Litecoin(LTC) and Ripple(XRP) are up by 4.78% and 4.74% and top 20 coins show an increase in price except for Tether(USDT).
Litecoin Heading Towards $75
Litecoin price is presently holding the $70.00 support area and shows signs of bullish divergence. The price may soon break the $73.00 and $75.00 resistance level. If the price undergoes a correction, it will find support near the $70.00 level. The next important resistance is near $82.00-83.00 zone.
Relative Strength Index (14)- 54.62
Exponential Moving Average (5)- 71.77
Stochastic %K (14, 3, 3)- 83.07
Ripple Could Move Towards $0.3 Area
XRP price made attempts to break $0.2650 resistance. However, the bulls failed to gain any momentum above $0.2650. It is likely that Ripple’s price will either surge towards $0.32650 or have a downside correction towards $0.2500.
A broader look at the chart reveals a market that has been trending upwards although gradually. However, the prominent pattern is the lower highs pattern experienced from Sunday last week. An ongoing bearish correction risk setting off the trigger if XRP steps below the forming symmetrical triangle support.
Relative Strength Index (14)- 56.7385
Exponential Moving Average (5)- 0.26419
Stochastic %K (14, 3, 3)- 73.72280
With Bitcoin experiencing a price correction, it is seen that altcoins are experiencing a steady price rise.
In the summer, @OracleOfAlts had predicted that Litecoin prices will be up and altcoins will rule the roost.
Another twitter user, with the handle “ATH Coming” has predicted, that 2020 will mark a 1.5 trillion market cap for cryptocurrencies and Bitcoin’s dominance will be reduced to a mere 40-46%.
With that being said, it will be interesting to note if altcoins continue to show such price rises or the bullish trend is a short-term guest. While analysts continue to debate if altcoins would rise or not, these price indicators and on-going developments on alt – platforms are reassuring enough to predict good fortune for altcoin traders.
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.