Briefly –
- Cardano (ADA) appears to battle uptrends after the $1.4 barrier.
- Litecoin corrects around the $140 resistance but maintains an inclining parallel channel.
The overall digital coins trade back in the green after recovering Tuesday’s corrections. For now, volatility dominates the market after the previous week’s sell-off. However, on Monday, the coins showcased impressive trend reversals before regaining grounds.
On Tuesday, Bitcoin had a sudden surge towards $40K before retreating to $36K. However, the leading coin managed to reclaim the $40k mark again on Wednesday’s session.
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Cardano
CoinGecko data shows that Cardano trades in the green zone today. The current market had the awaited smart contract asset trading at $1.27 over the last 24 hours after gaining 3%.
However, the upside moves from the $1.05 support failed to defeat the $1.4 resistance, and the coin didn’t manage to extend its price actions. The 200 SMA led to seller crowding, contributing to the current correction.
At the moment, the immediate support locates at 50-SMA. ADA has to maintain this zone to prevent losses down to $1.2 and further to $1. The RSI (Relative Strength Index) on the 4-Hr chart indicates bears gaining interest.
Meanwhile, the MACD shows bullish impulses, affirming massive bullishness. That way, the asset might experience the stalls for a while before ADA resumes the upside moves towards $1.6.
Litecoin
Litecoin appears to endure massive selling pressure after the lucrative sessions that saw it moving above the $105 support. Moreover, the coin had its gains confined within an inclining parallel pattern. The asset managed to conquer multiple barriers, but the congested sellers at $140 were too challenging.
The slight corrections afterward had LTC retesting below $130 before securing support near $128. While writing this, LTC hovers around $135 as market players aim to take the altcoin over $140.
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However, the MACD has slight bullishness that the upcoming golden pattern might emphasize. LTC has high chances to gain over $150 and towards $200 as the 50-SMA crossed over the 100-SMA.
On the other hand, Bitcoin managed to overcome the $40,000 levels after several attempts. As the altcoins have a high correlation with the leader BTC, they might enjoy high highs in the incoming sessions.
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