Are Litecoin and Dash Setting up for Bullish Times Ahead? [Price Analysis]
Since forming 2018 lows in December, the price of cryptocurrency market leader Bitcoin has managed to recover near to a key level where price drastically broke down in November.
If its price manages to overcome this point, it would be highly likely to have a significant impact on the altcoin market and may spur large amounts of buying.
Both Litecoin and Dash have been increasing recently.
However, Bitcoin overcoming $6150 remains the key catalyst to monitor.
Litecoin Price Analysis:
Last week, Litecoin managed to recover almost all of its losses from two weeks ago.
So far, Litecoin is following up this week with an increase.
The price has managed to rise above a key resistance level at $75 which has acted as both a former area of support and resistance.
Since rising above this level during price action on Friday, the price has since returned to the level and has been trading close to it since.
Yesterday’s daily candle formed a dragonfly Doji reflecting higher amounts of selling pressure in the market, but the price has managed to follow up with an increase today indicating that traders are comfortable with valuations above $75.
The MACD and RSI have also been increasing on the daily chart reflecting increasing amounts of buyers.
The MACD is also crossing both its signal line and centerline to the upside, both of which are considered bullish signals.
Dash Price Analysis:
Dash similarly managed to recover the majority of losses from two weeks ago during last weeks trading.
The price is following up with another early increase this week, and the weekly MACD and RSI have been increasing reflecting that longer-term momentum is on the side of buyers.
Dash managed to find buying pressure close to the $100 level last week.
With $100 being an important psychological point for traders in Dash, it is not surprising that the price found sufficient buying pressure to maintain valuations above this point.
During a volatile price drop in early April, the price formed a low at $105.
Any drops below this level last week quickly found the buying pressure to rise back above.
To the upside, $124 acted as a level of resistance in mid-April and selling pressure may be found as the price reapproaches this point.
- Bitcoin has managed to recover close to the most important level of trading in 2018 and if it can rise above it, it would likely act as a bullish catalyst for the altcoin market.
- Last week, both Dash and Litecoin managed to recover the majority of losses from two weeks ago.
- Momentum is on the side of buyers in both Dash and Litecoin with the daily MACD and RSI increasing for both.
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