Litecoin LTC, Fantom Crypto FTM Stop at Support – Will the Uptrend Resume Soon?
Litecoin and Fantom crypto has been among the hardest hit coins during this latest bearish period which started in early November. The previous month was quite bullish for cryptocurrencies, so the retrace lower was due, but has the retrace come to an end now? The decline slowed last week and eventually stopped. Now, cryptos are slowly crawling higher, so let’s see where Litecoin and Fantom stand.
Litecoin Daily Chart Analysis – The Support at $145 Is Holding
Litecoin has been making its way slowly into the mainstream finances. It is one of the oldest cryptocurrencies and it has never had any major problems, which increases its reputation as a trustworthy cryptocurrency. So it’s not a surprise that the number of merchants accepting LTC payments is increasing, standing at more than 3,000 across the globe.
Cryptwerk shows that Litecoin is now the third most accepted cryptocurrency among merchants, following the two major ones. The number of merchants accepting Litecoin is growing steady, so this will increase the demand for LTC in the near future. Active addresses and the activity have been increasing fast as well, while the LTC VIsa debit card brings this crypto further into the mainstream.
Litecoin LTC Live Chart
But, LTC/USD has been bearish for more than a month, although the decline might have ended now, after the support zone around $145 for nearly two weeks. Now, let’s see if buyers will be able to reverse the decline and send Litecoin higher closer to $300.
Fantom Daily Chart Analysis – FTM Bouncing Off the 200 SMA
Fantom has been hit the hardest during this crash in the crypto market, declining from around $3.50 at the end of October, to $1.20 about two weeks ago. That means a 66% decline, more than any other major crypto. But, the crash stopped at the 200 SMA (purple) and that moving average held again earlier this week, rejecting the price for a second time.
Is the bullish reversal beginning?
Now, FTM/USD is starting to bounce higher, although it will have to overcome the 20 SMA (gray) on the daily chart for the bullish trend to resume. Fantom has formed partnerships with 123swap which makes it more visible in the crypto world, while striking a partnership with the Swiss-Bangladeshi technology house SELISE, which brings it closer to the mainstream.
Today we haven’t seen much follow-through after yesterday’s bounce, so we will follow the price action to see if Fantom will resume the bullish trend. This would be a good place to buy Fantom by the way, since it could jump three times higher in no time if the bullish momentum picks up.
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