Litecoin, Dogecoin, ChainLink: Price Analysis, June 08
The cryptocurrency market has been moving sideways for a while as the momentum has decreased and the bearish and bullish momentum has been brief till now with no major changes in the past few days.
Litecoin [LTC]
The seventh-largest cryptocurrency in the market, Litecoin has been trading at $46.26, while the immediate resistance was marked at $51.05 and support at $41.68. However, as the chart indicates the coin’s price has been limited to this range for the past couple of weeks, and the price has not broken out of it yet. Despite being in an upward trend, LTC has been noticing a price reversal trend.
This was confirmed by the Awesome Oscillator indicator. Even though the AO crossed over the zero line, the short term momentum was minimal as noted previously and this trend can change anytime.
Irrespective of the digital asset’s price, the coin has been making strides in terms of adoption. According to a crypto expert, Sydney Ifergan, there has been an increased number of businesses that have now started to accept Litecoin.
ChainLink [LINK]
ChainLink has been among the prominent altcoin projects and has been ranked 14th on the CMC list with a market cap of $1.53 billion. The altcoin has registered an ROI of 121.64% for its investors since the start of the year. Despite intense volatility, the coin has been moving higher and was being traded at $4.35 with resistance at $4.60 and support at $3.89.
According to Bollinger Bands indicator, the coin has been in a bullish wave. As the moving average slipped under the candlesticks, its bullish trend began, and as the distance between the Bollinger Bands was widening, the volatility was slowly creeping back in the market. The ChainLink blockchain has been recognized as the most successful blockchain network over the last two years by the co-founder of Framework Ventures, Michael Anderson. The Framework Ventures had published a ChainLink investment thesis in late 2017.
Dogecoin [DOGE]
The meme-coin has a market cap fo $324.26 million putting it at the 33rd spot on CMC. Even though a small-cap asset, Doge was returning 31.13% to its holders in YTD. The trading value fo the digital asset was $0.0025, as the resistance was marked at $0.0027 and support at $0.0023.
According to the Chaikin Money Flow indicator, the coin entered into positive territory, indicating a move into the buying territory and an uptrend. The signal was moving towards the zero line, however, it curves as the signal remained in the buying zone.
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Namrata Shukla, Khareem Sudlow