Litecoin, Ripple Price Analysis: Litecoin sustains the uptrend as XRP finds refuge above $0.8 – The bulls across the market have put their feet down for the last couple of weeks. The previous week was primarily dominate by bulls, whereby Bitcoin closed the gap to $45,000. BTC also brushed shoulders with $46,000 before stalling to allow bulls to gather the strength for the remaining breakout beyond $50,000.
Like many crypto assets in the market, Litecoin reacted bullishly with the uptick in Bitcoin price. The selloff in July had seen LTC trim gains to $100. However, as bulls regained control across the board, a renewed uptrend came into the picture, bolstering Litecoin toward $200.
An ascending parallel channel seems to be mitigating both the bulls’ and bears’ actions. For instance, despite the majestic liftoff from $100 to $170, the channel’s upper boundary stands in the way of gains to $200.
On the other hand, the middle boundary is in line to prevent declines from stretching below $160. The buyer congestion at $160 remains crucial for the resumption of the uptrend.
Note that the Moving Average Convergence Divergence (MACD) indicator has a bullish impulse, influencing the uptrend and encouraging more buyers to join the market. Therefore, Litecoin’s bid for $200 is far from over.
LTC/USD 12-hour chart
Ripple price seems to have settled above $0.8 after a rebound from the support at $0.75, confirmed on Monday. The bullish outlook from the weekend saw XRP close the gap to $0.85 but ran out of momentum to complete the journey to $1.
In addition to the buyer congestion at $0.8, support is provided to Ripple by the 200 Simple Moving Average (SMA). Realize that the MACD has a bullish signal that has been sustained since July 22. If the technical picture on the daily chart remains unchanged, XRP will quickly resume the upswing to $1.
XRP/USD Daily Chart
In the meantime, it is worth mentioning that a correction from the prevailing piece action is not a farfetched idea. If losses crack the 200 SMA support at $0.8, massive sell orders will be triggered. An increase in overhead pressured could trim the gains accrued in favor of losses to $0.7.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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