Altcoins
Litecoin Price Multi-Timeframe Analysis Points to More Gains
Litecoin price moved sideways on Monday as investors embraced a risk-off sentiment. The coin was trading at $97.24, which was a few points below the year-to-date high of $102. Litecoin has been one of the best-performing big-cap cryptocurrencies in the world. Unlike most coins, its rally started in June last year when it dropped to a low of $47.85.
Litecoin price analysis (1D chart)
The LTC/USD price has been in a strong rally in the past few months. This rally was validated when the coin moved formed a golden cross pattern. In financial trading, this pattern forms when the 50-day and 200-day moving averages makes a bullish crossover. The cross happened on December 16.
In the past few months, Litecoin has moved above several important resistance levels. The most recent was when it moved above the key level at $85.20, the highest point on December 6. It also moved above the psychological level of $100.
The coin has also jumped above the ascending trendline shown in black. Therefore, I suspect that the bullish trend will continue as Litecoin’s hash rate continues rising. It has jumped to an all-time high, signaling that the network remains significantly healthy.
If this trend continues, Litecoin will likely continue rising as buyers target the key resistance point at $120, which is about 23% above the current level.
LTC/USD price 4H analysis
Turning to the 4H chart, we see that the LTC/USD price has formed an ascending channel shown in black. The price has moved slightly below the middle line of this channel. It is also consolidating at the 25-day moving averages. Therefore, while the coin has made a slight pullback, I suspect that the bullish trend will continue in the coming days.
If this is accurate, the coin will likely retest the important resistance level at $102.16, the highest point this year. A move above that resistance point will see the Litecoin price continue soaring, with the key level to watch being at $120. This view is in line with that on the daily chart.
XRP price has recorded substantial gains in the past week, jumping more than 20% over the period. The altcoin has been among the best-performing cryptocurrencies in the market. XRP’s total market capitalization currently stands at $23.2 billion, ranking it as the 6th largest cryptocurrency after USD Coin and above Cardano. The total volume of the coin traded in the past 24 hours has declined by more than 27%.
Fundamentals
XRP has experienced significant volatility in its market capitalization in recent years, reaching a peak of $140 billion in early 2018 before plunging to under $10 billion in 2019. The coin was designed to be a bridge currency, allowing seamless transactions between different currencies without the need for a traditional financial intermediary.
Even so, XRP faces stiff competition from other altcoins, particularly ones that focus on cross-border payments. Stellar Lumen (XLM) is one of the cryptocurrencies that was created to facilitate cross-border payments. Additionally, traditional financial institutions have also started creating their digital currencies and blockchain solutions, which could potentially compete with XRP.
Over the years, XRP has been adopted by several major institutions including American Express, Standard Chartered, and Santander. Ripple has also partnered with over 300 financial institutions globally to use XRP for cross-border payments. However, even with adoption, the coin still faces regulatory hurdles in several countries including the United States.
XRP price performance has been subdued over the past few years since the
Dogecoin price has been range-bound for the past few days as investors weigh up the recent banking crisis on fears that the global economy may be headed into a recession. The meme coin has jumped by more than 3% in the past week and gained 7% in its year-to-date price. Dogecoin ranks as the 8th largest cryptocurrency by market cap after Cardano and before Polygon.
Fundamentals
Dogecoin price was trading in the red on Friday, wiping its gains from Thursday’s trading session. The coin has been under pressure for the past month as many investors seem to be backing out of their investments in the altcoin. Elon Musk, CEO of SpaceX and Tesla recently showed a loss of enthusiasm for the meme-inspired cryptocurrency as he expressed his new interest in AI.
Elon Musk’s tweets have always had a substantial impact on the Dogecoin price. Earlier this month, Musk took to his Twitter to announce that he had lost his interest in crypto and gained a newfound interest in AI. His remarks saw the DOGE price dip by nearly 5%, contributing to the significant decline in the coin’s price this month.
The global crypto market has been holding steady above the crucial $1 trillion level for the past few days. At press time, it was at $1.16 trillion, a 0.31% decrease over the last day. The total crypto market volume slipped by 13.78%. More specifically,…
Ethereum price has been hovering around its highest level in 7 months for the past few days amid a boost in the crypto market. ETH has jumped more than 49% in its year-to-date price, increasing 5% in the past week. Ethereum’s total market cap has slipped by more than 3% over the last day, while the total volume of the altcoin traded increased by more than 6%.
Fundamentals
Just like most cryptocurrencies, Ethereum price found support in the recent fiasco in the banking sector. The recent vulnerability in the banking sector pumped liquidity in the global crypto market as investors shifted to other assets such as cryptocurrencies. Bitcoin, the largest cryptocurrency by market cap, saw its price hit its highest level in 9 months, while Ethereum jumped to a 7-month high.
The global crypto market was in the red later on Wednesday as investors chewed on the Fed’s latest interest rate decision. The Federal Open Market Committee (FOMC) announced on Wednesday a 25-basis point hike in the federal funds to 5%, down from 4.75%.
According to a statement by the US Federal Reserve, the FOMC remains highly attentive to inflation risks as it seeks to achieve an inflation rate of 2%in the long run. The Committee also announced that it anticipates additional policy firming to help in attaining a stance of monetary policy to aid in achieving the 2% target.
According to the Fed’s…
-
Altcoins6 days agoEthereum Price Dips as Markets Digest Latest Fed’s Interest Rate Decision
-
Bitcoin2 weeks agoBitcoin Price Extends Rally as Latest US CPI Reading Falls in Line With Market Expectations
-
Bitcoin1 week agoBitcoin Price Jumps to Highest Level in 9 Months on the Back of the UBS Merger Deal
-
Altcoins4 days agoDogecoin Price: Buy the Dip or Sell the Rip?
-
Altcoins2 weeks agoSolana Price: Technicals Point to a Sell
-
Altcoins1 day agoXRP Price: All Eyes are on the Supreme Court Amid the SEC vs Ripple Case
