Altcoins General News Price Analysis

LTC Pressuring Key Resistance, XRP Breaks Fibonacci Levels @ 23.6%

crypto price analysis
  • The LTC \ USD pair is about to break the immediate resistance in the upper bollinger band set at $ 59.14 levels, after drawing a very short High-Low pattern.
  • XRP \ USD has managed to move from the key Fibonacci @ 23.6% level to target a higher place at levels above 30 cents.
  • The market has begun to change the landscape with Bitcoin leading the overall recovery of the ecosystem.

Bitcoin has managed to pass the resistance of the 8500 as many analysts expected for Wednesday, and some altcoins have also taken the advantage of this optimistic market momentum to get out of immediate resistance that can change the landscape of their internal markets.

At the time of writing, the market capitalization of the ecosystem managed to earn 8 billion dollars in the last hours to reach levels of $ 221.95B USD. Although it is still quite far from what was achieved in the middle of the year, 37% percent less.

Bitcoin drift above 8,500

Litecoin Tests Immediate Resistance.

Litecoin (LTC) has taken advantage of the new bullish sentiment in the market by forming a High Low (HL) pattern while pressing the immediate resistance located at Fibonacci key levels 23.6% located at $ 59,123 USD. LTC has rallied above this point and it is staying above the limit.

However, we could think of seeing the altcoin at new targets near the levels of $ 63,492 (TP1) and $ 67,445 (TP2).

Litecoin break resistance

The Elliot wave projects a recovery of up to 10% in the price of LTC for a long beneficial strategy as Litecoin approaches the upward Fibonacci levels of 38.2% ($ 62.92 USD). We can expect a greater recovery of the asset in the medium term as it approaches TP2 well above the 50 %Fibonacci level.

Technical Indicators @ 4H for LTC

Litecoin price technical analysis

Bollinger Bands indicate that LTC is about to break its immediate resistance, coinciding with the upper band at $ 59.14 USD levels as it maintains key support in the area of the Bollinger moving average @ $ 56.65 USD.

The Aroon indicator is bullish with its green signal at the top of the chart while its counterpart is quickly heading to the bottom.

RSI notes a strong feeling of buying on the asset, as it approaches the overbought zone, with current indicator levels close to 70.

XRP Breaks Key Resistance at Fibonacci Levels 23.6%

After testing its immediate resistance and fundamental key levels, XRP managed to break the  Fibonacci level 23.6% set at $ 0.28216 USD. This may be the start of a new bull run for XRP, and it can take the coin to R2 resistance levels located in the upper zone of Fibonacci at 38.2%, this is at levels of $ 0.3395 USD.

XRP token since its last pullback in June 2019, when it reached its year-to-date high around 50 cents dollar, has been falling rapidly. After trying to break this pattern unsuccessfully last September, it could finally achieve the trend towards a new higher low that could be seen in R1 levels (Fibonacci at 23.6%).

Technical Indicators @ 4H for XRP

CMF has changed slightly downwards, after receiving a significant flow of capital to the internal market of Ripple. However, this swing is not yet definitive and remains for now above the dividing line of capital losses.

Awesome Oscillator tells us that a strong positive trajectory could again be on the scene for XRP, after the oscillator pattern changes above the zero zone with the first histogram in green.

RSI has a strong upward slope, which indicates the continued interest that the XRP token has from investors who consider a good buying opportunity.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Daniel Jimenez

Daniel is a profound technical analyst and an evangelist of Blockchain technology who resides in America. He has worked with numerous cryptocurrency publications after graduated as an Engineer from University of Oriente, Venezuela.

Email: daniel.jiminez@newslogical.com

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