LTC has lost more than half of its value in the past few months, despite the most recent market price increases. Its blockchain hash rate, on the other hand, has been on a steady uptrend depicting the resilience of network participants in the face of tremendous volatility in the broader market.
Litecoin Hash Rate on the Path to Recovery
According to data from BitInfoCharts, Litecoin’s mining hash rate increased to 397 Th/s on February 1st. The last time the figures were this high was back in August 2019. Despite undergoing a mild retracement a week later, the numbers are still hovering around this level. Besides, further data also suggested that the network’s latest difficulty level was also adjusted to 13.53 million, a level last seen in August 2019.
Litecoin Hash Rate. Source: BitInfoCharts
It is important to note that the network hash rate declined sharply to 170 Th/s in June 2021, just a month after hitting an almost two-year high of 384 Th/s. This came amid the all-out crypto ban in China.
Since then, both hash rate and difficulty have been on a steady uptrend in tandem price recovery, even though the latter’s trajectory wasn’t as smooth. In fact, the plunge that unwrapped in the last week of January this year also failed to deter the overall hash rate trend, demonstrating a more robust network.
The major culprit for the initial fall was undoubtedly the second halving. Litecoin’s hash rate and difficulty went on a freefall since the mining reward network halving in July 2019.
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It soon fell out of favor with investors, and it took sixteen months from the event for the silver coin to reach a price of three figures. However, Litecoin mining became more profitable throughout 2020 and remained on approximately the same level in the early months of 2021. The latest recovery was a bullish factor as network volatility continued to wreak havoc.
MimbleWimble Update
Even as most regulators worldwide have blatantly snubbed anonymity-fostering protocols, Litecoin is moving ahead with privacy opt-ins with the release of MimbeWimble (MWEB) upgrade after two years of development. It first started when the Beam Privacy team announced an interesting implementation of MWEB as Extensions Blocks (EB) into the Litecoin network in December 2019.
Experts hold a bullish view on this upgrade. According to the lead developer David Burkett, the update in question aims to enhance the viability of Litecoin as a fungible currency for daily transactions, paying salaries, and even buying real estate.
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After yesterday’s drop to sub-$42,000 levels, bitcoin bounced off and spiked to around $43,000. Most altcoins are slightly in the green as well on a daily scale, with BNB nearing $500 and more impressive gains from Litecoin and ATOM.
Bitcoin Touches $43K
The past several days seemed quite positive for the primary cryptocurrency. The asset had recovered from its dip below $40,000 on Monday and was increasing in value gradually.
In just a few days, it added more than $4,000 of value, which resulted in breaking above $44,000 on a few occasions – the last one on Thursday.
However, this is there the landscape changed. After touching a weekly high of $44,500, the bears stepped up and pushed BTC south. This time, bitcoin dropped by over $2,500 and declined to just under $42,000 yesterday.
Since then, BTC has added around $1,000 of value and now sits at approximately $43,000, and its market capitalization has remained above $800 billion.
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BTCUSD. Source: TradingView
Litecoin Spikes 8%: BNB Nears $500
Ethereum went through a volatile week of its own in the past several days, which included a drop to a multi-month low beneath $3,000. After that dump, though, ETH went on the offensive and recovered $300 in days. As of now, a minor 2% increase since yesterday has pushed the second-largest crypto to above $3,300.
Binance Coin is up by around 3% on the day and is close to challenging $500. Ripple, Polkadot, Avalanche, Shiba Inu, MATIC, LINK, and Terra are also slightly in the green.
Litecoin (8%) is the most substantial gainer from the larger-cap alts, followed by ATOM (7%). In contrast, Dogecoin, Solana, and ADA have tapped minor losses.
The cryptocurrency market capitalization has increased by around $40 billion since yesterday and remains well above $2 trillion.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Following the latest all-time high charted yesterday, bitcoin has lost some traction and has dipped below $67,000. Most altcoins have also retraced, aside from Litecoin. LTC has marked another impressive increase and has tapped a new six-month high.
Bitcoin Calms Above $66K
During the weekend, which was just three days ago, the price of the primary cryptocurrency had dipped to $60,000. This was the third consecutive such drop in a week.
However, the situation quickly changed, and BTC started to appreciate in value rapidly. In just a day, the asset skyrocketed by $4,000 and came inches away from its October peak of $67,000.
Although it was unable to break it at first, bitcoin initiated another leg up in the following hours and peaked at $68,700, which became the new all-time high.
Since then, though, the asset has lost some ground and has now dipped below $67,000. Nevertheless, its market capitalization stands above $1.250 trillion, while the dominance over the altcoins has increased to 44%.
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BTCUSD. Source: TradingView
Alts Retraced But Not LTC
Most of the altcoin space also charted impressive gains in the past several days, including new all-time highs. Ethereum was one of those that saw new records at nearly $4,900. However, the second-largest crypto has also dipped since then and currently trades just over $4,700.
The rest of the larger-cap alts are also in the red. These include Binance Coin, Solana, Cardano, Ripple, Polkadot, Dogecoin, Shiba Inu, and Terra.
Avalanche, on the other hand, has increased by 3% and is close to registering yet another ATH. Nevertheless, Litecoin is the best performer here once again. LTC has surged by another 7% in the past 24 hours and has reached a new six-month high above $265.
More gains come from Loopring (52%), IoTeX (35%), Kadena (22%), Livepeer (13%), and Quant (12%).
The cryptocurrency market capitalization is down by around $60 billion in a day, but it’s still above $3 trillion on CoinGecko.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Litecoin has been consolidating since May, and the price started to increase slowly from July. However, in the past two days, LTC had a major breakthrough and started to increase. It surged by around 20% in 24 hours. It also set a 6-month high.
Litecoin also broke above the $236 resistance and turned it into support. Because of LTC’s lacking performance, the next major resistance can be measured at around $370, which is a long way from the current price and would definitely take sustained momentum from the bulls to get there.
Chart by TradingView
Technical Indicators of LTC Price
Trading Volume: Good volume on this move. However, it’s important to be mindful of any exhaustion from the bulls as they’ve been pushing the price for some time, and the current volatility may lead to a short correction.
RSI: RSI has crossed above the 70 points on the daily timeframe, indicating strong bullish momentum. On the weekly timeframe, LTC seems to have plenty of room to move higher and set a new all-time high.
MACD: The MACD on the daily timeframe and above is very bullish. The price looks likely to continue trending higher before a potential pullback once major resistance levels are met. The weekly MACD can remain bullish despite any corrections showing that LTC has a long way up before it tops.
Chart by TradingView
Bias
The bias is bullish. This is supported by the price action, volatility, and indicators. Remember, volatility can go in both ways during a bullish market, so be on guard.
Short-Term Prediction for LTC Price
It’s very interesting to see if the bulls will be able to sustain the momentum all the way up to $370 and, potentially, how the price will behave if it gets there. Until then, it seems reasonable to expect to see the price above the support at $236, which should hold – in case of a correction.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
The cryptocurrency markets are rarely dull. Yesterday was a prime example of an intriguing day after news emerged that the e-commerce giant Walmart has decided to enable its customers to make payments with Litecoin (LTC).
Naturally, the price of the digital asset exploded by double-digits in minutes. In fact, the whole market did as bitcoin spiked $2,000.
It all seemed quite well until, minutes later, a Walmart representative denied the report, saying it was fake news. The volatile nature of the cryptocurrency space came to play again, with LTC and the rest of the tokens dumping even more vigorously.
The ever-creative community was quick to react with some humorous and compelling memes and tweets. Here are some of them.
Burj Khalifa and Litecoin
The aforementioned price developments took Litecoin from a low of $173 to a daily high of $238 (on Bitstamp). This 37% surge happened in less than 15 minutes. Shortly after, LTC dumped back down to around $175 again – in minutes.
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Some traders tried to take advantage of the news, which would have been quite significant for Litecoin if it was real, of course, and opened long positions. Yet, they were caught in the wrong place, resulting in millions of dollars in liquidations in LTC trading alone, according to Bybt.
Consequently, some popular digital asset commentators took it to Twitter to ask what would happen to those who “bought the news” in a somewhat ironic way:
Can Walmart at least offer jobs to those who bought the news?
— Cred (@CryptoCred) September 13, 2021
Another popular cryptocurrency trader, going by the Twitter handle Emperor, showed a picture of how a large group of people has gathered in a store asking for refunds after getting rekt.
Others took a different approach by comparing the sharp price increase and decrease with the tallest building in the world today – Burj Khalifa (828 meters).
Burj Khalifa / Litecoin. Source: Twitter
While on the topic of charts, another one emerged on social media that actually saw the price candles as “L” – the first letter of Litecoin.
Litecoin. Source: Twitter
The Problem With Unverified Reports
On a more serious note, yesterday’s publications from some of the most well-known and respected websites outlined a growing problem – misinformation. GlobeNewswire – a press release distribution service founded more than two decades ago – ran the story first.
It was quickly picked up by media giants like Reuters and CNBC, even though there was no confirmation yet. In fact, CNBC even admitted that they are uncertain of the story’s authenticity, as it had this in the report (before it was edited out):
“It was not immediately clear if the news release was actually authentic.”
GlobeNewswire later blamed the situation on a “fraudulent user account,” which apparently issued the illegitimate press release. Despite claiming that this has never happened before and that the team has now placed “enhanced authentication steps to prevent this isolated incident from occurring in the future,” the crypto community didn’t pass by GlobeNewswire’s role.
GlobeNewswire Fun on Twitter.
Featured Image Courtesy of Yahoo
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Altcoins continue to outperform bitcoin’s price and this week was no exception. One of the biggest winners over the past seven days was Litecoin, up more than 40%. Here’s how some other top coins performed and what to look forward to.
Bitcoin
Bitcoin is up by a total of 5.5% this week as it battles with $56,500 in an attempt to climb over the 50-days MA. It has struggled to surge above $58,000 so far in May as it fails to break above a short-term descending trend line.
On Tuesday, bitcoin saw a sharp 8% price fall as it dropped beneath the 50-days MA to reach as low as $53,000. There, it found support at a .5% Fib and rebounded on Wednesday to break back above the 50-days MA. However, it still is struggling with the descending trend line and has since dropped beneath that critical resistance.
Looking ahead, the first support lies at $55,400. This is followed by $54,450 (20-days MA), $53,000 (.5 Fib), $52,400 (100-days MA), and $51,600 (.618 Fib).
On the other side, the first resistance lies at $55,500 (50-days MA). This is followed by the descending trend line, $58,355 (Feb 2021 highs), $60,000, and $61,780 (March 2021 highs).
BTC/USD Daily Chart. Source: TradingView
Ethereum
Ethereum witnessed a very strong 25.6% price hike this week as it surged to new ATH prices of $3600. The coin has been trading inside a steeply ascending price channel since breaking out of a symmetrical triangle toward the end of April. Since then, it has consistently been making higher highs.
At the start of the week, ETH was trading around $2750. It continued higher throughout the week until setting the ATH price yesterday at $3600. Since then, it has dropped slightly to trade around $3450.
Moving forward, the first level of strong resistance lies at the ATH price at $3600. This is closely followed by $3656 (1.414 Fib Extension), $3800, $3880 (1.618 Fib Extension), and $4000. Added resistance lies at $4200 and $4412.
On the other side, the first support lies at the lower boundary of the ascending price channel. Beneath this, support lies at $31200 (.236 Fib), $2955 (.382 Fib), and $2760 (.5 Fib & 20-days MA).
ETH/USD Daily Chart. Source: TradingView
ETH is performing very well against BTC this week as it managed to break the April 2018 lows at 0.054 BTC and reach as high as 0.0632 BTC (1.618 Fib Extension).
It started the month beneath 0.05 BTC but quickly managed to break above the resistance. On Monday, ETH surged above the April 2018 lows and continued to hit the 2021 high at 0.0632 BTC on Tuesday. Since then, it has traded sideways between this high and the support at 0.06 BTC.
Looking ahead, the first support lies at 0.06 BTC. This is followed by 0.0563 BTC (.236 Fib), 0.0541 BTC (April 2018 lows), and 0.0522 BTC (.382 Fib).
On the other side, the first resistance lies at 0.0632 BTC (1.618 Fib Extension – orange). This is followed by 0.0656 BTC (1.618 Fib Extension – purple), 0.0675 BTC (1.272 Fib Extension – blue), and 0.07 BTC (1.414 Fib Extension – blue).
ETH/BTC Daily Chart. Source: TradingView
Ripple
XRP also saw a respectable 13.3% price hike this week as the coin currently sits at $1.60. It started the month trading around $1.70 but ended up heading lower from there to hit the support at $1.40 (20-days MA) on Tuesday.
It quickly bounced from there and spiked as high as $1.80 yesterday. However, it looks as if XRP is struggling to produce a daily closing candle beyond $1.60.
Moving forward, if the bulls can crack $1.60, the first resistance lies at $1.74 (bearish .786 Fib). This is followed by $1.98 (April highs), $2.10 (1.618 Fib Extension), and $2.20.
On the other side, the first strong support lies at $1.50 (.236 Fib). This is followed by $1.40 (20-days MA), $1.25 (Feb 2018 Highs), and $1.10 (.5 Fib & 50-days MA).
XRP/USD Daily Chart. Source: TradingView
Against bitcoin, XRP Is seeing a similar pattern as it struggles to make any ground above 2877 SAT (bearish .618 Fib). It started the month at this resistance and ended up falling into 2600 SAT support on Tuesday.
It did end up rebounding from here on Webesdayto reach a new 2021 high of 3110 SAT yesterday, however, it still couldn’t close the daily candle above 2877 SAT and has since dropped to 2820 SAT.
Looking ahead, the first resistance lies at 2877 SAT. This is followed by 3110 SAT (2021 High). Added resistance lies at 3362 SAT (Feb 2020 highs) and 3485 SAT (bearish .786 Fib).
On the other side, the first solid support lies at 2600 SAT. This is followed by 2540 SAT (.236 Fib & 20-days MA). Additional support lies at the rising trend line, 2225 SAT (.382 Fib) and 2000 SAT.
XRP/BTC Daily Chart. Source: TradingView
Cardano
ADA saw a 25% price surge this week as it finally broke above the ascending price channel it was stuck inside throughout the past two months. The cryptocurrency started the month at around $1.35 but slipped lower into the support at the 20-days MA at around $1.25.
From there, it rebounded on Wednesday as it returned to the $1.50 resistance. Yesterday, ADA continued beyond $1.50 and broke to the upside of the ascending price channel to set a new ATH price at $1.76. It has since dropped slightly as it trades at $1.63.
Moving forward, the first resistance lies at $1.72 (1.272 Fib Extension). This is followed by $1.78 (ATH), $1.88 (1.272 Fib Extension – purple), and $2.00.
On the other side, the first stong support lies at $1.60. This is followed by $1.55 (.236 Fib), $1.50, $1.42 (.382 Fib), and $1.32 (.5 Fib).
ADA/USD Daily Chart. Source: TradingView
ADA witnessed a strong week against bitcoin. The cryptocurrency started the month at around 2325 SAT and started to push higher from there. Yesterday, it managed to penetrate resistance at 2600 SAT and reach as high as 3000 SAT.
It has since dropped slightly from there as it trades around 2900 SAT.
Looking ahead, the first support lies at 2800 SAT. this is followed by 2600 SAT, 2400 SAT (20-days MA), and 2200 SAT (50-days MA).
On the other side, the first resistance lies at 3000 SAT. This is followed by 3117 SAT (1.618 Fib Extension), 3196 SAT (2021 highs), and 3400 SAT.
ADA/BTC Daily Chart. Source: TradingView
Litecoin
Litecoin is the strongest performer on this list after surging by a solid 41.7% over the past week. The cryptocurrency managed to set a new ATH after breaking $370 and hitting $372.55 today.
The cryptocurrency started the month by trading at around $268 (20-days MA). From there, it started to push higher each day until setting the new ATH price today. We can see that Litecoin is trading inside an ascending price channel and is now testing the resistance at the upper boundary.
Moving forward, if the bulls can break the upper boundary of the price channel, the first resistance lies at $380 (1.272 Fib Extension). This is followed by $400 (1.414 Fib Extension), $417.60 (short term 1.272 Fib Extension), and $440 (1.618 Fib Extension).
On the other side, the first strong support lies at $333.50 (.236 Fib). This is followed by $320, $308.80 (.382 Fib), $300, and $288.80 (.5 Fib).
LTC/USD Daily Chart. Source: TradingView
LTC is also doing well against BTC after setting a new 2021 high at 0.00665 BTC today. The coin started the month at around 0.00475 BTC and started to surge higher. Yesterday, it managed to break above resistance at 0.00625 BTC (bearish .618 Fib).
It continued further higher today to set the new 2021 high at 0.00665 BTC but has since dropped slightly to hit 0.00644 BTC.
Looking ahead, the first resistance above 0.00665 BTC lies at 0.00675 BTC (1.618 Fib Extension). This is followed by 0.007 BTC (bearish .786 Fib), 0.00731 BTC (1.272 Fib Extension), and 0.00754 BTC (bearish .886 Fib).
On the other side, the first support lies at 0.00625 BTC. This is followed by 0.006 BTC, 0.00572 BTC (.382 Fib), 0.00544 BTC (.5 Fib), and 0.005 BTC (20-days MA).
LTC/BTC Daily Chart. Source: TradingView
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This week was quite exciting in the cryptocurrency market as a lot of the major coins managed to recover. Unfortunately, this wasn’t the case for all of them, so let’s have a look at some of the most interesting performers throughout the past seven days.
Bitcoin
Bitcoin is up by a powerful 15.8% over the past week as the cryptocurrency edges near the ATH price again. It started the week by rebounding from support at $47,200 (.382 Fib) and began to push higher over the weekend.
The coin broke back above $50,000 on Sunday and continued higher into the early-March resistance at $52,480 (bearish .618 Fib) on Monday. As the week progressed, BTC rallied until reaching $58,000 yesterday. It has since rolled over from here to trade back at the $56,112 level.
Looking ahead, the first level of resistance lies at $57,686 (1.272 Fib Extension). This is followed by $58,355 (ATH), $60,000 (1.618 Fib Extension – purple), and $62,170 (1.414 Fib extension – blue).
Added resistance is expected at $64,000, $66,000, and $68,610.
BTC/USD Daily Chart. Source: TradingView
Ethereum
Ethereum also saw a strong surge this week after increasing by 14% to reach $1750 today. The coin rebounded from support at the lower boundary of an ascending price channel over the weekend as it started to push higher. It found resistance at $1667 (bearish .5 Fib) on Saturday and continued above this resistance on Sunday.
Etheruem then went on to spike even higher until meeting resistance at $1875 (1.414 Fib Extension – yellow) on Tuesday. It could not break this level and ended up rolling over from here as it moved sideways around $1800.
Today, ETH dropped by a total of 3.7% as it fell into the lower boundary of the ascending price channel, where it currently trades at $1750.
Looking ahead, if the sellers break the price channel, the first level of support lies at $1700. This is followed by $1667 (previous resistance), $1580, and $1500.
On the other side, the first resistance now lies at $1800. This is followed by $1875, $1960 (1.272 Fib Extension), and $2036 (ATH price).
ETH/USD Daily Chart. Source: TradingView
Etheruem is starting to show weakness against Bitcoin again. The coin bounced from 0.031 BTC over the weekend and went on to push as high as 0.035 BTC during the course of the week.
Unfortunately, it could not surpass 0.035 BTC and ended up rolling over from here Tuesday. Since then, Etheruem dropped beneath the 200-day EMA and continued lower to hit the 0.031 BTC support today, provided by a .786 Fib Retracement).
Looking ahead, if the sellers push beneath 0.031 BTC, the first level of support lies at 0.0305 BTC (.886 Fib Retracement). This is followed by 0.03 BTC, 0.0295 BTC (Downside 1.272 Fib Extension), and 0.0295 BTC (Feb 2020 Highs).
On the other side, the first level of resistance lies at 0.032 BTC (200-days EMA). This is followed by 0.0337 BTC (Nov 2020 highs & 100-days EMA), 0.035 BTC, and 0.0361 BTC (March 2019 Highs).
ETH/BTC Daily Chart. Source: TradingView
Ripple
XRP suffered a 7.9% decline this week as the cryptocurrency fell beneath support at $0.45 (.5 Fib) to reach $0.437 today. XRP was doing well to hold above $0.45 for the majority of March as it attempted to push higher above a descending trend line.
On Wednesday, the coin attempted to break above $0.5 but failed to close above the descending trend line, causing it to roll over. Today, the coin fell beneath the support at $0.45 after trading above it for the past nine days.
Looking ahead, if the sellers push lower, the first level of support lies at $0.41 (100-days EMA). This is followed by $0.4 (.618 Fib), $0.37 (200-days EMA), and $0.35 (Feb 2020 High).
On the other side, the first level of resistance lies at $0.45. This is followed by the falling trend line, $0.5 and $0.556 (2019 Highs).
XRP/USD Daily Chart. Source: TradingView
Against Bitcoin, XRP fell back into the trading range that it was in during January 2021 this week. The coin had started the week by trying to break above 1000 SAT. It could not achieve this and started to head lower from there.
On Wednesday, XRP fell beneath support at 867 SAT (the upper boundary of the January trading range). It continued further beneath 800 SAT yesterday to reach 780 SAT today.
Looking ahead, the first level of support now lies at 742 SAT. This is followed by support at 700 SAT, 670 SAT (lower boundary of January’s trading range), and 600 SAT.
On the other side, the first level of resistance lies at 867 SAT. This is followed by 900 SAT, 1000 SAT, and 1200 SAT (December 2017 lows).
XRP/BTC Daily Chart. Source: TradingView
Cardano
Cardano saw a small 4.5% decrease over the course of the week as it fell to $1.05 today. The cryptocurrency had started to decline at the beginning of March when it dropped from above $1.30 to reach support at $1.10.
It held at this support through the majority of the week but ended up collapsing beneath it today. In doing so, ADA also fell beneath a rising trend line that has been in play since mid-February.
Looking ahead, if the sellers continue to push lower, the first level of support lies at $1.00. This is followed by $0.975 (.382 Fib), $0.9, and $0.8665 (.5 Fib).
On the other side, the first level of resistance lies at $1.10. This is followed by $1.20, $1.30, and $1.40.
ADA/USD Daily Chart. Source: TradingView
Against Bitcoin, ADA has also been falling quite significantly in March and so far has dropped by a total of 35% from the starting price of around 2900 SAT. It was trading above support at 2300 SAT (.5 Fib) at the start of the week but ended up slipping beneath it on Sunday.
Throughout the week, ADA broke beneath a rising trend line that was in play since the start of February and continued beneath the support at 2086 SAT (.618 Fib) on Wednesday. Yesterday, it dropped below 2000 SAT and reached the current 1882 SAT level.
Looking ahead, the first level of support lies at 1800 SAT (.618 Fib). This is followed by 1600 SAT (July 2020 Highs) and 1425 SAT (.786 Fib). Additional support lies at 1320 SAT (August 2020 highs).
On the other side, the first level of resistance lies at 1950 SAT. This is followed by 2000 SAT, 2200 SAT, and 2456 SAT (July 2018 High-Day close).
ADA/BTC Daily Chart. Source: TradingView
Litecoin
Litecoin witnessed a positive 14% price hike this week as it managed to break back above the $200 level again. The cryptocurrency had met resistance at $240 during February and rolled over from there to meet support at $164 (.618 Fib) by the end of the month.
This week, LTC bounced higher from $180 and began to surge until breaking $200 on Tuesday. It stalled at around $205 for the following few days until spiking above $210 today. It has since dropped lower again as it trades at $205.
Looking ahead, the first level of resistance lies at $210. This is followed by $220, $240 (February resistance), $260, and $280 (1.272 Fib Extension).
On the other side, the first level of support lies at $200. This is followed by $192 (.382 Fib), $178 (.5 Fib), and $164 (.618 Fib).
LTC/USD Daily Chart. Source: TradingView
Litecoin has been suffering quite heavily over the past few weeks against Bitcoin. It had dropped from the February highs at 0.00485 BTC to reach as low as 0.00346 BTC yesterday.
Today, the bulls managed to rebound from the support at 0.00346 BTC as they pushed higher to reach the resistance at 0.00379 BTC (Bearish .236 Fib). This level has provided strong resistance throughout the entire period of March 2021 and must be penetrated for the market to recover.
Looking ahead, the first level of resistance lies at 0.0037 BTC. This is followed by 0.00379 BTC (bearish .236 Fib), 0.0039 BTC, and 0.004 BTC (bearish .382 Fib).
On the other side, the first level of support lies at 0.0036 BTC. This is followed by 0.00352 BTC, 0.00346 BTC, and 0.0034 BTC.
LTC/BTC Daily Chart. Source: TradingView
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Following another consecutive all-time high, this time above $24,000, bitcoin retraced to about $23,500. Some large-cap altcoins such as Binance Coin and Litecoin have doubled-down on their recent gains, with BNB nearing $35 and LTC painting a new yearly high of over $120.
BTC’s New ATH And The Subsequent Retracement
After the highly volatile bullish week that resulted in breaking above $20,000 and a new all-time high of nearly $24,000, bitcoin took a little break, showing signs of consolidation.
However, the brief stagnation was rapidly overshadowed yesterday by another impressive leg up and a new record. This time, BTC breached the $24,000 price level and charted a fresh ATH of over $24,200 (on Bitstamp).
After this impressive record, the bears took charge and quickly drove BTC down by more than $1,000 to a low of $23,100. Nevertheless, the primary cryptocurrency has recovered some of the losses and currently hovers above $23,500.
BTCUSD. Source: TradingView
According to data from the analytics company Santiment, the Network Value to Transactions Ratio (NVT) metric points out that the latest ATH could be justified with the increased number of unique tokens in circulations.
The theory behind it suggests that if the value transferred on the network – token circulation, in this case, is too high compared to the current valuation, the NVT deems the asset is undervalued and ripe for a breakout and vice-versa.
Bitcoin Price Vs. Bitcoin NVT. Source: Santiment
Most Altcoins Left Behind: Litecoin Spikes Above $120
While some alternative coins failed to mimic BTC’s surge over the past 24 hours, Litecoin has doubled-down on its impressive performance as of late. LTC is up by nearly 15% since yesterday and marked another yearly high of $124 a few hours back.
Binance Coin is another notable gainer from the top 10. BNB has added 5% of value and currently trades near $34. Interestingly, this could be attributed to discussions within the Binance team that the exchange might start burning more BNB.
On a 24-hour scale, ETH, Ripple, and Bitcoin Cash are slightly in the green. Chainlink, Polkadot, and Cardano have registered minor losses.
Further gains are evident from Huobi Token (5%), Zilliqa (4.5%), NEAR Protocol (4%), and FTX Token (4%). In contrast, REN has lost the most (-4.5%), followed by OMG Network (-4%), 0x (-4%), and Ontology (-4%).
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The last week saw the entire cryptocurrency market painted in green. Interestingly enough, Litecoin is the major altcoin that gained the most, with BTC following in second place. Unfortunately for XRP bulls, it failed to realize any substantial profits over the past seven days.
Bitcoin
Bitcoin saw an impressive growth over the past few days, resuming its long-term bullish trend with full speed. From around the $17,100 correction level, the leading cryptocurrency bounced back with roughly 25% gains to break above the $20,000 mark. It later registered a new ATH around $23800 yesterday, but the price has dropped to $22,690 at the time of this writing.
Since Bitcoin registered a new high, it has managed to hold the $22,200 level as support. The trend is still looking strong on the daily chart. The buyers would need to retake $23,000 once again to confirm more positive actions.
The resistance to watch above this is $23,200. This is followed by $23,500 and the $23,880 (current ATH level) before advancing higher. On the hourly, Bitcoin held support at $22,660, $22,200, and $21800. If all these support levels fail to hold, then we can anticipate more pullbacks.
BTC/USD. Source: TradingView
Ethereum
Ethereum increased by a total of 5% today after breaking above the yearly resistance of $636 to a new high ($668) yesterday. But looking at the price actions, it seems the bulls are taking a break at the moment. Yesterday’s channel’s breakout appears faked as price faces rejection around the upper boundary.
Due to this, ETH dropped slightly to where it’s trading at $642. It’s holding support above the yearly level of $636. Further support can be found at $600, $537, and $489.
If the price continues to increase, the $668 level may be retested. The next resistance is likely around $680, $700, $720, and $750. However, the bullish trend remains valid on the daily chart.
ETH/USD. Source: TradingView
Against Bitcoin, Ethereum recently dropped to 0.027 BTC where it saw a slight bounce on a long-term ascending line yesterday. But there’s no sign of a strong bullish presence at the moment. The volume is still insignificant. Looking at the recent price actions, the market is still in favor of the bears from a short-term perspective.
The price is currently stable around 0.0284 BTC. If the sellers resume pressure again, the ETH could collapse beneath the trend line. Support levels to watch are 0.0263 BTC, 0.023 BTC, and 0.020 BTC. Towards the upside, the first important level to watch is 0.030 BTC followed by 0.0337 BTC and 0.037 BTC.
ETH/BTC. Source: TradingView
Ripple
After a three-week correction, XRP found support around $0.47 and bounced back to $0.65 – above the crucial resistance line. The price dropped and it is now looking for a retest around the same line. This recovery was characterized by a daily bullish engulfing candle to indicate that bulls are back in the market.
It is currently trading at $0.568 after seeing daily 8% gains. XRP could retest the $0.5 level before it resumes buying pressure. Supports below this level are $0.47 and $0.395. But if the price increases, it could retake $0.65 before targeting $0.71 and $0.77. Still, from a weekly perspective, XRP is lagging behind with insignificant gains over the past seven days.
XRP/USD. Source: TradingView
XRP saw a mild recovery after retesting key resistance-turned-support on Wednesday. It is now consolidating above the 2400 SAT level. While the trend remains neutral-bearish from a short-term perspective, a major recovery could set a fresh increase for the third largest coin by market cap.
For now, the levels to watch on the upside are 2800 SAT and 3000 SAT, followed by 3300 SAT. The next resistance is found at 3600 SAT and 4000 SAT. On the downside, weekly support is pinned at 2200 SAT. If this level fails to hold, the price could further slip to 2000 SAT and 1700 SAT.
XRP/BTC. Source: TradingView
Litecoin
Litecoin recorded 44% gains in the past week after it found support at $70. Today, the price hit a new yearly high of $112.9 following yesterday’s surge above $94 – now acting as support. LTC has dropped a bit to $108 at the moment but a continuation seems likely.
In this case, it would need to reclaim the $112.9 daily resistance before we can anticipate a new high around $117 and $120. However, if the buying volume fails to increase, a small pullback could slip the price to $105, 103, and $100. Below this, the key levels are $97 and $94.
LTC/USD. Source: TradingView
Litecoin managed to establish support above the 0.0035 BTC level. Following the last 7-days increase, the price is now trading around 0.0047 BTC as more positive actions seem underway. The double-bottom formation on the daily chart also indicates an imminent bullish reversal pattern.
However, it may fail if the descending trend line continues to act as a resistance. A significant break above this line (0.00489 BTC) would confirm a reversal pattern. The following resistance levels are 0.005446 BTC and 0.00689 BTC. As of now, the 0.0040 BTC level is serving as monthly support.
LTC/BTC. Source: TradingView
Bitcoin Cash
This week, Bitcoin Cash increased by almost 20%. The price touched $330 yesterday but it dropped to $307 at the time of writing. However, more bullish momentum seems likely in the next few days.
While the price remains trapped in an ascending channel, the next push can be anticipated to retake $330 and potentially $345, $360, and $370 around the channel’s upper boundary. In case of a decline, there’s support at $297 and $280.
BCH/USD. Source: TradingView
Against BTC, Bitcoin Cash continued to lose momentum on a long-term perspective. As suggested by the technical MACD indicator, the cryptocurrency has been trading in a bearish zone for a while now. There’s no sign of bulls in the market.
Currently, BCH is holding 0.01359 BTC as yearly support. If it breaks down, a new low may be established around 0.01 BTC. In the opposite direction, a strong bounce on the RSI 30 could initiate a push to 0.015 BTC. More positive actions can be expected at 0.020 BTC and 0.025 BTC if the price breaks above the resistance line.
BCH/BTC. Source: TradingView
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Following the massive surge towards a new all-time high of nearly $24,000, bitcoin dipped and calmed around $23,000. Some alternative coins, such as Litecoin and Ripple, have added value in the past day resulting in the total market cap tapping $670 billion.
Bitcoin Paints A New ATH And Slides To $23K
Bitcoin consolidated around the $19,000 mark for a few days before initiating an impressive leg up that resulted in breaking a few records.
Initially, the primary cryptocurrency breached above $20,000 for the first time. Although this was a historical moment of its own, BTC wasn’t done and continued further north.
In the following hours, bitcoin added nearly $4,000 of value and painted a fresh ATH of almost $23,800 (on Bitstamp).
The increased fluctuations continued, but this time in the opposite direction, and BTC lost $1,400 to a low of $22,400. Nevertheless, BTC has bounced off and currently sits around $23,000.
The technical indicators suggest that the following resistance lines are situated at major psychological levels – $24,000, $25,000, etc.
Alternatively, the support lines at $22,250, $21,400, and $20,700 could assist in case the trend reverses, and BTC heads south.
BTCUSD. Source: TradingView
Litecoin Above $100, Market Cap Touched $670B
Most alternative coins followed bitcoin on the way up with some impressive gains registered in the past few days. While a number of altcoins, such as ETH, Bitcoin Cash, Binance Coin, Chainlink, Polkadot, and Cardano, have stalled on a 24-hour scale, others like Ripple and Litecoin have continued marching forwards.
XRP has added another 6% of value and is close to challenging $0.60. On the other hand, LTC has exploded by 16% and broken above $100 for the first time since mid-2019. The coin described as the silver to bitcoin’s gold has painted a new yearly high of $112.
Further gains are evident from lower- and mid-cap altcoins. NEM has increased by 6% to $0.27. Decred (5.5%), SwissBorg (5.3%), Nexo (5.2%), and ABBC Coin (5%) follow.
The cumulative market capitalization marked a new high since January 2018 of $670 billion a few hours ago. As such, the metric has added $100 billion in two days and $150 billion in a week.
Crypto Market Cap. Source: CoinMarketCap
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
