Litecoin (LTC), Cardano (ADA) Can’t Hold the Gains
Cryptocurrencies have turned bearish again so far this week after trying to turn bullish last week, making some decent gains and breaking some decent levels, which shows that the uncertainty continues in cryptocurrencies. Although some cryptocurencies such as Litecoin and Cardano have posted some considerable losses this week, so let’s see what’s going on on this cryptocurrencies.
Litecoin Rejected by the 50 Daily SMA
Litecoin has been showing bearish presssure since the crash in May. It still hasn’t reached those highs since then, when most cryptocurrencies made enormous gains from August until early November. Litecoin made a sudden jump to almost $300 back then, but it failed to hold the gains and LTC/USD has been bearish since then.
Thic crypto coin fell below the support zone around $140 which held throughout December but the price reversed at $120 and last week it made some decent gains. But, the 50 SMA stopped the climb and these last tqo days the price has reversed back down, flling into the bearish zone.
Litecoin has been attracting investors as it prepares to launch the MimbleWimble upgrade. The number of whales has been increasing, which have been accumulating LTC coins for the longest streak since 2017, which is a great on-chain metric for Litecoin.
Litecoin Live Chart
Cardano Rejected at the 100 Daily SMA
The rally in cardano last week which continued on Monday as well was impressive, being one of the few decent retraces for this cryptocurrency. The price broke above the 50 daily SMA (yellow) for the first time since early November and reached $1.62, where it met the 100 daily SMA (green) which turned into support.
ADA/USD falling in the neutral zone again
Cardano is a very promising blockchains and it is progressing fast after launching the first five parachains, which make it more operable and interoperable connecting different blockchains anfd more dApps going live in the coming months. DEX Ravendex is raising funds via a new method called ISPO is another development for Cardano. But, the sentiment for this crypto continues to remain bearish, so the it has now entered the neutral zone below $1.50 again. Although, let’s see if the 500 SMA will turn into support now. if it ddoes, then this might be the beginning of the big reversal for ADA/USD.
Cardano Coin ADA Live Chart
[[ADSA/USD-graph]]
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