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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC bulls bellow past $7,900 mark as LTC recoils

Yash Rajan

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC bulls bellow past $7900 mark as LTC recoils
Source: Pixabay

Bitcoin rallied past $8,000 last week and showed good resilience in maintaining its bullish momentum. Bitcoin was priced at $7,915.81 with a market cap of $140.18 billion and registered $23.46 billion in 24-hour trading volume.

Litecoin stood fifth in the list of top-10 cryptocurrencies with a market cap of $5.71 billion and $3.98 billion in 24-hour trading volume. The coin was priced at $92.46, at press time.

1-Day BTC

Source: TradingView

Source: TradingView

The one-day BTC chart showed that there was an uptrend from $4,008.79 to $8,195.17. The chart specified that the resistance lines stood at $7,307.15, $6,444.50 and $5,505.74 and there were two support lines at $3,755.01 and $3,171.51.

Moving Average Convergence Divergence [MACD] indicator pointed at a bullish crossover.

Parabolic SAR indicator displayed a bullish trend as the dotted markers were below the candles.

Relative Strength Indicator indicated a bullish trend as the market was in the overbought zone. However, a correction seemed to be in the offing.

1-Day LTC

Source: TradingView

Source: TradingView

The one-day chart of LTC showed two uptrends. The first was from $42.23 to $91.40 and the second was from $91.40 to $102.85. The resistance line stood at $102.52 and the supports were present at $60.58 and $32.06.

Bollinger Bands exhibited a high rate of volatility in the market.

The Awesome Oscillator indicated a bullish buying opportunity in the LTC market as the short-term momentum was greater than the long-term momentum.

Chaikin Money Flow chart was below the zero-line, indicating that money flowing out of the market.

Conclusion

Bitcoin and Litecoin seemed to be in a bullish market as forecast by the indicators.





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Gemini outperforms Tether; stablecoins struggle as Libra’s shadow looms, finds Fundstrat report

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Gemini outperforms Tether, stablecoins falter amidst hovering Libra shadow, finds report
Source: Unsplash

Last week might have been the last phase of the ‘Gemini’ as Zodiac signs go. However, the twin-heads have surprisingly outperformed their stablecoin equivalent, Tether [USDT] as Libra scaled the market. With bullish sentiment emanating from Menlo Park, pushing Bitcoin [BTC] into fifth-heaven, stablecoins on the whole faltered.

According to a recent Weekly Performance Analysis by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC. Further, the same index was over the past month, down by over 35 percent and in the past 3 months, the stablecoin index fell by 175 percent.

Source: Twitter

Fundstrat, with reference to the nature of the FS CryptoFX Stable Index, stated,

“The FS CryptoFX Stable index is designed to track the performance of cryptocurrencies which are designed to be “stable.”

The Winklevoss twins’ Gemini Dollar [GUSD], which many expect to be eaten up in the Libra storm of 2020, overtook USDT on both the 1-week and the 2-week percentage price chart, a surprise to many.

USDT, despite accounting for a percentage weight of 74 percent, saw neutral movement over the past week, while GUSD inclined by a notable 1 percent. The only stablecoins that moved backwards on the seven-day change chart were the crypto-collateralized stablecoin DAI and Paxos Standard.

A similar trend was seen in the 14-day stablecoin price chart, relative to their weight, with GUSD outperforming USDT.

On the eve of the Libra announcement, the Winklevoss twins had both predicted that other FAANG companies could come out with their own coins to rival Facebook, a slightly tongue-in-cheek remark that presumably emanated out of spite over Zuckerberg once again overshadowing the Gemini founders.

Despite numerous reports on Libra’s apparent lack of one-for-one backing of USDT and the complexities around the Bitfinex-iFinex-Tether matrix surfacing in April with the New York Attorney General’s report, Tether has been performing well.

A recent Longhash report scored the top stablecoin 90 out of a possible 100, calling it “Extremely Healthy.” To add to this, a study by Binance Research stated that USDT found maximum usage among its institutional and VIP clients, operating in the books of 80 percent of the clients queried, while the next most dominant stablecoin was Circle and Coinbase-propelled USD Coin [USDC], raking in 45 percent usage.





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