The bull market begins and most altcoins have broken through resistance levels that had countered their rise in the past. Litecoin was trading in a range and looked likely to drop below $ 150, while FTX Token and Decred were bullish on the price charts.

Litecoin [LTC]

Litecoin, FTX Token, Decreed Price Analysis: February 8

Source: LTC / USD on TradingView

The longer-term range for long-term care is capped at $ 123 in the south and $ 180 in the north, with $ 149 being the 50% level in that range. This mark is the most important level in the range and can provide information regarding a change in momentum.

At the time of writing, the Awesome Oscillator has formed a pattern of bearish twin peaks and has moved into bearish territory to indicate bearish momentum.

A session closed below the $ 147- $ 150 region for LTC would likely mean a move to $ 135 for LTC. However, last week’s trend has been bullish and the price has not signaled a mid-term reversal of this trend yet.

FTX Token [FTT]

Litecoin, FTX Token, Decreed Price Analysis: February 8Litecoin, FTX Token, Decreed Price Analysis: February 8

Source: FTT / USD on TradingView

FTX Token was much simpler. While the MACD hinted at a drop to $ 13. The short-term bearish momentum may already have ended. As the price dropped to $ 14 and started to recover.

For many weeks now, FTT resistance levels have been plotted using Fibonacci extension levels. FTT has overtaken all of them. This time around, the 62% extension level for the FTT stands at $ 19.23. A move that could take a few weeks.

What was certain was that buyer demand was present, as OBV recovered alongside price. A move above the previous high at $ 15.48 is significant, while a rejection at this mark would represent a double top and indicate a retracement.

Decred [DCR]

Litecoin, FTX Token, Decreed Price Analysis: February 8Litecoin, FTX Token, Decreed Price Analysis: February 8

Source: DCR / USDT on TradingView

Decred finds strong support at the 23.6% retracement level. The RSI was on the rise again after a dip to neutral 50. The momentum was once again in favor of the short term bulls and further gains are likely.

The previous high in the $ 95 region is likely which is also a historic level of resistance. Beyond that mark, the $ 110 level is the next significant resistance.

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(Excerpt) Read more Here | 2021-02-08 21:43:24
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