Litecoin (LTC) and Kadena (KDA) Coin Find Support – When the Bullish Reversal Come?
Cryptocurrencies have been on a bearish trend for about a month now, after hitting record highs in early November. The bearish period started when traders took profit after the surge. It escalated further as the crackdown in cryptocurrencies continued to escalate in China, and there are indications that India might ban major cryptos as well.
The push from US politics to regulate cryptocurrencies has also played a part in this decline. The crypto industry leaders appeared before US Congress last week. Crypto executives accepted that rules are needed, but not the same level of regulation as in the old financial world. There was no consensus in the end, so the bearish momentum still prevails.
Litecoin Daily Chart Analysis – The Support is Holding at $140
Litecoin LTC Live Chart
The price of Litecoin hasn’t shown much will to turn bullish since August. LTC/USD has been trading sideways below $200, while attempts to push higher have failed. We saw two spikes in September, which faded very quickly. The last attempt earlier last month took the price close to $300, and LTC was holding the gains for some time, but unfortunately, the crypto market turned bearish, and Litecoin lost around half of its gains, crashing to $130. However, the support at $140 still holds, as we haven’t had a close below that level.
The cryptocurrency exchange, Kraken commented on Litecoin last week, saying that Litecoin’s on-chain metrics have improved considerably. Active addresses and activity have been increasing fast recently, and the Litecoin Visa debit card should help increase LTC transactions and bring this cryptocurrency closer to the mainstream. But, the sentiment remains bearish in the crypto market, so LTC remains bearish too. Although, I think that the support level will hold, and we will see some consolidation before the uptrend resumes again soon.
Kadena Daily Chart Analysis – The Support is Holding at $140
The resistance turns into support for Kadena coin
The resistance turns into support for Kadena coinKadena had an amazing run for a few weeks, from late October until mid-November, increasing from around $2 to $28.50. That means a gain of more than $1,400% in less than a month, so well done to those crypto traders who were long on Kadena. But, the price has been sliding lower, as the crypto market has turned bearish, falling below $10.
But KDA/USD has been finding support at the previous resistance at around $8. The bullish trend should resume again, once the bearish period ends in the crypto market, as Kadena has announced changes to its protocol, which will give users and developers the ability to mint and buy non-fungible tokens (NFTs). Another feature to come soon for Kadena will be staking, which is a form of smart contract that allows investors to earn interest on their KDA coins. We haven’t bought Kadena, but would like to enter at around $8.
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