Cryptocurrencies were looking like they left behind the bearish period of the past several months as they turned bullish in March and made some decent gains. It seemed like Litecoin (LTC) and Ripple (XRP) were turning bullish after all, but they have reversed down this week, although it’s not clear at the moment whether they have resumed the larger bullish trend yet. They have been finding support at moving averages since yesterday and are trying to decide which way to go next.
Ripple Daily Chart – The 100 SMA Still Holding for XRP
The 200 SMA rejected XRP last week
Ripple coin turned higher suddenly in early February, after being bearish since April last year, although it continues to make lower highs, which means that the main trend is still bearish until the price moves above previous highs. The jump in February came after comments from Ripple’s lawyers that the lawsuit might end with a settlement, probably in Q2 of this year.
But, the climb stopped above $0.90 and we saw a pullback lower after that. The 50 SMA (yellow) turned into support on the daily chart and eventually, Ripple moved higher, retesting that zone and the 200 SMA (purple) which turned into resistance, rejecting the price. XRP has turned lower as the sentiment turns bearish on the crypto market, but the decline has stopped at moving averages now and XRP traders are trying to decide whether to reverse the price higher or resume the downtrend again. The non-bank remittance provider uses Ripple’s Open Digital Ledger for remittances from Australia to the Philippines iRemit, announced a partnership with Velo labs which will give it access to a $34 billion cross-border payment market in the Philippines.
Litecoin Daily Chart Analysis – LTC Facing the 50 SMA
Litecoin is oversold now on the daily chart, as stochastic shows
Litecoin failed below $300 in November last year and has the momentum has been bearish since then, as it keeps making lower highs. We have seen an attempt to turn bullish during March, after was totally bearish and Litecoin in the previous months, losing two-thirds of its value and falling to $100. But the support area around $100 held and the price broke above the 50 daily SMA (yellow), pushing above the 100 SMA (green) as well. LTC/USD has turned bearish now, but the 50 SMA is holding as support, so let’s see if there will be a bounce off this moving average.
LTC/USD