Litecoin Attempts to Break $100 Whilst BAT Finds Support at $0.35

Crypto Analysis And Forecast Of 9th May: XRP, XLM, and Cardano
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In a relatively bullish week in the Cryptocurrency markets, a vast majority of Cryptos have seen green across the board signaling a bull market may be in full effect, or is it?

The kingpin, Bitcoin has led the way, surging over 40% in price over the last week and the previous resistance level of $6400 was completely obliterated to take BTC to $8,000.

But how have some of the other Alt-coins performed?

Let’s take a look!

Litecoin Price Analysis – Can LTC break $100?

Litecoin began this week trading around $85 against the US Dollar and a clear attempt by the bulls to push LTC above $99 is proving to be a challenge.

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Although LTC currently remains above the 8D EMA and 18D SMMA, a strong rally by the bulls will be required if we are looking to break resistance.

An interesting note to point would be on April 3rd where Litecoin managed to reach $100, however an attempt to close above $90 on the daily timeframe proved short-lived. We have yet to break above and close higher than $95 since then.

Failure to break above resistance could see LTC revisit $82 and then potentially $78.

BAT Price Analysis – BAT Finds Support At $0.35

BAT

BAT seems to have found support around the $0.35 region after a run-up in price in the last few weeks following the Brave Team’s announcement to integrate the “Working ads model – This is the featured ability to give BAT tokens to users who opt-in to view ads monthly

BAT now currently seems to be trading within the channel between $0.28-0.40 however the Cup & Handle pattern which has been forming since November could indicate a bullish pattern forming.

If this pattern proves to be correct then a breakout of this channel could propel BAT back up to the $0.50-0.60 region.

But what is a Cup & Handle pattern formation?

Cup & Handle Pattern – What is it?

A Cup & Handle price pattern is a technical indicator consisting of a drop in price and rise back to its previous peak prior to a breakout.

The pattern can often resemble a cup and handle in the shape of a “U” as highlighted in which the handle usually forms a descending channel in trading action before an increase/breakout in price.

What's Your Thought On This?, Let Us Know In the Comment Section Below.

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