Litecoin, Ripple Price Analysis: August 10, 2021
- Litecoin sustains the uptrend within an ascending parallel channel, rising to $170 for the first time since June.
- Ripple finds refuge above $0.8 but loses the momentum to carry one with the breakout to $1.
The bulls across the market have put their feet down for the last couple of weeks. The previous week was primarily dominate by bulls, whereby Bitcoin closed the gap to $45,000. BTC also brushed shoulders with $46,000 before stalling to allow bulls to gather the strength for the remaining breakout beyond $50,000.
Litecoin:
Like many crypto assets in the market, Litecoin reacted bullishly with the uptick in Bitcoin price. The selloff in July had seen LTC trim gains to $100. However, as bulls regained control across the board, a renewed uptrend came into the picture, bolstering Litecoin toward $200.
An ascending parallel channel seems to be mitigating both the bulls’ and bears’ actions. For instance, despite the majestic liftoff from $100 to $170, the channel’s upper boundary stands in the way of gains to $200.
On the other hand, the middle boundary is in line to prevent declines from stretching below $160. The buyer congestion at $160 remains crucial for the resumption of the uptrend.
Note that the Moving Average Convergence Divergence (MACD) indicator has a bullish impulse, influencing the uptrend and encouraging more buyers to join the market. Therefore, Litecoin’s bid for $200 is far from over.
LTC/USD 12-hour chart
Ripple:-
Ripple price seems to have settled above $0.8 after a rebound from the support at $0.75, confirmed on Monday. The bullish outlook from the weekend saw XRP close the gap to $0.85 but ran out of momentum to complete the journey to $1.
In addition to the buyer congestion at $0.8, support is provided to Ripple by the 200 Simple Moving Average (SMA). Realize that the MACD has a bullish signal that has been sustained since July 22. If the technical picture on the daily chart remains unchanged, XRP will quickly resume the upswing to $1.
XRP/USD Daily Chart
In the meantime, it is worth mentioning that a correction from the prevailing piece action is not a farfetched idea. If losses crack the 200 SMA support at $0.8, massive sell orders will be triggered. An increase in overhead pressured could trim the gains accrued in favor of losses to $0.7.
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