Cryptocurrencies have been uncertain for the last two months after the retreat from November until January, with the sentiment turning on and off every few days, forcing them to trade within a tight range. But, in the last two weeks, the sentiment has improved and cryptos have been crawling higher, which seems like a trend reversal, although it is still too early to tell. Litecoin and Fantom have some resistance to take out above, so the larger trend is not bullish yet, until those resistances are broken.
Fantom Daily Chart – Can Buyers Push Above the 50 SMA
Stochastic is overbought on the daily chart
Yesterday the Umbria network announced the public launch of its Fantom bridge, which is the third cross-chain bridge to be added to the platform so far this year. The Narni liquidity bridge makes the process of moving Ether between the Ethereum and the Fantom networks quick and cheap. With other Fantom bridging solutions, Ethereum first has to be wrapped into WETH before being transferred, but not now.
Fantom is a network of blockchains built on Ethereum, where new projects can be built and connected to the mainnet and this new bridge should help its case further. After the departure of the key personnel from Fantom, the price dived but now it has rebounded above the support zone around $1 and is now heading toward $1.50. Although the 50 SMA (yellow) stands above on the daily chart, so buyers have to push above it for the trend to be considered bullish again.
Litecoin Daily Chart – LTC Heading for the $140 Resistance
The support zone around $100 held for Litecoin
The support zone around $100 held for LitecoinLitecoin failed to gather momentum until earlier this month, making lower highs in November last year, while most major cryptocurrencies kept printing new highs. After the jump from $200 to $300 in November, the price reversed down and the sentiment has been totally bearish and LTC/USD which fell to $100.
That zone held since January though and this month we saw a breakout after a triangle was forming, with the 50 SMA (yellow) pushing the highs lower. Now, Litecoin has moved above the 50 SMA and the 100 SMA (green) as well, but it will face the 200 SMA (purple) at the previous support around $140. If that level is broken, then LTC/USD will enter the bullish zone.
LTC/USD