It’s been an interesting few days in the Cryptocurrency Sphere with Bitcoin failing to break above $5,630 resistance, inevitably leading to a pullback in price and bringing the other Altcoins down with BTC.
Bitcoin suffered a 10% loss in value whilst many other Altcoins had a further decline.
A fairly bearish week for most Cryptocurrencies with BTC currently trading at $5,243 against the US Dollar, but how has Cardano and Litecoin been performing?
Cardano Price Analysis
Now Cardano’s price movement has been fairly one-way traffic since the start of April.
The bears took full control of this Cryptocurrency since hitting resistance at $0.095 and a failure to break above the descending trendline has seen more than a 25% drop off in value.
For what was seen as price confluence building in the highlighted grey box, ADA failed to break back into this zone and a drop off in volume was to be expected.
Support seems to have now been found with ADA at $0.068, however a failure to hold at this support level would take Cardano at $0.062.
On the Daily Time Frame, we now remain below the 200D EMA & 8D EMA, which may act as another bearish indicator.
Perhaps a further drop off in price over the next few days may be expected?
Keep your eyes peeled!
But how is Litecoin performing?
Is there currently bullish or bearish momentum in play?
Litecoin Price Analysis
LTC currently at $72 has also had a fairly bearish week trading around $78 at the start of the week and a break below support has lead to another retest of the current trendline in play.
Litecoin has broken below this trendline before pulling back up, however with a drop off in volume on LTC it is difficult to see if we can sustain at this region, as $78 will now be acting as resistance.
My thoughts are if we fail to hold this trendline and continue with this bearish momentum, the next support region in play would be around $64, which I believe could be met in the next few days/week if Bitcoin also continues to decline in price.