day SMA ($60).
The bulls are buying the dips to the support line of the symmetrical triangle pattern. This is a positive sign as it indicates demand at lower levels. Buyers are trying to strengthen their position by pushing Uniswap (UNI) above the 20-day EMA ($5.67).
The RSI has risen close to the midpoint, indicating that the bearish momentum may be weakening. If buyers sustain the price above the 20-day EMA, the UNI/USDT pair may attempt a rally to the resistance line of the triangle. A break above the triangle will suggest a potential trend change.
Contrarily, if the price fails to rise above the moving averages, it will suggest that the bears continue to sell on rallies. They will then again try to pull the price below the triangle and open the doors for a decline to $4.60 and then $3.33.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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.
