(LTC) Price Increases by 29.74% in 7 Days According to indicators, LTC will continue to dominate in the short term.
The price of Litecoin (LTC) has been surging over the last day, bouncing back and forth between support and resistance levels of $61.44 and $81.56. The bulls’ efforts caused the LTC price to increase by 29.74% to $79.99 during the uptrend.
A 28.28% increase in market capitalization to $5,679,393,139 and a 185.04% increase in 24-hour trading volume to $2,094,709,757 reinforce this bullish dominance.
LTC has broken its major resistance zone at $69 heading to fill up the liquidity void above.
This positive trend in the LTC market is supported by price changes in the direction of the upper band.
The Relative Strength Index (RSI) level of 74.09, which borders on the overbought region, indicates that the LTC market has experienced a tremendous upturn.
However, the RSI is moving away from the overbought area, indicating that the current trend will continue. This is supported by the fact that it is pointing south.
As can be observed on the LTC 4-hour price chart, a bullish trend is anticipated to continue as the Chaikin Money Flow (CMF) increased over the “0” line and reached 0.25.
4-hour pricing chart for LTC/USD
The Bollinger Bands are visible on the 4-hour price chart, with the upper band touching 79.22 and the lower band touching 51.99. The BB movement, a bullish pattern, suggests more market volatility.
This action supports the price rise in LTC, persistently going north.
Additionally, this increase is shown by the Elder Force Index (EFI) and Rate of Change (ROC) moving above the “0” line, with readings of 1.593M and 28.69, respectively.
On the other hand, their southerly pointing warns prospective traders to exercise caution.
The LTC market has been dominated by bulls, and technical indicators imply that bulls are continuing to push the market upward.
However similar bullish pattern has been discovered in Cosmos ATOM as its sets to rally up.
Cosmos ATOM forms a bullish pattern
After producing positive divergence, the price of Cosmos (ATOM) started moving upward. It would be highly indicative that the trend is still bullish if it rose above $10.6.
Since hitting a high of $17.2 on September 9, the ATOM price has slid beneath a short-term declining resistance line. On Nov. 5, more recently, the line led to a rejection, hastening the downward movement. The entire crypto market experienced a similar decline.
On November 24, the cost of Cosmos dropped to $8.80 before rising. It is currently aiming to retake the $10 level that corresponds to the 0.618 Fib retracement. If it were to be reclaimed, the previous breakdown would be seen as a deviation, which
would make the Cosmos price projection optimistic.
In that case, the resistance line and the 0.5 Fib retracement resistance (black) at $12.30 and $14.30, respectively, would serve as the next resistance levels.
Will a bullish divergence cause a rally in the price of cosmos?
The continuation of the upward rise is supported by a detailed inspection of the indications from the 4-hour timeframe.
The positive divergence in the daily RSI is the key cause of this. These differences frequently come before upward movement.
The beginning of the upward advance would be strongly suggested by an RSI spike above 50.
An additional factor supporting the idea of an upward advance is the ATOM price’s recent breakout from a declining resistance line.
Conclusion
As the crypto market slowly picks back up and as whales start to invest in projects, Cosmos Atom might be the next heavily pumped coin in this bear market.
