Litecoin, Neo, Augur Price Analysis: 06 April
Litecoin approached a crucial resistance level at $228.92 and a successful breakout could push the price above $245. Neo traded at multi-year highs and showed no signs of halting its upwards trajectory. Finally, Augur was tipped to break above $44.37 and the $50-level could be possible over the next few trading sessions.
On the 4-hour timeframe, Litecoin pictured a bullish trajectory as it approached the crucial barrier of $228.92. Breaking above this point would push LTC north of $245, a level last seen prior to the late February pullback. The movement was also in line with recent expectations as trade volumes on spot exchanges noted an increase in demand for the world’s ninth-largest cryptocurrency.
The OBV showed buying around the $170-mark, with the alt making a recovery towards levels seen on 20 February. The ADX pointed north from 25 as the bulls gathered strength in the market. The 24-hour trading volumes climbed north of $5 billion and rose by 74%, at the time of writing.
Neo’s breakout from the $46.2-$37.9 range catapulted the price towards $64 – a level last seen in May 2018. Gains over the last seven days now amounted to over 42% and underlined a strong bull market after a rather subdued month of March.
Even though the RSI was trading in the overbought territory, it was pointing north and suggested a delayed stay in the upper zone. Meanwhile, the MACD line continued its movement above the Signal line, with the histogram picturing an uptick in bullish momentum. There was some resistance present around the $65-mark, but a stronger barrier can be found at $69. If the bears hold on to this level, a pullback can be expected at $60.
Augur maintained its ascent on the 4-hour charts and the bulls were about to test a strong resistance level at $44.37. On the previous attempt, the bears were able to deny a breakout and pushed REP all the way to $30.4. However, the on chain-metrics strongly favored a successful breakout on this occasion.
The RSI was yet to peak in the upper zone and pointed to additional gains over the coming sessions. The Awesome Oscillator recovered from a bearish twin peak setup and resumed movement about the equilibrium point. A breakout could go as high as $50 or even $60 if the indicators maintain their position.