Can Litecoin LTC and Cardano ADA Reverse at $100 and $1 Respectively? - Forex News by FX Leaders
Litecoin continues to display bearish pressure

Can Litecoin LTC and Cardano ADA Reverse at $100 and $1 Respectively?

Posted Monday, January 24, 2022 by
Skerdian Meta • 2 min read

Cardano and Litecoin have been two of the most bearish cryptocurrencies among the major ones. They have been showing weakness since September, missing most of the gains in the crypto market during October. Now that the decline in the crypto market has picked up again they have suffered further declines but they are trading at some major levels now, so let’s see if there is any chance that they can reverse here.

Litecoin Trades Above $100 After Breaking Support at $105

While most cryptocurrencies were making some massive gains after July, Litecoin was lagging behind the market and it only made a decent bullish move in early November when it jumped from $200 to $300. But it hasn’t been able to hold when the market turned bearish and it has been declining since then, losing 2/3rds of the gains as it falls to $100.

The upcoming MimbleWimble upgrade is failing to gather interest for LTC and even though LTC whale bull longs have been accumulating for months. So, LTC/USD trades close to $100, after having pierced it a couple of times. This is a major level for Litecoin and if the sentiment starts improving in the crypto market we might see a bullish reversal, but we will have to follow the market for that and see if the bearish momentum continues.

Cardano Facing the $1 Level

Can the $1 level hold as support?

Cardano has also been quite bearish since September when it climbed above $3, but now it trades at around $, which means that ADA/USD has also lost 2/3rds of its value, as it continues to decline. the bullish reversal earlier this month seemed interesting, but it didn’t last long and the bearish momentum resumed again.

Cardano is progressing well as a blockchain after the Alonzo upgrade last September, but despite that and the attempts to prop it up it hasn’t been able to stop declining. The launch of SundaeSwap on Cardano which is the first DEX in the network, suffered from failed transactions due to network congestion, which is not good news for ADA, which trades just above $1, after piercing this level earlier. So, there’s a chance that ADA might reverse here too, but it will depend on how the market reacts now.

Cardano Coin ADA Live Chart

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