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The past twelve hours have seen altcoins mirror the movement of Bitcoin. The momentum has been bullish for Litecoin and IOTA, but the trading volume is expected to rise to affirm their price movement in both directions in the short term. Ethereum Classic is likely to flip another resistance level to the support and could record further gains in the next few hours.
Litecoin [LTC]
Source: LTC / USD on TradingView
Litecoin showed a bearish divergence between price and momentum. The RSI set lower highs while the price made higher highs as the bulls tried to break out of the resistance level at $ 90 but got mixed up.
LTC found support in the cash pocket around $ 85 and has rebounded ever since. The orange trend line represents a long-term downtrend for LTC since the beginning of 2018 and may need to go further up.
A close below $ 80 would indicate that LTC may be headed for a deeper correction, while the $ 90 reversal from resistance to support would pave the way for LTC to test $ 100 in the coming days.
IOTA
Source: IOTA / USD on TradingView
IOTA looked very similar to many other altcoins following its nearly 60% rise and tally over the past two weeks.
It was trading well above its 20 (white) SMA, to highlight just how significant its recent gains have been.
At the time of writing, most altcoins are likely to follow Bitcoin’s direction. In the next few hours for IOTA, the levels to watch out for are the 20 SMA and the support at $ 0.37.
The previous day saw the tested resistance at $ 0.45, and subsequently a higher low was recorded. So the outlook for IOTA is rather bullish in the future.
Ethereum Classic [ETC]
Source: ETC / USDT on TradingView
ETC reversed the resistance level at $ 7 to support and could repeat the firm even with a level of $ 7.5. The stochastic RSI was in overbought territory. This indicated that ETC would witness a withdrawal and possibly followed by some consolidation sessions.
The market has been very bullish and buyers can be expected to flock to altcoins. How long remains to be seen. Extraordinary trading volume, followed by a drop of less than $ 7, would indicate that ETC’s run has hit a wall and could drop as low as $ 6.
