In the last day, Litecoin has been undergoing a sideways trade. It started selling at $139.03 against the current price of $134.77 as calculated by Kraken.
A bullish accumulation pattern began the day (A), with the 7 day MA above the 21-day MA that indicated a bullish signal. This showed that the market is exhibiting a strong buying pressure as reflected by the RSI X that is seen above level 70 indicating an overbought market.
The price momentum was able to rice due to the assistance from a bullish regular divergence pattern that landed to a high of $144.13.
At around 12 June 16:00 a bearish pattern is encountered that massively pushes the price momentum down, due to the strong selling pressure that came from traders. A bear market is therefore signaled by the 21 day MA that crossed over the 7 day MA at that period. The dip of Litecoin price has led to an increase in buyouts.
The price performance had dipped to a low of $130.22. The price later on consolidated between resistance level $136.96 and Support level $133.59. The significance level was tested severally before placing Litecoin to its current market cap of $8.3 billion.
Bearish momentum is likely to continue since the 21 day MA is still above the 7-day MA. A breakout or breakdown is also likely to occur. Traders should, therefore, be ready to place a stop-loss before they enter.
Binance Coin (BNB-USD)
BNB/USD is undergoing a bullish outlook since it’s up by 4.7%. The bullish market is buttressed by the 7 day MA that is generally seen above the 21-day MA. The BNB/USD pair started selling at $33.91 (A) against the current price of $35.59.
A strong buying pressure is therefore encountered, as reflected by the RSI indicator X that is consistently seen above level 70 thus indicating an overbought market.
The price increase of the BNB coin has therefore positively affected investors. BNB price increase may be as a result of the positive development and progress going on with the Binance Launchpad, New Chain and DEX.
An upward trend is likely to continue since the 7 day MA is still above the 21-day MA indicating a bullish signal. New target should be at $37.
Tron is exhibiting an upward trend in the last 24hrs. The bullish regular divergence patterns that seem to appear repeatedly thus confirm the trend.
TRX began the day trading with a bullish engulfing pattern that triggered the price momentum up to close at $0.03282. The price later consolidates at 0.03254 that is the support level.
The RSI indicator signaled oversold market momentum at point B and C. This shows that the market at that time was undergoing a strong buying pressure due to increase in demand.
TRX price performance, later on, manages to breach resistance level $0.03308 (R) and further pushed the price up to a high of $0.03401.This enabled the support level to climb up to $0.03314 (x).
A bearish accumulation candle is later seen at around 13 June 01:00 which reverses the trend from an uptrend to a downtrend. Traders place Tron to its current price of $0.03290 and reject the lower price of $0.03259.
The RSI indicator is declining during the last hours thus reflecting a high level of selling pressure.
A further downtrend is likely to continue since the 21-day MA is almost crossing over the 7-day MA. New target should be set at $0.0324.