- Cardano seems to struggle with the uptrend after hitting a barrier at $1.4.
- Litecoin corrects from $140 resistance but holds within an ascending parallel channel.
Crypto assets across the board are back in the green following a recovery from the correction on Tuesday. Volatility has dominated the market following last week’s selloff, followed by an impressive trend reversal on Monday.
Bitcoin rushed to $40,000 before retreating to $36,000 on Tuesday. However, as discussed, the flagship cryptocurrency is back to trading around the same $40,000.
Cardano:-
Cardano is slightly in the green based on data by CoinGecko. The upcoming smart contract token is up 3% in 24 hours to trade at $1.27. Meanwhile, it has attracted nearly $2 million in trading volume within the same 24-hour period.
Meanwhile, the upswing from the primary support at $1.05 brushed shoulders with $1.4 but failed to continue with the price action. The 200 Simple Moving Average (SMA) contributed to the seller congestion, resulting in an ongoing correction.
The 50 SMA currently provides immediate support and must hold to ensure that losses do not extend $1.2 and toward $1. According to the Relative Strength Index (RSI) on the four-hour chart, bears seem to be gaining traction.
On the flip side, the Moving Average Convergence Divergence (MACD) indicator has a bullish impulse, implying that bulls have the upper hand. Therefore, the stalling may last for some time, but Cardano will resume the uptrend toward $1.6.
ADA/USD four-hour chart
Litecoin:
Litecoin appears to have bowed to selling pressure following a remarkable uplift from support at $105. The recovery formed within the confines of an ascending parallel pattern. Numerous barriers were shattered, but the seller congestion at $140 became a challenging task.
The minor correction that followed saw Litecoin retest areas under $130 before finding support at $128, aided by the lower edge of the channel. At the time of writing, Litecoin teeters at $135 amid a push to close the day above $140.
LTC/USD four-hour chart
Meanwhile, the MACD still has a minor bullish outlook that an incoming golden cross pattern may accentuate. As the 50 SMA crossed above the 100 SMA, chances for gains above $150 and toward $200 will increase considerably.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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