Litecoin, unlike every other cryptocurrency, hasn’t been dumping. Instead, it has been on a rally since December 2018, causing the price to surge by a massive 170%.
The price and the coin’s technicals indicate a more bullish scenario for Litecoin in the future, owing to the formation of an ascending triangle.
As seen in the chart above, the price at press time hadn’t crossed the higher high [$61.25] formed on 16 March, 2019. Although the price did hit the $61.25 level multiple times, it did cross it, forming the top of the triangle. The price, however, has been forming higher lows since 4 March, 2019, creating a perfect ascending triangle pattern seen on the charts.
The Volume has been continuously declining across the pattern, giving it more credibility. Additionally, the Relative Strength Index [RSI] is close to hitting the resistance at 48. The assumption here is that the price would hit the strong resistance and bounce off, thus creating an opportunity for the rally.
The Fibonacci Retracement showed a 50% retracement for the previous rallies. Assuming the same, if Litecoin decides to dump, before going on another rally, the retracement could happen at $57, which also happens to be a strong support/resistance that LTC has supported since 2018.
Since the ascending triangle patterns are bullish in nature, a breakout to the upside could be expected. Although unlikely, if the price drops due to an unforeseeable event, it could retrace to a low of $57.
Due to its rally over the last couple of months, it is speculated that Litecoin bottomed in December and that the bull rally has begun. Since Litecoin’s halving is just around the corner [August 06, 2019], the community speculates that this could be a key driver of the price.
The direction of any pattern’s breakout is uncertain and it can only be known after it actually occurs. Thus, it is better to be prepared for both outcomes. If the price dumps, the keys levels to be looking out for are $57.03, $52.04 and $39.65. However, if the price decides to go on a rally, the key range to look out for is between $68.87 and $62.84.
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TRON & XRP: Market oscillation subsides as resolute bulls take over; rationality over rewards?
A mere sighter of the bullish swings within the cryptocurrency space suggests that bulls are temporary; upswings don’t last and market oscillations are a part of normalcy. The cryptocurrency realm’s relationship with bulls is an affair, not a romance, but if one were to go by present market movements, they would think love is in the air.
Since the beginning of the second quarter of 2019, the bulls have blessed the cryptocurrency market, pushing Bitcoin’s price from $4,000 to its current price of $9,150. Even with such a sharp turn for the better, there have been no steep falls, no hairpin bends, and no cliffs along the way.
The price chart for the collective market has been on the up-and-up, with even the worst of pullbacks not halting the bullish march. On the flipside, even positive isolated news for certain coins in the market have not resulted in major rallies. Rather, a calm sober sway up the price path is noticed. Two key tell-tales of this nonchalant, oscillation-less movement up the charts are Tron [TRX] and XRP, each with their own set of buoyant news.
Justin’s Sun’s Tron, on the back of yet another one of Justin Sun’s marvelous marketing masterpieces, was firmly at the centre of the cryptocurrency world, until Libra stole its thunder. However, the humdrum was not due to another Tesla half-kept promise, but due to him winning a charity auction for a lunch-date with none other than the Oracle of Omaha, Warren Buffett.
TRX peaked at $0.041, following the announcement of the lunch date between the investment tycoon and Sun. However, the current price is not a far cry from the aforementioned high. At press time, the 12th largest cryptocurrency in the market was trading at $0.033 and the plummet between the two price points was $0.029, implying the fact that the news did not have any larger implications on the Tron ecosystem or TRX itself.
XRP, the bank coin, also did not see a massive pump or dump following the announcement earlier this week. Ripple, the altcoin’s parent company, invested $50 million in MoneyGram, as the price of the coin spiked to $0.454 from $0.428. However with context, this pump pales in comparison to previous XRP spikes owing to announcements from the likes of Coinbase and Nasdaq, further acknowledging the fact that sober, and not erratic bulls, now dominate the cryptocurrency market.
Dovey Wan, Founding Partner at Primitive Ventures, attested to the “steady and solid” rise of the market, citing TRON and XRP. She tweeted,
Hopefully the bull this time will be a steady and solid one, not a violent delight leading to a violent end
— Dovey Wan 🗝 🦖 (@DoveyWan) June 18, 2019
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