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Ethereum (ETH) Litecoin (LTC) Technical Analysis – Succumb To Selling Pressure

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Litecoin
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Over the past week or so, we brought readers attention to the action in both Ethereum (ETH) as well as Litecoin (LTC). While both had been acting fairly well and displaying decent technical characteristics (particularly ETH), both have recently given way to the down-side joining the entire slide within the cryptocurrency universe.

While neither ETH nor LTC was exhibiting signs that an imminent break to northern ground was in the offing, both nonetheless were showing some signs of strength in their ability to hold the line while many cryptocurrencies had already begun to show technical deficiencies.

Nevertheless, both time and market conditions have caught-up with both ETH and LTC as both have succumbed to selling pressure and find themselves trading at or near potential short-term support levels/zones.

With that said, let’s revisit both Ethereum and Litecoin and see what the technical picture is portraying at this time.

As we can observe from the daily Chart of ETH above, Ethereum was holding things together fairly well, while trading within a triangle formation and holding support at the 640-660 zone. Although the coil was tightening within the triangle and a move either top-side or southbound was in the cards, ETH was still displaying decent relative strength until ultimately breaching the triangle lower where it presently finds itself flirting with yet another potential support zone in the 575-600 area.

Thus, as a result of current overall conditions within the cryptocurrency sphere, ETH was unable to withstand the selling onslaught and now requires work in order to repair its technical posture.

With that said, let’s take a look at some levels to monitor moving forward that may provide both investors/traders with further clues/evidence with respect to direction.

If, at any point in the days/weeks ahead ETH can recapture the 660 level (former support now turned short-term resistance) and perhaps more importantly can clear the 725 hurdle and ‘stick’, such development, should it materialize, would be a positive indication that perhaps buyers have wrested control back into their hands.

However, on the opposite side of the ledger, both investors/traders may want to monitor the 550-575 zone as initial potential short-term support, with more meaningful potential support residing at the 480-500 zone.

Nonetheless, ETH has (as has the entire cryptocurrency landscape) fallen victim to overall market sentiment and now finds itself in an attempt at containing any further slippage.

Moving on to Litecoin (LTC), we can observe from the Chart below that LTC has also fallen victim to Mother Market after attempting to come up-and-out of and inverted Head-and-Shoulders (H&S) formation earlier this month only to fail just above the neckline (purple horizontal line) and slide the slippery slope lower.

When viewing the action of LTC above, we can witness that after LTC failed just above its neckline in early May, the move for lower depths began and as a result, LTC breached both its 200 (red line); 20 (yellow line) as well as its 50DMA’s (blue line) respectively, which negated any favorable technical characteristics and now finds itself trading below all of its important moving averages (20/50/200DMA’s) as well as the downtrend line (light blue line).

Thus, while things were looking fairly good for LTC from a technical perspective just a short few weeks ago, the tables have been turned and now LTC, like the entire cryptocurrency sphere, finds itself attempting to stem any further bleed lower.

With that said, both investors/traders may want to monitor the following levels for additional clues/evidence with respect to a direction moving forward.

If, at any time in the days/weeks ahead, LTC is capable of recapturing the 124 as well as the 140 figure/s and perhaps, more importantly, can clear the 154 hurdle and ‘stick’, such accomplishment, should it materialize, would certainly be a first step in repairing the short-term technical damage inflicted.

On the flip-side of the coin, both investors/traders may want to monitor the 109-112 zone with a close eye for potential short-term support as LTC has already taken-out multiple support levels just above where it trades at this moment in time.

Needless to say, the overall environment remains slippery and challenging. Thus, both investors/traders (particularly Traders) may want to keep things on a tight leash and honor Your Stops as risk management is priority number one and paramount, as always. Live to trade another day!

Happy Trading!!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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Elite