Litecoin Daily Chart Analysis – Bouncing Off $200

Litecoin has seen increased activity in transactions as it partners with Visa for the Litecoin Visa debit card, which will increase transactions further. At the moment they stand just below 150K, while other partnerships such as the one with the AMC theatres will also push LTC further into the mainstream.

The price action was looking increasingly bullish for Litecoin, after the surge from around $200 to $300. Litecoin stalled the surge thee, but it wasn’t retreating last week, as the crypto market pulled back lower. This week though the pullback in the market has been too strong, which pulled LTC/USD down to the 50 SMA (yellow) initially where we decided to go long, after the price formed a doji candlestick which is a bullish reversing signal after the decline. But, the pullback continued further yesterday and Litecoin fell to $200.

Litecoin LTC Live Chart

The real resistance for Litecoin has been the 200 SMA (purple), but we’re happy that the $200 level is taking up that job. Litecoin has bounced $18 higher now, so the reversal seems to be underway. Although, it would be great if today’s candlestick would close above yesterday’s open, which would form a bullish engulfing chart pattern, signaling a bullish reversal in the long term. But, let’s see where the day ends up for Litecoin, because now the price action is looking bullish.

Terra Luna Daily Chart Analysis – MAs Keeping the Trend Bullish

Terra LUNA has been one of the most bullish cryptocurrencies in the last several months, increasing from around $5 at the end of July, to $55 almost about a week ago, when the retreat in the crypto market started. Moving averages have been doing a great job in providing support during retreats and keeping the trend bullish for LUNA/USD.

The 100 SMA turned into support now for Terra LUNA

This week we saw the retreat pick up pace, although moving averages still seem to be holding. The 50 SMA provided support on Wednesday, then after it was broken the 100 SMA has come to the rescue now. The price has bounced from below $40, so it seems like buyers are taking the situation under control, as the stochastic indicator becomes oversold, suggesting that the retreat lower is complete.