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

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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.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.