While Bitcoin climbed to $ 13,361 on the chart, it was soon forced to drop to $ 13,016 within minutes. Bitcoin’s decoupling from traditional markets can be seen as a long-term bullish sign for the asset. Further down the crypto-ladder, Litecoin could be set to retrace some of its recent gains while NEM was down. Furthermore, the FTX token had a bullish outlook as buyers flocked to it.
Litecoin broke through its resistance level at $ 58.5 and formed a Doji candle. During the same trading session, a bearish divergence between price and momentum was also noted.
This, coupled with Bitcoin’s decline, has contributed to losses of nearly 3% in the past few hours, with further losses expected.
The $ 54 zone had acted as support earlier and can be expected to work the same way once again.
In related news, the Litecoin Foundation announced that its partner Cred “supports Litecoin in all 50 states” of the US to enable compound interest earnings on crypto.
An ascending (orange) triangle had formed in the last month. A bullish pattern was invalidated when the price of the cryptocurrency slipped below the ascending triangle and lost support at $ 0.116.
Furthermore, the Aroon indicator showed that the trend in the past two weeks has been mostly bearish. The next support level was at $ 0.095 and XEM could be trending even lower on the charts.
FTX Token [FTT]
Although FTT failed to break out of the $ 3.66 level, it recently broke out. Indeed, the price breached the $ 3.89 resistance and, as of press time, had moved to retest in a drop to coincide with that of Bitcoin.
Furthermore, the OBV highlighted how the purchase volumes have supported the increase in FTT. The flat white trend line on the OBV was violently violated by the market bulls.
The $ 3.8 level can be retested if the support at $ 3.89 does not hold. FTT had a bullish outlook, so a drop below $ 3.8 seemed unlikely at the time of writing. The above levels can be good entrances for long positions.