- Litecoin (LTC) maintains its upside moves in an ascending channel, claiming the $170 mark again since June.
- Ripple settles over $0.8 as it lacks momentum to break towards $1.
The crypto bulls have controlled the market for the past few weeks. The last week’s sessions showed massive bullishness as Bitcoin overpowered the $45,000 zone. Meanwhile, BTC tested $46K before stalling for bulls to accumulate the strength to break over $50K.
Similar to other digital coins, Litecoin had bullish reactions as Bitcoin saw price upticks. Keep in mind that Litecoin traded around $100 due to the July sell-off. However, the bullishness across the market had the altcoin moving towards $200.
Meanwhile, bears’ and bulls’ actions seem mitigated by the ascending parallel channel. For example, the channel’s top border still prevents LTC from claiming the $200 mark, regardless of the massive lift to $170 from $100.
On the other part, the middle border prevents losses from stretching beneath $160. Buyer congestion around $160 remains vital for the uptrend to resume.
Keep in mind that the MACD indicator flashed bullishness. That triggers uptrends and encourages more buyers to jump into the market. With that, Litecoin’s path to $200 seems the easiest.
Ripple appears to settle over $0.8 after rebounding from the $0.75 support on Monday. The weekend bullishness witnessed XRP nearing $0.85. However, inadequate momentum could not take the alt to $1.
Besides buyers’ congestion of around $0.8, Ripple receives support from the 200 SMA. Keep in mind that the MACD has noted bullishness since 22 July. If the coin can sustain its current tech outlook, XRP might enjoy upswings towards $1.
However, traders need to beware of price correction that can appear from the current actions. The network might see increased sell orders if losses breach the 200-SMA around $0.8. More selling pressure might force the crypto to $0.7 low.
Though the market appears to be on an uptrend momentum, more bulls are necessary to help the coin overcome obstacles and register continuous upside movements.
Meanwhile, most currencies seem to depend on Bitcoin’s movements. That is why altcoins trade in green whenever the leader, BTC, sees substantial gains.
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