Over the last 24 hours, there has been a generally bullish outlook across most pairs. Candlesticks have all turned green with all indicators pointing towards an uptrend. This follows in the sentiments of investors who have been upbeat of better prices for cryptocurrencies this year. In the markets, most coins are in the ‘under bought’ area which shows the unwillingness of investors to sell their crypto holdings in anticipation for better prices.
In the short term, there seems set to be a bullish outlook seeing that previous support zones have been bettered and Resistances tested and breached. Also, the long term Moving averages are below the short term moving averages which signals a bull run. Today’s focus coins performed as follows:
There has been a general bullish movement in the LTC/USD pair. It is up by 1% over the last 24 hours. It started off trading at $55 and is now at $56.63. Support is at $52.67 and Resistance at $58.02 which shows a strong price consolidation around the $55 mark.
This Bullish outlook has pushed Litecoin’s market sentiments into the undersold area as investors are upbeat of better prices. This is as shown in the RSI (A).
The 9 day EMA (C) has been dominantly above the 30 day EMA (B) with the two forming a reverse contracting triangular pattern between them. This shows a strong upward movement in the coming days.
NANO Coin (NANO/USD)
Nano Coin has undergone a slight uptrend to the tune of 1%. It started off March 7 trading at $0.8851 against the current rate of $0.8874. Despite the negligible upward movement, there is a general bullish outlook which has been supported by all the indicators.
In the markets, investor sentiments took a slight dip as well but have been steady. This is as shown by the RSI (A).
Both the 9 (B) and the 30 (C) day EMAs are downward facing with the 9 day EMA on top. This shows that if the Bulls can increase their momentum, an uptrend is likely.
Binance Coin (BNB/USD)
The BNB/USD pair has put up strong Bull Run which has seen it gain by 11.5%. It began trading at $14.86 on March 7 and is now at $15.00. Also, support has moved up from $13.3 to $13.9 with resistance tested and breached severally.
The bullish rally was reflected in the markets where the coin was under bought for the better parts of the day as seen in A (RSI).
All indicators point towards a bullish outlook. The 9 day EMA (C) has been dominantly above the 30 day EMA (B) with the two forming a reverse contracting triangular pattern between them. This supports the upward rally.