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Litecoin LTC and Cardano ADA Trying to Turn Bullish, but Can They Overcome Resistance

Posted Monday, March 21, 2022 by
Skerdian Meta • 2 min read

Litecoin sticking to $100 too long

Last week, cryptocurrencies tried to turn bullish as risk sentiment improved in financial markets which sent Bitcoin (BTC) above $42,000. Litecoin (LTC) and Cardano (ADA) have reversed as well, making some gains but the bullish move seems weak and the downtrend might resume again soon if they can’t push above moving averages, so let’s have a look at where they stand.

Litecoin Daily Chart Analysis – Buyers Push Above the 50 SMA

LTC now facing the 100 SMA

Litecoin has failed to gather much momentum since reversing below $300 in November last year, making lower lows and highs. The sentiment has been totally bearish and Litecoin has lost two-thirds of its value, falling to $100 where it has formed a strong support zone which has been holding since then.

We have seen the price piece below it, but there hasn’t been a close below that major level and last week LTC started to reverse higher. Buyers have pushed the price above the 50 daily SMA (yellow) but now they are facing the 100 daily SMA (green). Litecoin has launched the LTC Visa debit card late last year and the MimbleWimble upgrade, which aims to increase security and make Liecoin more scalable but it is still failing to attract much interest so at the moment the trend still remains bearish.

Cardano Daily Chart Analysis – ADA Facing the 50 SMA Above

We’re watching the price action to see where we can sell ADA coin

Ever since dApps started going live on Cardano’s ecosystem, transactions have grown past 30 million since the release of the Alonzo upgrade last September. The numbers of NFTs on various marketplaces within its ecosystem have surged to over 100,000 in a few months.

Trading volumes increased on Cardano after the release of SundaeSwap automated market maker (AMM), but this DEX also had some congestions issues. Although, all this hasn’t helped Cardano, which has been on a bearish trend since the launch of Alonzo. ADA/USD has been making lower lows, so it has been weaker than the crypto market average but now it is facing the 50 daily SMA (yellow) as resistance at the top. We will follow the price action around here and probably decide to sell here around $0.90 or at the support/resistance level around $1.