After the correction that took place at the start of the week, the market appeared to be stabilizing. Litecoin saw its price fall during the past few days but since have found strong support, at the time of writing.
With a market capitalization of $12.08 billion, Litecoin rested on the eighth position on the CoinMarketCap list and was being traded at $181.09.
Litecoin daily chart
The Litecoin chart above noted the surge in the value of the digital asset over time and the price has now broken out of the ascending channel pattern. LTC lost nearly 38% of its value in three days’ time and was pushed to a low of $155. However, as visible over the past couple of days, the digital asset has recovered and was trading above $180.
Given the current volatility in the market, LTC may continue to move within $171 and $193 for a while.
The Bollinger Bands indicator highlighted that the volatility surged since the beginning of the ascending channel pattern. The volatility increased along with the price, but now that there has been a breakdown, the market is appearing relatively stable.
Meanwhile, the 50 Moving average was currently acting as a support for the price. While the buyers and sellers remain in sync as highlighted by the relative strength index. At equilibrium, LTC’s price has been equally traded by buyers and sellers.
Nevertheless, the momentum was escaping the market as the value dropped. A price swing, if visible, could add to the momentum, but until then it may remain low.
The Litecoin chart showed that the bullish momentum has finally met with a roadblock, but has acquired stable ground. The price may continue to trade between the aforementioned level, as the buyers and sellers try to shift momentum to their benefit. However, the traders will have to continue to watch for volatility in the extended crypto market, for a sudden price swing.
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Litecoin, BAT, Compound Price Analysis: 16 April
Litecoin suffered from the recent wave of bearish pressure as it was stopped just short of the $300-mark, and could be set to retrace as far south as $260 and $244. Basic Attention Token was heading toward its range lows once more, while Compound moved almost vertically north. It could note a steep drop back towards the $530-level, especially if Bitcoin is unable to defend the $60,400-area.
A pitchfork tool highlighted some dynamic levels to watch out for. LTC broke out of its month-long symmetrical triangle over the past ten days but faced resistance at the $296-mark. Following the same, it fell rapidly and looked like it would test the median line of the pitchfork (red).
The MACD was a long way above zero, underlining the extreme bullish momentum of the past three weeks. LTC might be able to find support in the $260-area, but closing under the median line will likely foreshadow a move to the $244-level.
Basic Attention Token [BAT]
BAT was trading within a range, with some candlewicks going to either side of the range boundaries. Nevertheless, BAT had some demand at the $1.4-area over the past week, and it has consistently been unable to climb past the $1.58-zone.
The RSI formed a series of lower highs in the time period BAT was within this range, and slipped beneath neutral 50 even as the price fell beneath the range’s mid-point at $1.48. Alongside the falling Stochastic RSI, this showed bearish pressure and could take BAT to retest the range lows.
Since breaking out of the descending triangle, COMP has reached a high of $612. It had been rejected sternly at $550 earlier this month, and after consolidating for a few days around the $450-area, COMP made strong gains once again. This was accomplished backed by rising trading volume, with the same showing market conviction.
This conviction can drive the rally further and COMP would need some time to gather steam for its next move. $550 and $526 were the levels of support for the price. The Volume Profile Visible Range showed the Point of Control lay at $451 and some support can also be expected at $480-$490.
Bitcoin Cash Price Analysis: 16 April
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Bitcoin Cash has seen strong bullish momentum right from the last week of March, with BCH noting a steady uptrend which resulted in a price surge of over 120 percent. However, in the last 24 hours, some of BCH’s upward movement has been arrested, with the altcoin coming in contact with a strong resistance level.
At the time of writing, Bitcoin Cash was trading at $905 with a registered market capitalization of over $17 billion, making it the 11th largest cryptocurrency in the market. BCH had a 24-hour trading volume of $6.5 billion, with its price going up by over 47 percent in the last week alone.
Bitcoin Cash 1-day chart
Bitcoin Cash’s uptrend finally came across a bit of resistance around the $984-level and if the coin fails to breach this range in the coming 24-hours, then a trend reversal cannot be discounted for BCH over the coming week. In such a scenario, the immediate support at $801 may be its target. There was also another strong support around the $701-price range, however, such a steep drop seemed unlikely given the present market scenario.
If the immediate resistance remains untouched, traders can benefit from long positions and take profit around the $800-price level.
While BCH’s prospects on the charts have seemed quite bullish for over two weeks, a trend reversal may be in the works. As per the coin’s technical indicators such as the MACD indicator and the RSI, both look bullish in the short term. However, if one were to take a closer look at how the market has responded, it will give us a clearer picture of what to expect in the next 7 days.
The RSI, at press time, was well into the overbought zone and interestingly, the last time it occupied such a level was back on 21 February. The following day, the altcoin registered a massive price correction, one that negated a lot of its bullish momentum.
The MACD indicator, on the other hand, underwent a bullish crossover. A reversal to a bearish crossover didn’t look imminent, at the time of writing.
Important levels to watch out for
Entry point: $886
Stop loss: $968
Take profit: $811
Risk/Reward Ratio: 0.91
Bitcoin Cash may see a slight trend reversal, one resulting in a price correction if the immediate resistance isn’t breached in the coming day’s time. In such a scenario, the altcoin may head towards $800 in the coming week and give traders with short positions an opportunity to profit.
Bank of Korea Governor becomes latest to attack crypto-assets’ ‘limitations’
South Korea has seen a dramatic increase in crypto-investments lately. Unlike in the U.S, South Korean regulatory bodies had initially kept themselves from intervening in the digital asset ecosystem. At the moment, however, the situation is not the same anymore.
Lee Ju-yeol, the Governor of the Bank of Korea (BOK), is in the news today after he claimed that cryptocurrencies pose certain limitations as a mode of payment. During a news conference that followed a recent monetary policy committee meeting, Lee said,
“The BOK’s stance on cryptocurrency hasn’t changed from the previous position that crypto assets have no intrinsic value.”
The governor highlighted the “volatile” nature of crypto-assets and commented that it is incredibly difficult to estimate its appropriate price.
The exec also commented on the country’s own CBDC plans. He said that even though the issuance of CBDCs in South Korea would take time, he will not make a definitive statement with respect to its potential impact on the markets.
In fact, Lee also cited a recent statement made by U.S Federal Reserve Chairman Jerome Powell. In a recent interview, Powell underlined his position on cryptocurrencies, a position quite congruent to his predecessor. He said,
“They’re really vehicles for speculation. They’re not really being actively used as payments.”
Former Fed Chairman and serving U.S Treasury Secretary Yellen has in the past highlighted that she views Bitcoin as a “highly speculative asset,” with the same being a very “inefficient” way of conducting transactions.
South Korea’s Ministry of Economy and Finance plans to impose a 20 percent tax on cryptocurrency profits from 1 January 2022. The announcement also highlighted that profits exceeding 2.5 million won would be subject to tax. Even crypto-exchanges have been kept within bounds under the latest regulatory amendment.
The official’s statement makes for interesting reading, especially when a recent development is taken into account. Turkey’s central bank, on Friday, banned the use of crypto-assets to purchase goods and services. It adduced the irreparable potential damages and the risk involved in such transactions as the reason for doing so.
The official gazette said,
“Payment and electronic money institutions will not be able to intermediate the platforms that offer trading, custody, transfer or issuance services for crypto assets or fund transfers from these platforms.”
Monero, Neo, Verge Price Analysis: 16 April
The altcoin market has always been highly correlated to Bitcoin’s price and over the past week, this was quite evident. The short-term price correction that Bitcoin underwent affected many of the market’s altcoins. However, it didn’t do so uniformly.
Monero’s price has seen significant gains over the past week amounting to over 26 percent, however, at the time of writing, the upward momentum seemed to be slowly dropping. At press time, the coin was trading at $333.5 and had come in contact with strong resistance at $356.2 – a level which it has failed to breach, despite a few efforts. If the trend turns bearish, the crypto can bank on the two strong support levels at $303 and $273 to stabilize the coin’s price.
Declining bullish momentum was pictured by the coin’s technical indicators as the RSI made its way out of the overbought zone and headed to the neutral zone. The MACD indicator, on the other hand, saw a bullish crossover and a reversal didn’t seem likely in the next 24 hours. This could in turn imply that the altcoin may see the continuation of its consolidation phase as the price trades sideways.
NEO’s price traded in a very tight range for over a week, with the alt finally breaking out of it a few days back. The price trend of the 29th-largest altcoin wasn’t very much in sync with the altcoin market. However, akin to XMR, NEO also came in contact with a strong resistance level at $86.
Two strong supports at $69 and $56 may be adequate to help stabilize the price if the bears were to take over resulting in a minor price correction for the coin.
The technical indicators for the alt painted an interesting picture. The EMA Ribbons were well below the press time trading price and were only likely to offer support at the $56-price level – a significant drop for the coin. The RSI was well into the overbought zone and seemed to be moving out of it. This could result in a short-term correction as the market moves into the hands of the sellers.
During the timeframe [i.e. last week of March to date], many of the market’s altcoins rallied by substantial margins. However, Verge saw the opposite take place as it continued on its downtrend. Interestingly, the past few days have seen the price rise and at press time, the coin had seen some of its momentum arrested around the $0.056-level.
XVG, at press time, was trading at $0.048 and had a 24-hour trading volume of $81 million. If the price were to head lower on the charts, there would be two strong supports that can stabilize the price at $0.04 and $0.03.
The Bollinger Bands converged and indicated lower levels of volatility. The MACD indicator underwent a bearish crossover, however, a trend reversal seemed very likely in the short term.
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