The sentiment in the cryptocurrency market turned positive during October as Bitcoin broke above the previous all-time high of $65,000. But, yesterday we saw a quick selloff on the market, as traders booked profit and closed some of the long positions in many cryptocurrencies which sent the market on a flash crash, with Bitcoin tumbling below $60,000 and Ethereum below $4,000.
Fantom H4 Chart Price Analysis
Fantom also went through a flash crash, which set it back from almost $3.47 to $2.50, but the 50 SMA (yellow) held as support despite being pierced and it reversed higher, making a new high today at $3.49 after the bullish reversal which came pretty fast. $2.50 was the previous high from early this month, and now it has turned into support, so another resistance turns into support for FTM/USD.
Fantom has been quite bullish this month as it increased from around $1 at the beginning of the month to almost $3.50 now. The Fantom developer conference which is taking place this week in Abu Dhabi has attracted a lot of attention and is keeping the demand up for this cryptocurrency. It featured 250 presenters from across the crypto industry, so buyers are jumping at every opportunity during pullbacks. This shows strong buying pressure so we’re holding on to our buy FTM/BTC signal.
Litecoin Daily Chart Price Analysis
Unlike Fantom which has been surging in the last 2-3 months, Litecoin hasn’t been showing any will to pick up since the middle of August. It was has been trading sideways apart from a couple of attempts to jump higher, which have failed pretty fast.
Fantom facing the 200 SMA as resistance again now
Last week we saw another attempt to turn bullish as buyers pushed LTC/USD above the 200 SMA, which has been working as a resistance indicator. But, yesterday’s decline took the price below this moving averages again. Although, the 100 SMA (green) held as support and today the price has bounced off that moving average. But, the 200 SMA is acting as resistance again, with the price coming up from below.
Litecoin has had several different partnerships recently which have make it easier to use Litecoin such as the one with Visa for the Litecoin Visa debit card, so LTC transactions are near the all-time high after gaining some ground in the consumer finance. The number of Litecoin transactions has increased to over 140,000 in recent days after declining to 100,000 earlier this month.
LTC/USD