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The distribution of the results for the cryptocurrency complex in recent days has been relatively consistent in terms of bearish action. With the key differentiation comes in terms of relative strength compared to the graph levels in effect over the last six weeks.
For example, as we closely observe Litecoin (LTC) and Cardano (ADA) below, we see two coins that have managed to show some relative weakness, but still remain temporarily above the lows of June. This can be contrasted with many large coins that have already plunged below these lows.
In other words, in a sense these two coins may represent an interesting pattern of furtive accumulation underway under the surface.
Litecoin (LTC)
Price analysis
- High: $ 75.177
- Low: $ 73.283
- Volume 24 hours: $ 259 , 89 M
- 7 Percentage of variation of the day: -10.55%
Looking closely at the Litecoin (LTC) table, one should immediately attract the huge a bullish divergence that can be found by comparing the 14-day RSI Press seen at the end of June with the readings we see currently in that indicator.
This is important because the currency is currently practically at the same price right now as it was when it formed those keys at the end of June
When you see a main oscillator like the 14 day RSI, print a reading that is almost 20 points above its comparable reading from the previous low pivot as proof of the support, this can often be a kind of stealth bullish signal.
When also emphasizing that LTC is one of the coins that had been correlated with other currencies are clearly making new lows for many months in the last days, we also have the justification to keep Litecoin (LTC) on the bounce radar until or o less is not able to safely break below the $ 71 level.
Cardano (ADA)
Price analysis
- High: $ 0.13198
- Low: $ 0.12775
- Volume 24 hours: $ 54.31M
- 7-day percentage variation: -14.15%
Cardano (ADA), as Litecoin ( LTC), it was an interesting combination of relative strength and relative weakness at different points in its recent model.
Cardano (ADA) is currently testing the key support at the $ 0.12 level, and is a level that must be maintained to maintain a backhoeal pat that could well represent important levels of accumulation.
Also as Litecoin (LTC), Cardano (ADA) is showing off something that could be considered a bullish divergence on the 14 day RSI pattern. However, in the course of very recent action, we have seen a fundamentally neutral action in terms of tape, and very little in the way of any kind of signal from the MACD on the hourly chart.
The short-term trend is falling – this is clear and can not be denied. However, key support levels are at stake, and we have some broader time signals that suggest that downward reading here is far from a simple one in ADA.
Happy Trading ~
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer
Image courtesy of Pexels
Charts courtesy of tradingview.com
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