Altcoins Price Analysis: LTC/USD Set for $20 after Dropping to 8th
Even with listing at Bitex, LTC/USD is facing upside resistance and is now trading below $30. Moving on, this is definitely inviting for sellers just like it is with Monero—XMR/USD and at EOS/USD. All in all, before sharp drops print, it is likely that bears will slow down allowing for minor recovery towards immediate resistances.
Let’s have a look at these charts:
EOS/USD Price Analysis
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Price movements are tight and previous EOS/USD trade plans are valid. For all we can draw from the charts, EOS/USD is bearish, down 25 percent in the last week and trading within a bear breakout pattern.
Read: Top Tech Stocks Lost More Than Entire Crypto Market Since All-Time High
Since our shorts are live and stops at Nov 20 highs $4 are safe, both set of traders—risk on and aggressive can begin unpacking EOS on every pull back in lower time frames with targets at $1.5 in line with our previous suggestions.
However, bounce back that will see our stops at $4 cleared would probably ignite a comeback driving prices back to $5 and later $7 as per the Fibonacci Retracement rules.
LTC/USD Price Analysis
Thanks to favorable regulation, a new crypto exchange, Bitex has opened its doors in the UAE. This comes just five months after the country’s regulator the Financial Services Regulatory Authority came up with a comprehensive set of guidelines meant for local firms dealing with digital currencies. The exchange supports fiat deposit and withdrawal as well as Litecoin and three other high liquid coins will sate crypto demands in the Gulf State and surrounding territories. Dubai, which is UAE’s financial hub, plans to conduct 50 percent of all their transaction over blockchain networks as part of the state’s 2021 Blockchain Strategy.
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Price wise Litecoin is under immense pressure and faltering. It is down six percent in the last day meaning it is down one spot to eighth and bears could as well drive prices below $30. Like in our last LTC/USD price analysis, we expect prices to recover from $30 and probably retest $50 before bear trend resumes.
However, headwinds are strong and should today edge lower with a complete bear bar printing below $30 then traders are free to dump more LTC at spot. In that case LTC could drop and find minor support at $20.
XLM/USD Price Analysis
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Margins are tight and as Bitcoin Cash drags other altcoins with it, Stellar Lumens could flip it to fifth. The gap between these two coins is less than $400 million but since BCH is dropping drying up liquidity and wiping demand, XLM/USD is a contender as the coin losses are low relative to BCH and is trading within a 15 cent trade range.
Also Read: Minimal Movement as Crypto Markets Find New Plateau
As long as BTC upsides are capped, XLM and most altcoins could sag and probably retest key support line as prices breakout in either direction. In our case, XLM bears are in control and with 2 cents to go, we expect sellers to exert more pressure and this could see XLM/USD printing 8 cents by the end of the year.
ADA/USD Price Analysis
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Like the rest of the market, sellers are unforgiving and their relentless pressure has seen Cardano drop 33 percent in the last seven days. Unfortunately for sellers, floors aren’t visible. Furthermore, with a lack of a working project, a heating smart contracting market and a 10 year time frame before Voltaire, declines are inevitable.
As such, sellers should unload ADA on every pull back retesting 6 cents and let the trade run as price action set new lows for the coin. On the flip side sharp gains above Nov 19 could be trend reversing but still sharp volumes must print. That means ADA/USD bulls might first clear 9.5 cents or Oct highs before supporters ramp up longs.
XMR/USD Price Analysis
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Monero is trading within a bear breakout pattern following Nov 19 sharp drops that saw prices close below $70. Nov 20 confirmation ushered in sellers and as it stands, traders can continue selling the coin on pull backs just like in our previous XMR/USD trade recommendations. Gains above $70 cancels this move where sellers are aiming at $50.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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