November 21, 2021
The market entered a dynamic zone, in which the bulls tried to counter the extended correction phase. Hence, altcoins like Shiba Inu and Litecoin saw green candlesticks for the past 24 hours. The outlook remained bearish, while short-term technical indicators pointed to its declining influence.
On the other hand, Loopring showed bullish indications, but fell into a recession after hitting its ATH on November 10.
Shiba Inu (SHIB)
The meme coin was on a steady retreat after it hit its ATH. Since the end of October, the price has reversed into a descending triangle during the correction phase. As a result, SHIB lost more than half its value in the next 19 days and reached its three-week low on November 16.
In the past two days, the SHIB military led the crypto market recovery as the alt saw an increase of nearly 13.76% in 24 hours. Furthermore, the bulls secured immediate support at the $ 0.0000445 mark.
At press time, SHIB was trading at $ 0.00004889 after showing mixed trading signs. The price traded below its 4-hour 20-SMA (white) and 50-SMA (red), indicating the existence of a bearish influence. He too RSI saw a drop from the 60 mark towards the midline.
In addition, a bearish divergence along the RSI and price action hinted at its likely resurgence. However the DMI chose the bulls while TO it pointed to increasing bullish momentum.
Litecoin (LTC)
TradingView, LTC / USDT
Since September 29, LTC rebounded by more than 70% through November 9. As a result, price action broke through the northern channel to touch its 25-week high on November 10.
Price action has since retreated after noticing a 32.4% error in nine days. However, the coin joined the rebirth train by posting a 7.7% gain in 24 hours. Also, with this reactivation, the price action forced the descending channel (yellow) by retracing in it.
At press time, LTC was trading at $ 224.2. Technical indicators slightly favored sellers while pointing to their declining strength. the RSI increased 23 points from oversold territory toward the midline. While the DMI chose the bears, TO it pointed to increasing bullish momentum. However, the bulls could not withstand the revival with high trading volumes, indicating a weak move on their part.
Loop ring (LRC)
TradingView, LRC / USDT
LRC witnessed a skyrocketing increase of more than 800% from October 28 to November 10. Following a bullish pennant breakout on November 7, the LRC entered price discovery and reached its ATH at $ 3.85 on November 10.
Since then, the price has fallen steadily by oscillating between the descending channel (yellow). Consequently, the token lost more than a third of its value in the last ten days. Despite a 12.7% rally on Nov. 19, price action forced the trend as it reversed on it.
At press time, LRC was trading at $ 2.6149. the RSI noted a slight decline but remained above the midline, indicating a bullish bias. In addition, the DMI confirmed this inclination. However the TO it visibly affirmed the slight decrease in bullish influence.
This is a machine translation of our English version.