Connect with us


Litecoin, FTX Token, Decred Price Analysis: 08 February



Source: Pixabay

The bull market is beginning and most altcoins broke past levels of resistance that had countered their rise in the past. Litecoin was trading within a range and looked likely to drop beneath $150, while FTX Token and Decred were bullish on the price charts.

Litecoin [LTC]

Litecoin, FTX Token, Decred Price Analysis: 08 February

Source: LTC/USD on TradingView

The longer-term range for LTC is bounded by $123 to the south and $180 to the north, with $149 being the 50% level within this range. This mark is the most important level within the range, and can shed information regarding a shift in momentum.

At the time of writing, the Awesome Oscillator formed a bearish twin peaks setup and crossed over into bearish territory to denote downward momentum.

A session close beneath the $147-$150 region for LTC would likely spell a move to $135 for LTC. However, the trend of the past week has been bullish and the price has not signaled a reversal of this medium-term trend as of now.

FTX Token [FTT]

Litecoin, FTX Token, Decred Price Analysis: 08 February

Source: FTT/USD on TradingView

FTX Token was a lot more straightforward. While the MACD hinted at a dip toward $13, the short-term bearish momentum might already have ended as the price dipped to $14 and started recovering.

For many weeks now, FTT’s resistance levels have been plotted using Fibonacci extension levels, and FTT broke past each one of them. This time the 62% extension level for FTT lies at $19.23- a move that could take a couple of weeks to complete.

What was certain was that demand from buyers was present, as the OBV rallied alongside the price. A move above the previous high at $15.48 is significant, while a rejection at this mark would represent a double top and point to a retracement.

Decred [DCR]

Litecoin, FTX Token, Decred Price Analysis: 08 February

Source: DCR/USDT on TradingView

Decred found strong support at the 23.6% retracement level and the RSI was once more on the rise, after a dip toward neutral 50. Momentum was once again in favor of the bulls in the short-term and further gains are likely.

The previous high in the $95 region is likely, which is also a historic level of resistance. Beyond this mark, the $110 level is the next significant resistance.

Where to Invest?

Subscribe to our newsletter

Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.