Ripple and Litecoin have been quite weak since early September, when the second bearish phase started in the crypto market. Other major cryptocurrencies have turned quite bullish, with Bitcoin trading above $60,000 and Ethereum heading for all-time highs, while these two cryptos are not showing any bullish signs. However, the situation might be changing slowly.
Litecoin Daily Chart Analysis – Will the 200 SMA Go Soon?
The price is sticking to the 200 daily SMA too long
Litecoin has been trying to turn bullish since August, after climbing for a month, as the sentiment in the crypto market turned positive, but the 200 SMA (purple) kept stopping buyers just above $190, and reversing the price lower. On two occasions, the price jumped above the 200 SMA, but both times it came back down pretty fast.
This time though, the price is sticking to the 200 SMA for too long, which means that buyers are not giving up at the 200 SMA. We saw a quick rejection yesterday, with LTC/USD losing $10 in about an hour. But, the buyers came back in pretty fast, and started to push Litecoin higher. This also shows buying pressure near the top, which is a positive sign for a breakout above the 200 SMA soon.
Last week, Litecoin surpassed Ethereum’s active addresses, which is a major milestone for Litecoin. With 600,000 daily active addresses, Litecoin is a leader on this front. Besides that, data shows that there are nearly 22,000 Litecoin ATMs all over the world, which puts it in third place. Litecoin’s active addresses are holding pretty well, as it is trading at the 200 SMA. So, all this points to a breakout above the 200 SMA for Litecoin soon, which would open the door to $230 initially.
Source: Sanbase Litecoin active addresses
Ripple Weekly Chart Analysis – XRP Not Showing Any Will to Fight?
The 20 weekly SMA has turned into support for XRP/USD
Since early September, when the bullish momentum in Ripple coin ended, this crypto hasn’t been showing any signs of life. Instead, it has become one of the most boring cryptos for about a month, as the price hovers around $1 and $1.20, while other major cryptos are in the midst of a bullish momentum, as mentioned above.
The 20 SMA has been supporting the price, which is a good thing, but the legal battle with the US Securities and Exchange Commission (SEC) has kept buyers from making big purchases. We haven’t spotted any major whale wallets buying Ripple recently, so there have been no signs of life in Ripple coin. We remain long on XRP/USD with our buy signal, but it is more of a buy and forget trade.
XRP/USD
This news is republished from another source. You can check the original article here
Be the first to comment