Litecoin Finds Resistance at $100, Dash Is Holding Above $130 for Now [Price Analysis]
Litecoin recorded an extraordinary performance last week, outperforming almost all major cryptocurrencies.
Among top cryptocurrencies, Litecoin was outperformed by only Bitcoin Cash.
Data from Messari shows Litecoin increasing 29.43% over the past seven days whereas Bitcoin Cash has increased 55.06% over the same time frame.
Litecoin failed to overcome the $100 mark with the high last week forming at $99.62.
$100 is anticipated to be acting as a resistance level given it being a round, psychological number.
Litecoin has since started dropping since finding resistance near $100.
Today’s daily candle is so far forming a dragonfly doji candle which represents higher levels of selling pressure.
At the top of an uptrend, a dragonfly doji is typically a bearish signal.
However, in this case, it may be more bullish given that the price has already started dropping and the dragonfly doji indicates that there are buyers to absorb the selling pressure that is coming into the market.
The shorter-term 4-hour also records bullish price action for Litecoin.
There have been significant bullish spikes over the past week whereas the drops have been small reflecting that there are high amounts of buying pressure in the market.
A lower high has formed since the price failed to overcome $100, but higher lows have also been forming.
Dash had been recording a strong price performance even prior to the bullish spikes which took place across the market last week.
While the majority of top cryptocurrencies had been consolidating or recording losses, Dash has been recording significant increases since early March on the weekly candle with one Doji candle forming in mid-March.
This is further being reflected in the MACD and RSI increasing.
The MACD and RSI are lagging indicators typically used as measures of buying or selling pressure and the increasing values reflect the recent dominance of buyers over sellers in Dash.
The recent strong performance has resulted in the price overcoming an important level at $130 where price broke down in November.
The price has since come back down to test $130 as support, and the level is so far maintaining.
- Litecoin was one of the top performing major cryptocurrencies last week, underperformed only by Bitcoin Cash.
- Litecoin failed to overcome $100 and has since been dropping.
- Dragonfly doji currently forming on the daily chart for Litecoin indicating that the selling pressure is being absorbed.
- Dash has been recording a strong price performance since early March.
- The strong price performance has resulted in the price of Dash rising above a key level at $130 and it has since come down to test the level as support.
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