Following weeks of consolidation, several cryptocurrencies decided to head south as the collective market cap stood at $366 billion while Bitcoin dominance was found to be at 59.1%. After price corrections over the weekend as well as steered by the recent dip in Bitcoin’s price, altcoins now appeared to be conflicted.
Litecoin [LTC]
Litecoin was observed to be consolidating near its immediate resistance of $67.52 eyeing a potential upside breach which could propel the coin’s valuation to climb to its 2020-high.
The seventh-largest cryptocurrency was priced at $61.53 after a rise of 4.07% over the last 24-hours as it held a market cap of $4.018 billion and a 24-hour trading volume of $2.39 billion.
The Parabolic SAR depicted a bullish outlook for the coin in the near-term as the dotted markers settled below the LTC price candles. The RSI also appeared to be moving above the 50-median line indicating a rising sentiment of buying pressure among the traders in the LTC market.
Litecoin is starting to appear more bullish and if the uptrend persists, LTC could surge to the aforementioned resistance level as its support remained untested at $53.24.
Cardano [ADA]
Rapid technological advancements, numerous rollouts, and upgrades over the past year in the Cardano ecosystem have translated into bullish price action for the coin. In the latest development, EMURGO, which is a founding member of the Cardano Protocol, has signed a partnership MoU with blockchain tech company Moonstake.
Following this, ADA demonstrated the weakening of bearish pressure and was up by 0.73% over the last 24-hours. It was priced at $0.124 with a market cap of $3.22 billion and a 24-hour trading volume of $245.4 million.
However, Awesome Oscillator continued to spin red closing bars for the coin depicting the presence of bearish momentum. Chaikin Money Flow also appeared to struggle with the bears defending the resistance at $0.149 causing a hindrance to the inflow of capital in the coin market. If the bears’ take over, ADA could potentially slip to $0.101, a crucial support level unseen since July.
Bitcoin Cash [BCH]
After appreciating by 2.58% over the past day, BCH was valued at $290.4 at the time of writing. It registered a market cap of $5.37 billion and a 24-hour trading volume of $1.083 billion.
The Kliger Oscillator appeared to undergo a bullish crossover while the MACD continued to depict the opposite after sustaining a bearish crossover amid market corrections during the weekend. BCH can defend the current level or slide to the immediate support level at $252.
If the BCH/USD pair gains traction, the bulls could attempt to carry the price to $326.