Litecoin [LTC] & Binance Coin [BNB] Price Analysis – LTC Leads Market While BNB Continues to Outperform
Litecoin has once again acted as a leading indicator for price performance surging an hour prior to Bitcoin surging.
Litecoin is now continuing its increase giving greater odds that Bitcoin will also continue its increase.
We can see that the price began significantly increasing in Litecoin one candle prior to when price began significantly increasing for Bitcoin.
Litecoin has acted as a leading indicator for Bitcoin several times over the past month.
The increase in Litecoin has resulted in it surpassing a key level where resistance was suspected.
The $48.31 level is the point where price broke down in November and has since acted as both support and resistance.
Price had tested this resistance level during trading last week. Multiple tests of a resistance level make it weaker with progressively fewer sellers to hold the level on each test.
Price had risen above this level during trading in mid-February, but a double bearish divergence preceded the price dropping back below.
A double bearish divergence is where price forms two sets of higher highs while the RSI forms two sets of lower highs.
This is a trend reversal pattern and shows price continuing to increase despite falling buying pressure.
It is also a more powerful indicator than the typical bearish divergence which occurs with one higher high and one lower high.
The daily candle for Litecoin is currently forming a Marubozu candle which is a candle with a long body where price is trading near its high.
This is typically a bullish candle showing strong momentum in one direction.
One cryptocurrency which continues to outperform is the native token of Binance exchange, BNB.
After a strong finish to last weeks candle where price closed near the weekly highs, the price is following up with another significant increase this week.
BNB is the top performer among major cryptocurrencies over the past 24 hours with data from Messari showing it recording an increase of 19.36% at the time of writing.
It is now the eighth largest cryptocurrency by market cap.
A bearish divergence forming the daily chart preceded a small reversal in BNB to a point a level of support at $11.13.
A Doji candle formed for yesterdays candle showing indecision from traders. A Doji candle is a candle where the open and close are around the same point and typically reflects uncertainty from traders.
This was then followed up with significant increases today where buyers had no uncertainty about what direction price was headed.
- Litecoin has once again acted as a leading indicator for the price performance of Bitcoin.
- Litecoin surpasses a key level and is forming a Marubozu candle on the daily.
- After uncertainty in yesterdays price action, BNB is following up with a significant increase today that makes it once again the top performer among major cryptocurrencies.
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