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.
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]
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 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.
To congratulate you we are going to offer you our free method to invest in cryptocurrencies simply and automatically with the objective of generating regular income while protecting your capital as much as possible.