Litecoin and Dash Surge Amid Phenomenal Crypto Market Bull Run [Price Analysis]
Litecoin Price Analysis:
The crypto markets have been recording a remarkable price performance recently with the market bellwether Bitcoin leading the way.
Altcoins have mostly been underperforming Bitcoin, but most are recording significant returns in terms of their USD prices.
Litecoin has managed to rise to the level of the weekly open of the last high at $91.82.
The price managed to rise above this point last week but quickly found selling pressure to bring it back below.
However, the retest of the level currently taking place increases the odds that the price can move above with fewer sellers to hold the level on each test.
In the event that price breaks and closes above, both $100 and $106.81 should be monitored as potential areas of resistance.
$100 is a round psychological number, and a move above this point may signal a significant shift in the outlook of traders.
$106.81 has been an important level on the longer-term timeframes and may come into play as resistance if Litecoin’s price rises to this point.
The price has already moved above $91.82 for the past four consecutive trading days.
This demonstrates that traders are comfortable with price trading above these valuations and increases the likelihood that the price can break above again.
Dash Price Analysis:
Dash is similarly recording its third consecutive week of price increases and has appreciated to the point of its former high at $140.
However, the price is also meeting the weekly 50 SMA (in yellow on the above chart) at this point which may be acting as an extra level of resistance.
Price action has already moved above the $140 level during its trading today.
Although the price currently trades below the level, there is a high chance that the price can move back above given the high levels of buying pressure being observed across the crypto market.
Both the weekly and daily MACD and RSI have been increasing reflecting the high levels of buying pressure currently in the market.
- Considerable increases have been taking place across the crypto market.
- Although altcoins have failed to keep up with the price increases of Bitcoin, most major altcoins have also been recording significant price increases
- Both Litecoin and Dash have risen to levels of resistance, but both look likely to rise above amid high levels of buying pressure
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