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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC holds strong above $5k while LTC welcomes the bear

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC holds strong above $5k while LTC welcomes the bear
Source: Pixabay

After sliding to the sixth position, Litecoin [LTC] failed to make it above $80 after posting significant gains during the initial days of April. The king coin, Bitcoin [BTC], remained intact above the $5,000-mark.

At press time, Bitcoin [BTC] held a market cap of $89.71 billion and was priced at $5,089. The cryptocurrency registered a 24-hour trading volume of $10.34 billion and exhibited a decline of 0.43% over the past 24 hours.

Litecoin [LTC], held a market cap of $4.76 billion and a 24-hour trading volume of $2.22 billion. The crypto-asset was valued at $77.38 and fell by 2.66% over the past 24 hours.

1-day BTC chart

Source: TradingView

The candlestick arrangement on BTC’s one-day chart exhibited a downtrend from $6,451 to $5,309, along with a small uptrend from $4,194 to $5,060. The supports for the crypto-asset were found at $4,036, $3,789 and $3,469, while the immediate resistances stood at $5,654 and $6,467.

Bollinger Bands: The mouth of the bands was open and predicted increasing volatility for BTC’s price.

Awesome Oscillator: The closing bars of the indicator were red and continued to draw a bearish picture for the coin.

Chaikin Money Flow: The CMF was above the zero-line, indicating that money was flowing into the coin market. Hence, a bullish price pattern for BTC was forecast.

1-day LTC chart

Source: TradingView

The one-day LTC chart exhibited two uptrends from $32.90 to $45.68 and from $45.68 to $60.31, followed by a minor correction. Another uptrend from $61.17 to $87.17 was also registered, however, the coin fell below the $80-level shortly after the spring and has since failed climb higher. A minor downtrend from $56.52 to $34.60 was also recorded.

A potential price break is being anticipated, one that may push the coin over the recently surpassed $90-mark. The support points for LTC stood firm at $56.70 and $41.93.

Parabolic SAR: The dotted markers were below the candlesticks, suggesting a bullish phase for the silver crypto.

MACD: The MACD line was below the signal line, depicting a bearish pattern for the coin’s valuation.

Klinger Oscillator: The reading line was also below the signal line and projected a bearish course for LTC’s price.

Conclusion

BTC continued to sway between the bear and the bull’s side, while its silver counterpart pictured a strong bear’s hold in its valuation.





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Altcoins

Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump

Biraajmaan Tamuly

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Source: Pixabay

The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.

Source: CoinmarketCap

At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96  million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.

Source: Trading View

According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.

Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.

Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.

At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.





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