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Will the Bullish Sentiment Drive Cardano, Litecoin Higher?

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ltc_ada_analysis
  • ADA’s triangle breakout slows at $0.7, but DMI and RSI indicate a $1 recovery.
  • Litecoin faces seller congestion at $68 and a descending trend line.

Cardano, Waves, Axie Infinity, and Near Protocol have benefited from bulls’ influence in the market. After recovering from support at $54 and reaching its current price of $68 Litecoin looked like it was still playing catch up.

As looked at on Monday, ADA was hoping to go above $0.7 to try to get to $1. LTC, on the other hand, had to get more support and get strong enough to break through the barriers at $70 and $74.

Is Cardano’s Breakout To $1 Unstoppable?

On the 4-hour chart, there was an important symmetrical triangle pattern that set ADA up for a breakout. After the upper trend line was broken, the number of trades went up, which helped ADA make a 44 percent bullish escape to $0.72.

The rise was quick and, most importantly, stable over the last few days. At the time this was written, ADA was traded for $0.62, and bulls were working hard to turn the barrier at $0.7 into immediate support.

Several technical indicators, starting with the Relative Strength Index, show that the outlook for $1 is good right now (RSI). Since May 28, the difference between the RSI and the moving average has kept getting bigger. Because of this, ADA is said to be in the best position to rally past the goal of $0.72 and close the gap to $1.

TradingView Export : ADA/USD

Litecoin Is at a “Make or Break” Point

The price of Litecoin is at a point where two different things could happen. A break above the downward trendline resistance on the 4-hour chart could push LTC above $70 and possibly close the gap to $74. On the other hand, trading below the 50 Simple Moving Average (SMA) is likely to open a can of worms and make the market unstable. So, it’s not impossible that LTC could drop to $65 or $60.

TradingView Export : LTC/USD

Bullish traders are likely to look at the clear buy signal from the MACD. But the uptrend might not happen until the momentum indicator moves into the positive area. The difference between the 12 EMA and the 26 EMA would help figure out if the coming run-up would work.

The Parabolic SAR (Stop and Reverse) indicator went below ADA over the weekend, which was another sign that it was time to buy. This showed that attention was moving from the bears to the bulls, which meant that more movement up was likely.

Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry.